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Cole Office and Industrial REIT Buys Amazon Distribution Center in Florida for $103.6 Million

Cole Office & Industrial REIT Inc., a publicly registered non-traded real estate investment trust, purchased an industrial building in Ruskin, Florida for $103.6 million, according to a filing with the Securities and Exchange Commission.

The 1-million-square-foot property was built in 2014 and serves as a distribution facility for online retailer, Amazon.com. One of two Amazon distribution centers in the state, the Ruskin facility will be used to ship smaller items to customers living mainly in the Southeast.

The seller, USAA Real Estate Company, purchased the land in 2013 to develop the facility, and originally paid $14.6 million for the 80-acre parcel.

The REIT funded the purchase with proceeds from its ongoing public offering and borrowing $100 million from its revolving credit facility with JPMorgan Chase Bank, N.A. Cole Corporate Income Advisors II, the REIT’s advisor, received an acquisition fee of $2.1 million in connection with the purchase.

Cole Office & Industrial REIT was formed in 2013 and invests primarily in single-tenant, office and industrial properties that are leased to creditworthy tenants under long-term, net leases. The company’s portfolio is comprised of 32 properties with a total purchase price of $1 billion. Located in 18 states, the properties are 100 percent leased and have an average lease term remaining of 11 years. The REIT has raised $552.7 million in investor equity since inception.

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