Automotive Properties closes Orlando property buy

Executive Summary

• Automotive Properties REIT has completed the acquisition of an automotive property in Orlando, Florida, from Ultimate Realty for a purchase price of approximately $16.8 million (U.S.).
• The acquired asset is a 34,938-square-foot Rivian LLC sales, delivery, and service facility situated on 6.4 acres of land.
• The property is subject to a long-term net lease with Rivian LLC, which includes contractual fixed annual rent increases and renewal options.

Key Details

• Transaction Value: Approximately $16.8 million (U.S.).
• Seller: Ultimate Realty.
• Property Location: 4000 Shader Rd, Orlando, Florida.
• Property Specifications:
  • Total Land Area: Approximately 6.4 acres.
  • Building Size: Approximately 34,938 square feet.
  • Tenant: Rivian LLC (leading American developer and manufacturer of electric vehicles and accessories).
• Lease Terms: Long-term net lease with contractual fixed annual rent increases and renewal options.
• Financing: The purchase price was financed by drawing on the REIT's existing credit facilities.
• Portfolio Context: The acquisition adds to the REIT's portfolio of 81 income-producing commercial properties, representing approximately three million square feet of gross leasable area across Canada and the United States.