Even in a lackluster commercial real estate market, some deals are getting done.
American Realty Capital Trust Inc., of Jenkintown, recently bought 15 newly constructed CVS pharmacies in 11 states for about $60 million.
Formed by real estate investor Nicholas Schorsch about two years ago, American Realty has built a portfolio of 119 single-tenant commercial properties containing more than 1.2 million square feet of space.
The company buys properties that continue to be leased by Main Street tenants, including Rite Aid, Harleysville National Bank and Federal Express. Most of its portfolio consists of bank branches, including 52 PNC Bank offices.
In a filing with the Securities and Exchange Commission, American Realty identified two other pending purchases: a 465,000-square-foot Home Depot distribution center in Topeka, Kan.; and six new Bridgestone-affiliated tire stores in Oklahoma and Florida.
Forum of Follies
The Federal Reserve Bank of Philadelphia will devote its annual policy forum this year to the lessons of the economic and financial crises.
This day-long forum at the Fed at Seventh and Arch Streets on Friday will cover monetary policy, fiscal policy, systemic risk and financial regulation.
Lots of headliner economists are on the agenda, including N. Gregory Mankiw, of Harvard University, and John Taylor, of Stanford University.
But the one who may command the most attention is Carmen Reinhart, co-author with Kenneth Rogoff of the fast-selling (for a business book) This Time is Different: Eight Centuries of Financial Folly. An economics professor at the University of Maryland, Reinhart will provide the historical context for the most recent folly that began, we were originally told, as a problem merely with the subprime mortgage market.
The subtitle of her talk is “What History Has (or Hasn’t) Taught Us,” and it will be interesting to hear from the assembled star power whether they think the financial overhaul legislation pending in Washington reflects any lessons learned.
Wednesday: Charming Shoppes;
Thursday: Toll Bros.