Cole Real Estate Investments Completes $172.2 Million of High-Quality, Single-Tenant Retail Acquisitions in Past 30 Days

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Top Ranked Firm in Single-Tenant Retail Sector Acquires 39 Properties Nationwide

Based on our conservative acquisition strategy... we have been able to capitalize on targeted opportunities, adding to our diversified portfolio of high-quality, single-tenant retail 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 completed $172.2 million in single-tenant retail acquisitions in the past 30 days. The acquisitions encompass 39 assets in 12 states.

“Based on our conservative acquisition strategy of focusing on core real estate assets that are subject to long-term net leases with creditworthy tenants, we have been able to capitalize on targeted opportunities, adding to our diversified portfolio of high-quality, single-tenant retail properties,” said Brian Garrigan, Vice President, Single-Tenant Retail Acquisitions.

Major portfolio transactions included:

The purchase of a 20-site convenience store portfolio, consisting of 19 Stripes stores in Texas and one Road Ranger store in Illinois, for a total purchase price of $80.0 million. Susser, which owns Stripes, is a publicly traded company and the 21st largest convenience store operator in the United States, while Road Ranger is a regional operator. Cole was represented by Daniel Lovitz, Director, Single-Tenant Retail Acquisitions.

The acquisition of a Benihana restaurant portfolio in a sale-leaseback transaction for $47.4 million. The 13 locations include three in both Florida and Illinois; two in both Minnesota and Texas; and one each in Alaska, Georgia and Michigan. The transaction includes new 20-year NNN leases with options. Cole was represented by William Broms, Senior Director, Retail Sale-Leasebacks.

The purchase of a Wawa portfolio consisting of three sites (two in New Jersey and one in Pennsylvania) for $21.5 million. Wawa is a privately held company that operates 591 gas stations/convenience stores in the Northeast and is ranked 47th on Forbes’ list of largest private companies. Cole was represented by Chad Adams, Vice President, Single-Tenant Retail Acquisitions, and the seller was represented by Mark Taylor and Dean Zang of Marcus & Millichap.

Other notable single-tenant acquisitions completed by Cole during the past 30 days include:

Gold’s Gym in Broken Arrow, OK, for $6.8 million;
USAA Banking Facility in Fayetteville, NC, for $2.4 million; and
Pick ’n Save in Sheboygan, WI, for $14.1 million.

Cole has acquired more than $1.9 billion in real estate since the beginning of 2012, including $716.6 million of single-tenant retail. According to Real Capital Analytics, Cole has been the No. 1 acquirer of single-tenant retail properties in the United States for the past 10 years. Acquisitions professionals from Cole will be attending the ICSC Western Division Conference in San Diego from Sept. 19-21

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 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 July 2012, Cole-related entities owned and managed more than 1,880 assets representing approximately 69.5 million square feet of commercial real estate in 47 states, with a combined acquisition cost of more than $11.4 billion. To learn more, visit http://www.colecapital.com.

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