PHOENIX-Cole Real Estate Investments is one step closer to its2010 acquisitions target of $2.5 billion with its most recent deal– the $266-million buy of 32 Albertson’s grocery store propertiesspread across the Southwest. The deal brings the REIT’syear-to-date acquisitions total to more than $1.8 billion.
“We’re close,” says Kim Kundrak, chief acquisitions officer ofthe local non-traded REIT. “And, we have several transactions inthe pipeline, either under contract or in LOI stage. We feel goodabout reaching our target or getting near to it.”
Cole purchased the Albertson’s portfolio, which totals 1.9million square feet, from Boise, ID-based Albertson’s LLC, whichleased back the stores. The REIT paid all-cash for the properties,which are subject to recently signed 20-year, triple-net leasesthat also include renewal options.
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