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Venable represented American Realty Capital Properties, Inc. (ARCP), a publicly-traded net-lease REIT, in connection with its acquisition of American Realty Capital Trust III, Inc., a publicly registered non-traded REIT, for $2.2 billion in cash and shares. Sharon A. Kroupa and Christopher W. Pate acted as Maryland counsel to American Realty Capital Properties and Brian P. Field assisted with the transaction.

The combined entity would become the fifth largest publicly-listed net lease REIT in the United States with an enterprise value of $3 billion. The acquisition is subject to the approval of both Companies’ stockholders and is expected to close during the second quarter of 2013.