Bloomfield Hills, Michigan-based OFP Real Estate, also known as One Family Property, recently closed on the acquisition of two retail properties for an aggregate purchase price of about $8.6 million.
The properties are net-leased to a national industry-leading credit tenant. The transactions were completed at a weighted average cap rate of 7.9 percent.
The acquisition will increase OFP’s current year investment to about $27 million since its inception in February of 2020.
“We are pleased to announce these transactions and excited about the investment opportunities in our pipeline,” said Aaron Baum, managing principal of OFP. “We remain focused on diversifying our holdings through properties net-leased to leading retailers and are on track to exceed our targeted 2020 acquisition goals.”