This latest transaction further illustrates our active portfolio management strategy.
Phoenix, AZ (PRWEB) November 28, 2012
Cole Real Estate Investments (Cole), a diversified commercial real estate firm, announced it has acquired a 318,600-square-foot, 12-story, Class A office tower in Plano, TX, for $120 million. The newly acquired property is 100% leased to Encana Oil & Gas (USA), Inc., a leading North American energy producer, and serves as the regional headquarters for the firm’s Texas and Louisiana operations.
“This latest transaction further illustrates our active portfolio management strategy,” noted Thomas W. Roberts, executive vice president and head of real estate investments. “Available proceeds from recent property sales are being invested in a high-quality asset under a long-term lease, providing a strong yield and enhancing portfolio diversification. Those factors, combined with the strategic importance of this facility, attractive location and recent construction, make this an ideal investment while adding a prominent energy sector organization to our growing roster of diversified tenants nationwide.”
Construction of the Class A office tower was completed in 2012 for Encana Oil & Gas, a wholly owned operating subsidiary of Encana Corporation, and includes a seven-story parking structure attached by a sky bridge. There are approximately 15 years remaining on the net lease with multiple renewal options. The property is located in the Legacy Business Park in Plano, TX, an affluent suburb within the Dallas-Fort Worth Metroplex. The popular Legacy Business Park submarket is home to many other well-known company headquarters buildings and Class A retail amenities.
Cole was represented by Boyd Messmann, senior vice president of acquisitions, office and industrial, in the transaction. The seller was represented by Gary Carr, vice chairman, investment properties institutional group for CBRE in Dallas.
About Cole Real Estate Investments
Founded in 1979, Cole Real Estate Investments is one of the nation’s leading acquirers of high-quality, income-producing retail, office and industrial real estate assets. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with creditworthy tenants, as well as single-tenant office and industrial properties, using a conservative investment and financing strategy. According to Real Capital Analytics, a leading industry research firm, Cole has established itself as the No. 1 buyer of all single-tenant assets for the past 10 years. At the end of October 2012, Cole-related entities owned and managed more than 1,950 assets representing approximately 70.6 million square feet of commercial real estate in 47 states, with a combined acquisition cost of more than $11.8 billion. To learn more, visit http://www.colecapital.com.