Cole Raises $85.3 Million of Capital in August

Cole Capital (Cole) announced today that capital raising efforts are going well for the company’s non-traded REIT products. Cole, which is owned by American Realty Capital Properties (ARCP), a publicly traded REIT, has raised $1.2 billion year-to-date through the end of August.

During the last month of the summer months while many advisors and investors are on vacation, Cole’s wholesalers brought in about $2.8 million per day totaling $85.3 million for the month.

According to a company statement, “execution of a number of major selling agreements with leading broker-dealers” and the announced $3.1 billion merger of Cole Corporate Income Trust, Inc. (CCIT) with publicly listed Select Income REIT, investor demand has jumped substantially.

“I have been on the road the past few months personally meeting with financial advisors and I can attest to the high level of interest and increased demand for Cole Capital’s product offerings,” said David S. Kay, President of ARCP.

When you think of ARCP, you can’t help but think of Nicholas Schorsch, CEO of the REIT. Schorsch is also the Executive Chairman for RCS Capital Corporation (RCAP), parent to RC Securities (RCS), the wholesaling dealer-manager for AR Capital, another Schorsch entity, and other sponsors.

As reported by The DI Wire in early August, the RCS wholesalers were averaging $35 million per day. Through the end of July, they had raised about $5.2 billion.