Friday, January 7, 2011

Dell's Lincoln Facility Sells to Cole Real Estate Investments

Phoenix-based Cole Real Estate Investments has purchased Dell Marketing's Lincoln facility along with the CSAA Operations Center in Oklahoma City for a total of $51 Million. The seller in the deal was KDC Real Estate & Investments.

Dell's Lincoln facility, constructed in 2009 is approximately 150,000 square feet. It is net leased by Dell Marketing as a call center. It sold for $22 million.  The second property is the CSAA Operations Center in Oklahoma City which was developed in 2009 as a build-to-suit for the California State Automobile Association (CSAA) Inter-Insurance Bureau, an affiliate of AAA of Northern California. The CSAA net leases the entire building, which totals 147,107 square foot and is LEED-Silver certified.  It sold for $29 million.  (Source: REBusinessOnline.com and colecapital.com)
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4 comments:

  1. KatieJanuary 14, 2011 at 6:30 PM

    Cole Capital seems to really like buying office buildings that hold computer companies. I know they purchased the Bing headquarters in the Seattle area a while ago. Cole seems to have a pretty diversified portfolio because I know they also invest in retail and industrial real estate.

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  2. Business Development ManagerJanuary 17, 2011 at 5:27 PM

    Thank you for the comment Katie! Looking at Cole's website, like you mentioned, they primarily focus on single-tenant, free-standing or big box retail real estate with long-term leases and high-quality tenants. Currently Cole owns over 1,094 properties with an overall occupancy rate of 99%. Impressive!

    The 2nd half of 2010 saw more investors finally coming back to the market and purchasing quality properties. Those same investors had held off in 2009 hoping to pick off distressed properties.

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  3. KatieJanuary 24, 2011 at 11:57 AM

    @Business Development Manager - yes they do invest in a lot of single-tenant, big box retail and the like, but they also still invest in office space if it's still a long term high quality tenant. They have even become creative when it comes to finding tenants for retail spaces, such as leasing an old Circuit City building to DeVry to make it a new campus for a Carrington College.

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  4. MarieMarch 11, 2011 at 6:07 PM

    I read that Cole Capital also just started offering a new Cole REIT that specializes in office and industrial real estate.

    ReplyDelete

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