Custodian REIT has acquired the 23,007 sq ft Wells Green Retail Park in Sheldon, five miles from Birmingham city centre on the busy A45 Coventry Road.
Custodian REIT said the site comprised three units occupied by Dreams, Pets at Home and Halfords.
Nearby retailers included Morrisons, Tesco, Topps Tiles and Aldi.
It said the units' leases expire on 28 September 2022, 26 September 2026 and 28 September 2027 respectively, with a total passing rent of £361,037 per annum reflecting a net initial yield1 of 6.64%. The agreed purchase price of £5.1m was funded from the company's existing cash resources, resulting in net gearing increasing to 19.6% loan to value.