Cole CapitalTM, the private capital management business for Cole Real Estate Investments, Inc., today announced the launch of Cole Office & Industrial REIT (CCIT II), Inc. (CCIT II), focused on net lease office and industrial assets.
CCIT II intends to invest primarily in single-tenant, income-producing, “necessity” office and industrial properties, which are leased to creditworthy tenants under long-term net leases and are strategically located throughout the United States. Most properties are expected to be subject to “net” leases, whereby the tenant is primarily responsible for the cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs.
Up to 250 million shares of common stock are being made available in the primary offering at $10.00 per share. Additionally, up to 50 million shares of common stock will be offered at $9.50 per share pursuant to the distribution reinvestment plan (DRIP). Shares will be made available through registered broker-dealers and their financial representatives.
Cole Capital Corporation, a registered broker-dealer affiliated with CCIT II’s sponsor, Cole Capital, will be the dealer-manager of the offering and will offer CCIT II’s shares on a best-efforts basis.