PHOENIX-Cole Corporate Income Trust Inc., a subsidiary of Cole Real Estate Investments Inc. acquired three Class A office properties for $160.8 million. The properties, located in Texas and Massachusetts, include a multi-building Allstate corporate campus, the corporate headquarters for Men's Wearhouse and a newly constructed office building housing a multi-specialty medical practice operated by Harvard Vanguard Medical Associates.
CCIT invests primarily in strategic single-tenant, income-producing, necessity corporate properties leased to creditworthy tenants under long-term net leases. Cole Corporate Income Advisors LLC, a subsidiary of Cole Real Estate Investments, serves as external advisor to CCIT.
“These high-quality assets exemplify CCIT's investment criteria,” says Robert Micera, chief investment officer for office and industrial at Cole. “Strategic properties with creditworthy corporate tenants, under long-term net leases, are our primary target. These properties are well-located in major MSAs and are mission critical for the corporate tenants.”
The assets acquired were as follows.
- Allstate Insurance Co. – Irving Campus – Dallas/Ft. Worth MSA. CCIT acquired a 458,338-square-foot, multi-building corporate campus leased to Allstate Insurance Co. Through a sale-leaseback transaction, Allstate will occupy the campus under a 12-year lease, plus renewal options.
- Men's Wearhouse corporate headquarters – Houston MSA. The 206,362-square-foot, two-story office building is in the Westchase submarket. Men's Wearhouse has more than 14 years remaining on its lease, plus renewal options.
- Harvard Vanguard Medical Associates office building – Boston MSA. The 49,250-square-foot medical office building in Concord, MA is leased for 17 years to Harvard Vanguard Medical Associates, a 630-physician medical group providing primary and specialty medical care. The property houses several medical groups, including an urgent care center, pharmacy, pediatrics, behavioral health, laboratory, endocrinology, internal medicine and nutrition. Harvard Vanguard is relocating to the property from an older facility across the street.
Boyd Messmann, senior vice president for office and industrial acquisitions at Cole, represented CCIT on both the Allstate and the Men's Wearhouse transactions, while Robert Corry, vice president for office and industrial acquisitions at Cole, represented CCIT on the Harvard Vanguard transaction.
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