Cole Office & Industrial REIT, a publicly registered non-traded real estate investment trust, purchased an office building in Burlington, Massachusetts from Burlington Crossing Realty Trust for $119.8 million, exclusive of closing costs. The 280,560-square-foot property was constructed in 2014 and is 100 percent leased to Keurig Green Mountain Inc.
The acquisition was funded with proceeds from the company’s ongoing public offering of common stock and borrowings from their secured revolving credit facility with JPMorgan Chase Bank N.A. In connection with the acquisition, Cole borrowed approximately $110.0 million under the amended credit facility, and paid an affiliate of Cole Corporate Income Advisors II, LLC, its advisor, an acquisition fee of $2.4 million.
Cole Office & Industrial REIT, Inc. is a non-listed REIT that intends to invest primarily in single-tenant, income-producing, necessity office and industrial properties that are leased to creditworthy tenants under long-term leases. Cole Capital defines necessity corporate properties as those that are essential to the day-to-day operations of a corporation’s operations. Necessity corporate properties include distribution facilities, warehouses and corporate and regional headquarters.