Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III” or the “Company”), a publicly registered, non-listed company sponsored by Cole Capital that focuses on investing in single-tenant, income-producing, necessity office and industrial properties, and which intends to qualify and elect to be taxed as a real estate investment trust (“REIT”), has acquired its first property.
CCIT III acquired a 221,215-square-foot office building leased to Siemens Corporation, a U.S. subsidiary of global technology company Siemens AG (S&P ‘A+’), for $32,750,000. The facility houses Siemens’ Product Lifecycle Management Division and other technology services. There are nearly 10 years remaining on the current triple-net lease, plus tenant renewal options. Located within the Cincinnati, Ohio metropolitan area, the four-story property is well-located near major transportation routes.
Cole Capital is the investment management business of VEREIT, Inc. As an industry leading non-listed REIT sponsor, Cole Capital creates innovative net lease real estate products that serve individual investors and financial professionals. (PRNewsFoto/Cole Capital)
“The credit quality of the tenant, scheduled rent growth, remaining lease term and the strategic operations of the facility demonstrate the strong real estate attributes that CCIT III seeks in its property acquisitions,” said Bill Miller, Chief Executive Officer and President of Cole Capital.