Orlando, Fla.-based Commercial NetRealty Inc. and Ann Arbor, Mich.-based Captec Net Lease Realty Inc. have successfully completed their merger, effective Dec. 1. The combined portfolio will consist of 373 properties in 40 states with 95 tenants in 29 different retail lines of trade.
Commercial Net Lease Realty is an equity real estatetrust (REIT), which invests in high-quality, freestanding retail properties with long-term net leases and major retail tenants, such as Barnes & Noble, Best Buy, Eckerd and OfficeMax.
In connection with the merger, Captec shares will no longer be traded on the NASDAQ. A final dividend payment will be made Dec. 7 to Captec stockholders of record as of Nov. 30, in the amount of $0.1539 per Captec share. This dividend payment will be made separately from the cash portion of the merger consideration.