Automotive Properties REIT has completed the acquisition of a Rivian-tenanted electric truck dealership in Tampa for approximately US$13.5 million, inclusive of closing costs.

The REIT announced the completion in a news release after unveiling the deal in its latest quarterly report.

The 25,000-square-foot facility, located at 701 N. Dale Mabry Highway near Interstate 275 and Tampa International Airport, serves as a sales, delivery, and service centre for Rivian LLC. The site spans 2.75 acres and is under a long-term net lease with fixed annual rent increases and renewal options.

The REIT financed the acquisition through its existing revolving credit facilities.

Automotive Properties REIT is the only publicly traded entity in Canada focused on consolidating automotive dealership and service real estate. The REIT now owns 80 income-producing properties across key markets in Canada and the U.S., representing approximately 3 million sf of gross leasable area.

Pictured: A Rivian electric pick-up truck

Photo: Rivian