This acquisition fits squarely with Cole’s investment strategy focused on high-quality commercial properties, long-term leased to creditworthy, industry-leading businesses.
Phoenix, AZ (PRWEB) November 21, 2011
Cole Real Estate Investments (Cole), one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate, announced it has acquired Caremark Tower II, a 195,000-square-foot office building in Northbrook, IL, for $44.25 million. The property is net leased to CVS Caremark, the largest pharmacy health care provider in the United States.
Caremark Tower II is a key operations center, serving as one of three regional headquarters for the company. The office building is strategically located in a commercial area with easy access to I-294, approximately 25 miles northwest of the Chicago CBD and 10 miles north of O’Hare Airport. The property, adjacent to another CVS Caremark facility not part of this transaction, includes a three-story, 250-space parking structure, plus additional surface parking. There are approximately 10 years remaining on the lease, with two five-year renewal options.
“This acquisition fits squarely with Cole’s investment strategy focused on high-quality commercial properties, long-term leased to creditworthy, industry-leading businesses,” said Robert Micera, chief investment officer for office and industrial at Cole. “This is a mission-critical office asset for CVS Caremark, well-located in a Northern Chicago suburb with strong demographics, and we are pleased to include this in our expanding portfolio.”
This acquisition adds to Cole’s assets leased to the industry-leading pharmacy health care provider. Cole-related entities own and manage more than 95 single-tenant CVS pharmacies across the country with a market value exceeding $375 million.
Cole has acquired approximately $2.2 billion in high-quality real estate assets year-to-date and is targeting $3 billion in real estate acquisitions for the year.
About Cole Real Estate Investments
Founded in 1979, Cole Real Estate Investments is one of the most active acquirers of core real estate assets, managing one of the country’s largest portfolios of retail properties. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with high credit quality tenants, as well as single-tenant office and industrial properties. Cole executes a conservative investment and financing strategy designed to provide investors with the opportunity for stable current income and capital appreciation. Today, Cole-related entities own and manage more than 1,500 properties representing approximately 56 million square feet of commercial real estate in 47 states with a combined acquisition cost of more than $9.4 billion.
Certain statements in this press release may be considered forward-looking statements that reflect the current views of Cole Real Estate Investments and Cole’s management with respect to future events. Forward-looking statements about Cole’s plans, strategies and prospects are based on current information, estimates and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. Cole does not intend or assume any obligation to update any forward-looking statements, and the reader is cautioned not to place undue reliance on them.