Four Springs Capital Trust Announces Acquisition of Two Automotive Service Center Properties
Sep. 06, 2018
LAKE COMO, N.J.--(BUSINESS WIRE)--Sep 6, 2018--Four Springs Capital Trust (FSCT) announced today that it has acquired two automotive service centers – a collision repair center in Bloomington, MN that is leased to an ABRA Auto Body & Glass company, and a AAA Tire & Service Center in Milford, OH.
The company intends, through its Four Springs TEN31 Xchange affiliate, to assemble a portfolio comprising these two properties through its Delaware Statutory Trust (DST) program designed for investors participating in Section 1031 tax deferred real estate exchanges.
According to McKinsey & Company, the North American auto aftermarket business is a $267 billion industry – and is expected to grow at a 1.5% annual rate over the next 12 years. USA Today has also reported that today’s consumers are keeping their vehicles longer and are more aware of the importance of preventive maintenance and scheduled servicing to maximize the lifetime value of their vehicles. This rising demand for aftermarket parts and services is spurring new growth and revenue opportunities for a wide range of businesses operating in the automotive aftermarket industry.
“Automotive service centers are a business sector that is largely immune from disintermediation by the Internet,” said Coby Johnson, President and Chief Operating Officer of Four Springs Capital Trust. “You simply can’t get an oil change or tires replaced online, so we see great value in well-located properties leased on a long-term basis to creditworthy tenants.”
About Four Springs Capital Trust:
Four Springs Capital Trust is an internally managed, private real estate investment trust focused on acquiring a diversified portfolio of retail, industrial/warehouse and healthcare properties net leased to investment grade and other creditworthy tenants under long-term leases.
About Four Springs TEN31 Xchange:
Four Springs TEN31 Xchange (FSXchange) is a sponsor of DST offerings featuring single tenant net-leased real estate and provides customized turnkey tax deferred exchange solutions for real estate investors.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180906005485/en/
CONTACT: Four Springs Capital Markets
Eric Paul, 732-749-7330
KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA NEW JERSEY OHIO
INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Four Springs Capital Markets
Copyright Business Wire 2018.
PUB: 09/06/2018 08:41 AM/DISC: 09/06/2018 08:41 AM