Cole Buys 496,000-SF Freezer Warehouse for $92M

RIVERSIDE, CA-Cole Real Estate Investments of Phoenix has acquired a newly built, fully leased freezer warehouse totaling 496,000 rentable square feet from USAA Real Estate for $91.5 million, according to Robert Micera, chief investment officer for office and industrial at Cole. The LEED-certified property, at 1001 Columbia Ave., is fully leased to Wal-Mart, which has approximately 15 years remaining on its NNN lease, with additional renewal options.

Micera, in an announcement regarding the acquisition, commented: “Its strategic location within the Inland Empire and mission-critical focus makes this facility an excellent addition to our growing portfolio of ‘necessity corporate’ office and industrial assets.” He also cited the “outstanding creditworthiness of the tenant, long-term lease, newness of the facility and demand for cold storage warehouses” as factors that fit the Cole strategy.