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Global Net Lease Invests In Allen, Texas, Commercial Facilities

08/15/2018
Global Net Lease, Inc., a real estate investment trust focused on the acquisition of net lease properties, has closed on two acquisitions for a combined $75.4 million in Allen, Texas.

The first closed acquisition is a newly constructed, 145,000 square foot, Class A office building located in Allen, Texas acquired for $54.0 million.

According to Global Net officials, the property generates an average GAAP Cap rate of 7.36%1 and is net leased for 12 years to a subsidiary of the guarantor, NetScout Systems, Inc.

The second transaction is a $21.4 million acquisition of a 669,000 square foot industrial facility leased to Rubbermaid Incorporated. The building was purchased at a price equal to an average GAAP cap rate of 7.43% with a remaining lease term of 10 years. The guarantor of the lease is Newell Rubbermaid, Inc., officials said.

Founded over 30 years ago, NetScout, the guarantor of the Class A office building lease, is a leading provider of application and network performance management products. NetScout has been in the network performance monitoring space for 30 years. The company offers solutions that enable enterprises, service providers, and government agencies to monitor, manage, and protect their network and applications.

The tenant of the distribution facility, Rubbermaid, was founded in 1968 and is a manufacturer of innovative, solution-based products for commercial and institutional markets worldwide. The guarantor, Newell Brands, is a worldwide provider of consumer and commercial products. Newell Brands has a Standard & Poor's credit rating of "BBB-" and a Moody's rating of " About Global Net Lease, Inc.

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