American Realty Capital Properties Inc. agreed to buy Cole Real Estate Investments Inc. for about $6.85 billion as it seeks to become the largest owner of U.S. single-tenant buildings.

American Realty would pay 1.0929 common shares valued at $14.59 for each Cole share or $13.82 in cash, the companies said in a statement today. The offer is 14 percent higher than Cole’s closing price yesterday. The merger has been approved by both companies’ boards, according to the statement.

The deal extends a string of acquisitions by New York-based American Realty, which earlier this year agreed to purchase CapLease Inc. and American Realty Capital Trust IV Inc. to expand its holdings of mostly single-tenant retail, office and industrial properties. The real estate investment trust was rebuffed earlier this year in an effort to buy a predecessor company to Phoenix-based Cole.

“Far more can be accomplished by these two great companies working together than either one could have hoped to achieve independently,” American Realty Chief Executive Officer Nicholas Schorsch said in the statement.

The combined company will have 3,732 properties in 49 states and Puerto Rico, according to the statement. The current largest single-tenant REIT, Escondido, California-based Realty Income Corp., had 3,681 single-tenant buildings as of June 30.

Financing Ready

American Realty said it had lined up $2.75 billion of financing and the Cole purchase is expected to be completed early next year.

Schorsch offered to buy Cole Credit Property Trust III Inc., a nonlisted REIT, in March in a deal valued at about $6.7 billion. Cole Credit rejected that bid and proceeded with a plan to buy its management company and go public as Cole Real Estate Investments.

Cole’s stock has gained 18 percent since trading began in June. American Realty’s shares have fallen 25 percent from a May high on concern that rising interest rates will increase costs.