PHOENIX—Cole Capital, the private capital management business for Cole Real Estate Investments, Inc. of Phoenix, this week announced that Cole Office & Industrial REIT, Inc. (CCIT II) acquired its first net-lease property from Hines.
CCIT II acquired an 83,841-square-foot, two-story office building leased to the County of Santa Clara. The purchase price of the property, located in San Jose, California, was $24 million. There are nearly 10 years remaining on the current lease, plus tenant renewal options.
“The quality Silicon Valley location, strong tenant credit, scheduled rent growth and remaining lease term made this property an ideal acquisition for CCIT II,” said Jeff Holland, president and COO of Cole Real Estate Investments, Inc.
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