Cole Real Estate Investments Acquires Five Retail Centers in Arizona, Colorado and California
Phoenix, AZ (PRWEB) October 03, 2011
Cole Real Estate Investments (Cole), one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate, announced it recently acquired five multi-tenant retail centers in separate transactions in Arizona, Colorado and California totaling $ 58.2 million. The announcement was made by Thomas W. Roberts, executive vice president and head of real estate investments at Cole.
The properties include The Plaza at Power Marketplace in Queen Creek, AZ, for $ 13.3 million; Kingman Gateway in Kingman, AZ, for $ 4.8 million; Highlands Ranch Marketplace, in Highlands Ranch, CO, for $ 6.3 million; Denver West Plaza, in Lakewood, CO, for $ 14 million; and Kohl’s Parkway Plaza, in Napa, CA, for $ 19.8 million.
“We continue to focus on opportunities in multi-tenant retail, and these properties fit our disciplined acquisition strategy targeting core retail centers leased to nationally recognized, creditworthy tenants under long-term leases,” said Scott Holmes, vice president of multi-tenant retail acquisitions for Cole. “These are well-located centers in the western United States, with strong demographics, and they serve as primary retail destinations within their respective trade areas.”
The shopping centers are anchored by many of the well-known, creditworthy tenants that are the core of Cole’s acquisitions strategy. Anchor tenants include LA Fitness at The Plaza at Power Marketplace; PetSmart and Ross Dress for Less at Kingman Gateway; Staples and Ross Dress for Less at Highlands Ranch Marketplace; Best Buy and Office Depot at Denver West Plaza; and Kohl’s at Kohl’s Parkway Plaza.
Cole has acquired more than $ 1.6 billion in real estate assets year-to-date, including more than $ 415 million of anchored retail centers, and is on track to reach a projected $ 3 billion in real estate acquisitions for the year.
For leasing opportunities at Cole’s multi-tenant retail properties, contact Brett Sheets, senior vice president of leasing, at bsheets(at)colecapital(dot)com.
About Cole Real Estate Investments
Founded in 1979, Cole Real Estate Investments is one of the most active acquirers of core real estate assets, managing one of the country’s largest portfolios of retail properties. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with high credit quality tenants, as well as single-tenant office and industrial properties. Cole executes a conservative investment and financing strategy designed to provide investors with the opportunity for stable current income and capital appreciation. Today, Cole-related entities own and manage more than 1,500 properties representing approximately 55 million square feet of commercial real estate in 47 states with a combined acquisition cost of approximately $ 9 billion.
Follow Cole on Twitter @ColeRealEstate and @ColeCapital.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements that reflect the current views of Cole Real Estate Investments and Cole’s management with respect to future events. Forward-looking statements about Cole’s plans, strategies and prospects are based on current information, estimates and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. Cole does not intend or assume any obligation to update any forward-looking statements, and the reader is cautioned not to place undue reliance on them.
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