PHOENIX—Cole Capital, the private capital management business for Cole Real Estate Investments, Inc. of Phoenix, this week announced that Cole Office & Industrial REIT, Inc. (CCIT II) acquired its first net-lease property from Hines.
CCIT II acquired an 83,841-square-foot, two-story office building leased to the County of Santa Clara. The purchase price of the property, located in San Jose, California, was $24 million. There are nearly 10 years remaining on the current lease, plus tenant renewal options.
“The quality Silicon Valley location, strong tenant credit, scheduled rent growth and remaining lease term made this property an ideal acquisition for CCIT II,” said Jeff Holland, president and COO of Cole Real Estate Investments, Inc.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
