ATLANTA—Cole Real Estate Investments just acquired two power centers for $264 million. One is in Canton, GA and the other was in San Jose, CA.
Cole Credit Property Trust IV acquired Canton Marketplace, a 352,350-square-foot regional shopping center, for $61 million. The trust also acquired The Plant, a 509,614-square-foot regional shopping center, for $203 million. Both properties include long-term anchor-tenant leases and are within thriving local retail markets.
“Power centers occupied by nationally recognized retailers with strong credit are core to Cole's overall investment strategy,” says Scott Holmes, senior vice president for multi-tenant retail acquisitions at Cole. “The Plant and Canton Marketplace fit our growing national portfolio, as both acquisitions boast strong locations in primary markets and long-term anchor leases.”
Canton Marketplace is a leading shopping center located within a fast-growing northern Atlanta suburb. The shopping center was built from 2008 to 2010 and is currently 91% occupied. Retail anchor tenants include Dick's Sporting Goods, TJ Maxx, Bed Bath & Beyond, and PetSmart.
The Plant is a major shopping destination for the San Jose market and the only power center within approximately four miles. The property is 94.5% leased with an average remaining lease term of 10 years. The Home Depot, Toys/Babies “R” Us, Ross Dress For Less, and PetSmart are among the anchors. The shopping center was developed during 2007-2008 and is located less than 1.5 miles from three major freeways in the region.
In the past 12 months, Cole has made approximately $3 billion of high-quality acquisitions including $800 million of multi-tenant retail, $1 billion of single-tenant retail, $1 billion of office and industrial, and $200 million of real estate-related debt. According to Real Capital Analytics, Cole has established itself as the number one buyer of all U.S. single-tenant assets for the past 10 years, as well as the number three acquirer of all U.S. retail assets in the past year.
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