Cole Acquires 5 Multi-Tenant Retail Centers for $58.2M
- Oct 05, 2011
October 4, 2011
By Barbra Murray, Contributing Editor
In five separate transactions, Cole Real Estate Investments has added five additional multi-tenant shopping centers to its rapidly expanding retail portfolio. The company shelled out an aggregate $58.2 million for the assets, which account for a total of 319,700 square feet in Arizona, Colorado and California.
In Arizona, Cole purchased the 71,000-square-foot Plaza at Power Marketplace in Queen Creek and the 49,200-square-foot Kingman Gateway in Kingman. The properties came with respective price tags of $13.3 million and $4.8 million. In Colorado, the company plunked down $6.3 million for the 50,500-square-foot Highlands Ranch Marketplace, in Highlands Ranch, and $14 million for the 71,700-square-foot Denver West Plaza in Lakewood. Rounding out the group is Kohl’s Parkway Plaza, a 77,300-square-foot center in Napa, Calif., for which Cole paid $19.8 million. Aside from Kohl’s Parkway, which first opened its doors in 1983, the properties came online within the last nine years. Such national retail names as Best Buy, Kohl’s, Office Depot, PetSmart and Ross Dress for Less hold anchor positions on the various tenant rosters.
“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,” Scott Holmes, vice president of multi-tenant retail acquisitions for Cole, said. “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 five purchases continue what has been a highly active buying year for Cole. By the close of August, the company had completed $1.5 billion of commercial real estate-related transactions — $1 billion of which involved anchored shopping centers and single-tenant retail properties — including the purchase of 11 PetSmart properties and the acquisition of the PetSmart headquarters for $102 million.