Our continued leasing success is an indicator of economic recovery and a reflection of both the high-quality properties throughout our portfolio...
PHOENIX, AZ (PRWEB) February 08, 2012
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 signed leases totaling nearly 640,000 square feet at Cole-related retail properties during 2011.
Cole tapped into its expansive national network of high-quality retail tenants to secure approximately 308,000 square feet of new leases, along with 330,000 square feet of renewals, bringing the occupancy rate for Cole’s portfolio of properties to 97.8%. The announcement was made by Brett Sheets, senior vice president of leasing at Cole.
Notable new leases include Bally’s for 39,400 square feet at a former Circuit City in Aurora, CO; Ross Dress for Less for 28,000 square feet in Fairview Heights, IL; JoAnn Fabric and Crafts for 25,000 square feet at a former Borders in Reading, PA; Pier 1 Imports for 8,300 square feet at Nature Coast Commons in Spring Hill, FL; both a Five Below for 8,400 square feet and an hhgregg for 23,500 square feet at Lincoln Place in Fairview Heights, IL; and Ross Dress for Less for 40,000 square feet at Independence Commons in Independence, MO.
Among the key renewal leases for the year were Bed Bath & Beyond (36,500 square feet), Marshalls (29,900 square feet), OfficeMax (23,000 square feet), Old Navy (15,000 square feet), Petco (15,000 square feet) and Family Dollar (8,000 square feet).
“Cole continues to add and retain creditworthy tenants across the retail spectrum at properties throughout our portfolio, keeping us in a strong position for 2012 and beyond,” Mr. Sheets noted. “Our continued leasing success is an indicator of economic recovery and a reflection of both the high-quality properties throughout our portfolio and the work our entire leasing team brings to each transaction.
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 1,600 properties representing approximately 59.6 million square feet of commercial real estate in 47 states with a combined acquisition cost of nearly $10 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.