American Realty Capital Properties’ private capital management business, Cole Properties, announced today that Cole Corporate Income Trust, Inc. (CCIT) is reviewing potential strategic options with guidance from Wells Fargo Securities, LLC (Wells Fargo). CCIT’s initial public offering closed in late 2013 after raising about $1.9 billion.
Formed in 2010, CCIT is a public, non-traded REIT that invests in facilities that it deems “necessity corporate” properties. These include warehouses, manufacturing plants, headquarter buildings, and distribution facilities.
As of December 31, 2014, CCIT owned 77 properties across 28 states, totaling 15.6 million rentable square feet.
“CCIT’s best in class office and industrial-focused portfolio boasts many of the hallmarks of a leading net lease REIT, including geographic diversity and long weighted average lease duration. A large percentage of its portfolio rents are derived from a mix of investment grade and other credit tenants. Ultimately, as one of the largest office and industrial net lease REITs, we foresee a myriad of strategic opportunities for CCIT as we work with Wells Fargo to assess our strategic options,” commented Lisa Beeson, Chief Operating Officer of CCIT’s advisor, in a statement.