PHOENIX-Cole Credit Property Trust III Inc. (CCPT III) has launched its $2.5 billion common stock offering. The fund is offering up to 230 million shares of common stock at $10 per share.

The offering will include up to an additional 20 million shares of common stock to be issued under a distribution reinvestment program at $9.50 per share. According to a company press release, net proceeds from the offering will be used to acquire net-lease single-tenant and multi-tenant retail properties. Cole Capital Corp., the fund’s sponsor, will manage the 250 million best efforts offering.

According to a prospectus supplement filed with the Securities and Exchange Commission on December 12, CCPT III had not accepted investors’ subscriptions, nor had common stock yet been issued. The prospectus also noted that shares of the common stock will be offered until October 1, 2010, unless all shares have been sold beforehand. The filing indicated the offering termination date could be extended, depending on the status of the fund’s distribution reinvestment plan.

Representatives from Cole were not available for comment by deadline.

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