American Realty Capital shifts to internal management

|By:, SA News Editor

As promised, American Realty Capital Properties (ARCP -1%) today shifts from being externally managed to being self-managed. The management agreement with ARC Properties Advisors is terminated effective today, though certain services of the manager will be used through the completion of the Cole Real Estate (COLE -1.2%) purchase. The deal is close this month, eight weeks earlier than expected.

ARCP will continue to be led by founders Nicholas Schorsch and Brian Block.