Cole Engages Financial Advisor to Review Strategic Options

Cole Capital announced that CCIT has selected Wells Fargo Securities to help spearhead a review of strategic options.

Cole Corporate Income Trust Inc. has $1.9 billion on its hands following the closing of its IPO in late 2013, and now it’s looking for guidance. Cole Capital, the private capital management business of American Realty Capital Properties Inc., just announced that CCIT has selected Wells Fargo Securities L.L.C. to help spearhead a review of strategic options.

It’s all part of the plan. CCIT revealed in July of last year that it would commence examining potential liquidity options following the completion of its IPO. From CCIT’s perspective, the possibilities are plentiful.

“Ultimately, as one of the largest office and industrial net lease REITs, we foresee a myriad of strategic opportunities for CCIT as we work with Wells Fargo to assess our strategic options,” Lisa Beeson, COO of ARCP, said in a prepared statement.

The news of the exploration of options comes almost precisely four years after CCIT’s formation.

CCIT is not one to sit on the sidelines. In terms of enhancing its portfolio, CCIT has been quite acquisitive over the last several months.  In September, the REIT acquired a collection of 12 single-tenant office and industrial properties, including two Amazon.com distribution centers totaling more than 2 million square feet, for $386.1 million. In November, it snapped up five single-tenant corporate properties for $202.1 million. And during the first quarter of this year, CCIT shelled out a total of $89.1 million on the purchase of four properties.