Cole Acquires Texas Shopping Center for $56.5M
- Jul 22, 2010
July 22, 2010
By Allison Landa, News Editor
Cole Real Estate Investments has purchased Atascocita Commons, a shopping center in Humble, Texas, in an all-cash $56.5 million transaction. The 306,890-square-foot shopping center was purchased from the Trammel Crow Co.
Built in 2006, Atascocita Commons is 98.5 percent leased to a mix of national and regional retail tenants, including Kohl’s and TJ Maxx/HomeGoods. It is located 12 miles east of George Bush Intercontinental Airport and 25 miles northeast of Houston’s central business district.
Cole chief acquisitions officer Kim Kundrak said that the property was a perfect fit for the company’s investment criteria given its location, long-term leases to a diverse tenant roster and reliable income stream.
The seller was represented by CB Richard Ellis brokers William Kent, Ryan West and Gary Lawrence. Cole was repesented by director of acquisitions Clint Marchuk.
The Atascocita Commons purchase is Cole’s latest in Texas. Last week the company said it had bought the Igloo Products headquarters in Katy and the AT&T headquarters in Dallas. The three acquisitions together represent a $124 investment in the state, according to real estate group president Tom Roberts, who added that the firm is actively interested in continuing to invest in Texas.
Thus far in 2010, Cole has acquired more than $1 billion in retail, office and industrial properties across the United States. Founded in 1979, the firm targets net leased single-tenant and ult-tenant retail properties. It owns or manages 32 million square feet of commercial real estate in 45 states with a combined acquisition cost of more than $6 billion.