September 28, 2016
Cole Office & Industrial REIT Inc. (CCIT III) made its first acquisition, nabbing a 221,215-square-foot office building in the Cincinnati metro area. The asset, which the Phoenix-based REIT bought for $32.7 million, is leased to Siemens Corp. The property is at 2000 Eastman Dr. in Milford, OH, and houses Siemens’ Product Lifecycle Management Division. Lexington Realty Trust was the seller.
CCIT III, sponsored by Cole Capital, has an asset with a triple-net-lease tenant, and 10 years remaining on the contract. There are also tenant renewal options. “The credit quality of the tenant, scheduled rent growth, remaining lease term and the strategic operations of the facility demonstrate the strong real estate attributes that CCIT III seeks in its property acquisitions,” said Bill Miller, chief executive officer and president of Cole Capital.
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