Cole Real Estate Investments Executes 25,000-Square-Foot Lease with Jo-Ann Fabric and Craft Stores

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Cole Backfills Former Borders Space with National Retailer

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...this transaction is a reflection of our leasing strategy where we are able to attract category-leading tenants to Cole-owned properties.

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 it has executed a lease with Jo-Ann Fabric and Craft Stores in Wyomissing, PA, for approximately 25,000 square feet, backfilling a former Borders location. The announcement was made by Brett K. Sheets, senior vice president of leasing at Cole.

Cole executed a 10-year lease with three renewal options of five years each with the national retailer for the former Borders space at 1075 Woodland Road, located within the Reading, PA, Metropolitan Statistical Area (MSA). The in-line store is located adjacent to OfficeMax, Toys “R” Us and Old Navy.

“The property is situated within a trade area featuring strong demographics and in close proximity to other national retailers, creating a strong retail draw for the nearby communities,” Mr. Sheets said. “As the industry deals with backfilling spaces formerly occupied by contracting national retailers, this transaction is a reflection of our leasing strategy where we are able to attract category-leading tenants to Cole-owned properties.”

Jo-Ann Fabric and Craft Stores is the nation’s largest specialty retailer of fabrics and one of the largest specialty retailers of crafts. The company operates approximately 750 stores in 48 states.

For leasing opportunities at Cole’s multi-tenant retail properties, contact Mr. Sheets at bsheets(at)colecapital(dot)com.

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 55 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $9 billion.

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 55 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $9 billion.

Follow Cole on twitter @ColeRealEstate and @ColeCapital.

Forward-Looking Statements
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.

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Roxanne Donovan
Great Ink Communications
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