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New York REIT made largest single land buy this year in Polk County

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New York-based American Realty Capital Properties Inc. (ARCP) recorded the largest land deal in Polk County in 2013, and it appears the publicly traded real estate investment trust is on track to claim that honor again this year. Both purchases are part of DuPont Pioneer’s campus in Johnston.

On Dec. 17, an ARCP entity paid nearly $38 million to Ryan Companies US Inc. for about 15 acres just north of a Pioneer laboratory and office building at 8305 N.W. 62nd Ave. Last year, American Realty paid about $45 million for that site. The purchase topped the commercial real estate purchases in Polk County in 2013, and the $38 million land buy tops the list for 2014. So far this year, ARCP has bought nearly $50 million worth of Polk County property.

 

The Polk County assessor’s office lists 492 commercial real estate transactions through Dec. 22 with a total value of $538 million. The Ryan sale to ARCP had not been added to that list as of Dec. 30.

For 2013, the assessor’s office listed 576 transaction with a total value of $570 million.

Meanwhile, for those following the ARCP saga that unfolded after the company revealed accounting errors that led to the resignations of key officers, private investment firm Corvex Management LP reported that it has gained a 7.1 percent ownership stake in the company.

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