Phoenix, AZ (PRWEB) August 29, 2011
Cole Real Estate Investments (Cole), one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate assets, announced the acquisition of a portfolio of 11 PetSmart retail properties for $74 million. The announcement was made by Kim Kundrak, chief acquisitions officer for single-tenant retail for Cole.
The approximately 300,000-square-foot NNN-leased portfolio is located in primary markets in California, Florida, Illinois, Maryland, Massachusetts, Michigan and Texas. The 11 individual retail properties are leased to PetSmart, Inc., under one master lease, with an original 20-year lease term and approximately 10 years remaining, plus three automatic renewals for up to a total of 20 additional years.
“The high credit quality of the tenant, remaining lease term, master lease structure, and geographic diversity make this a solid acquisition in line with our conservative, disciplined investment strategy,” Mr. Kundrak said. “Each of these properties is strategically located in markets with strong demographics. We are pleased to add these assets to our expanding portfolio of single-tenant retail properties.”
PetSmart is the leading specialty provider of products and services for the lifetime needs of pets in North America. The company is rated “BB” by Standard & Poor’s. The PetSmart properties acquired are leading producers in the following markets:
California - Westlake Village
Florida - Tallahassee, Plantation, Lake Mary, Boca Raton
Illinois - Evanston
Maryland - Oxon Hill
Massachusetts - Braintree
Michigan – Flint
Texas – Southlake, Dallas
Chad Adams, director of single-tenant retail acquisitions, represented Cole in the transaction.
In another recent transaction, Cole acquired the 356,000-square-foot PetSmart corporate headquarters in Phoenix, AZ, on August 23, 2011.
Year to date, Cole has acquired nearly $1.5 billion of high-quality commercial real estate across the United States, including $575 million of single-tenant retail.
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 1,450 properties representing approximately 54 million square feet of commercial real estate in 46 states with a combined acquisition cost nearing $9 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.