PHOENIX, Sept. 27, 2016 /PRNewswire/ -- Cole Office & Industrial REIT (CCIT III), Inc. ("CCIT III" or the "Company"), a publicly registered, non-listed company sponsored by Cole Capital that focuses on investing in single-tenant, income-producing, necessity office and industrial properties, and which intends to qualify and elect to be taxed as a real estate investment trust ("REIT"), has acquired its first property.
CCIT III acquired a 221,215-square-foot office building leased to Siemens Corporation, a U.S. subsidiary of global technology company Siemens AG (S&P 'A+'), for $32,750,000. The facility houses Siemens' Product Lifecycle Management Division and other technology services. There are nearly 10 years remaining on the current triple-net lease, plus tenant renewal options. Located within the Cincinnati, Ohio metropolitan area, the four-story property is well-located near major transportation routes.
"The credit quality of the tenant, scheduled rent growth, remaining lease term and the strategic operations of the facility demonstrate the strong real estate attributes that CCIT III seeks in its property acquisitions," said Bill Miller, Chief Executive Officer and President of Cole Capital.
About Cole Office & Industrial REIT (CCIT III), Inc.
CCIT III is a publicly registered, non-listed company that invests primarily in single-tenant, income-producing, necessity office and industrial properties that are leased to creditworthy tenants under long-term net leases. CCIT III intends to qualify and elect to be taxed as a REIT and seeks to provide access to high-quality commercial real estate assets, providing current income, reduced overall portfolio volatility and the potential for capital appreciation for its stockholders.
About Cole Capital®
Cole Capital is the investment management business of VEREIT, Inc. As an industry leading non-listed REIT sponsor, Cole Capital creates innovative net lease real estate products that serve individual investors and financial professionals. Our business model is built upon the simple objective of collecting rent from some of the biggest corporations in America and passing it on as a stream of income to our investors. Additional information about Cole Capital and its products can be found on its website at www.colecapital.com.
Forward Looking Statements
Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the Company's business and its objectives, its intention to qualify and be taxed as a REIT, and statements related to the performance of the acquisition and the tenant referenced above. Forward-looking statements are based on current information, estimates and projections, and are subject to risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE Cole Capital