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SOURCE: Great Ink
Includes Mission-Critical Properties in Texas, Colorado, Illinois, Massachusetts and Georgia
Phoenix, AZ (PRWEB) October 12, 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 has completed six office and industrial property transactions nationwide during the third quarter of 2012.
“Given the mission-critical nature of the properties, high credit quality of the tenants and the industry diversity, these properties are in line with our disciplined investment strategy,” said Robert Micera, Chief Investment Officer, Office and Industrial, for Cole. “We are pleased to add these premier assets to our expanding portfolio of strategic corporate assets.”
The transactions included the following:
The purchase of the 94,000-square-foot HCA Inc. regional office headquarters in Irving, TX. The property, which is positioned at the north end of the Las Colinas submarket, serves as a mission-critical facility for the national health care services company, handling patient billing, admissions and employee payroll functions for 26 medical facilities. There are nearly 10 years remaining on the current lease for the property, plus renewal options. The sale price was not disclosed.
The $8.3 million purchase of a 125,000-square-foot flagship distribution center for American Tire Distributor. The recently completed build-to-suit property in Colorado Springs, CO, has more than 10 years remaining on its lease, plus renewal options. American Tire Distributors is the largest replacement tire distributor in the U.S., serving a highly diversified customer base comprised of independent tire retailers, as well as various national and corporate accounts.
The $49.7 million purchase of the Sysmex Corporate Center, a 163,000-square-foot office property in Lincolnshire, IL, which serves as the North and South American headquarters for Sysmex American, a Japan-based company principally engaged in the health care business. The property is a four-story, Class A, LEED Gold office property, with more than 14 years remaining on its current lease, plus renewal options.
The $93.5 million purchase of 174 & 176 Middlesex Turnpike, an interconnected two-building, 328,000-square-foot office/R&D complex in Bedford, MA. The property is leased in its entirety to RSA Security, a division of EMC Corporation, one of the world’s leading network security providers. There are 12 years remaining on the current lease, plus renewal options.
The $32.6 million purchase of the Newton Engineering Center, a 168,000-square-foot property for United Launch Alliance (ULA) in Centennial, CO. There are 10 years remaining on the current lease, plus renewal options. ULA is a 50-50 joint venture between The Boeing Company and Lockheed Martin. ULA operates the delivery of U.S. government-sponsored payloads into space, including the recent Curiosity Rover mission to Mars.
Cole invested more than $12 million in a recently completed 80,000-square-foot build-to-suit property that will serve as a national call center for a leading national retailer in Kennesaw, GA. Taylor & Mathis served as Cole’s development partner. The property has a 10-year lease and additional renewal options.
Cole continues to be one of the most active acquirers of core commercial real estate with approximately $2 billion of acquisitions year-to-date, including more than $550 million of core office and industrial assets. According to Real Capital Analytics, Cole is the No. 1 acquirer of single-tenant office properties for the past three years. The firm is targeting up to $3 billion of quality acquisitions in 2012.
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 September 2012, Cole-related entities owned and managed more than 1,925 assets representing approximately 70 million square feet of commercial real estate in 47 states, with a combined acquisition cost of more than $11.7 billion. To learn more, visit http://www.colecapital.com.
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