Phoenix, AZ (PRWEB) April 26, 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 the acquisition of three retail properties from Vornado Realty Trust for $23.2 million. The single-tenant portfolio, totaling 121,000 square feet, is leased to nationally recognized tenants with long-term leases and is located within strong retail markets in California and Florida.
“Single-tenant retail assets occupied by national tenants with strong credit are core to Cole’s investment strategy,” said Chad Adams, vice president, acquisitions, single-tenant retail. “These are well-located retail properties in prime trade areas, and we’re pleased to add them to our portfolio.”
The largest of the properties is a 45,000-square-foot building in Tampa, FL, occupied by Nordstrom Rack, for which Cole paid $12.0 million. There are eight years remaining on Nordstrom Rack’s current lease. This is the second Nordstrom Rack in Cole’s portfolio.
The other properties acquired are located in California. The first is a 31,000-square-foot building in Merced leased to PetSmart and Travis Credit Union for $5.4 million. In Redding, Cole purchased a 45,000-square-foot building leased to PetSmart and BevMo for $5.8 million.
Adams and Brian Garrigan, also vice president, acquisitions, single-tenant retail, represented Cole in the transaction. Sterling Champ, executive vice president of CBRE, represented Vornado.
Other notable recent single-tenant retail acquisitions include the West Marine flagship store in Ft. Lauderdale, FL (50,000 SF/$12,750,000); an LA Fitness in Oswego, IL (45,000 SF/$9,205,000); and a Walmart Supercenter in Lancaster, SC (208,000 SF/$14,650,000).
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, using a conservative investment and financing strategy. At the end of March 2012, Cole-related entities owned and managed more than 1,650 assets representing approximately 61 million square feet of commercial real estate in 47 states with a combined acquisition cost of approximately $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.