Cole Office & Industrial REIT Buys Wisconsin Manufacturing Facility for $16.5 Million

Cole Office & Industrial REIT Inc. (CCIT III), a publicly registered non-traded real estate investment trust, has purchased a single-tenant manufacturing facility located in Columbus, Wisconsin for $16.5 million, exclusive of closing costs, according to a filing with the Securities and Exchange Commission. The seller was TI Investors of Columbus LLC, a Wisconsin-based limited liability company.

The 170,000-square-foot property was constructed in 2014 and is 100 percent leased to a $1.2B diversified industrial company Actuant Corporation and is occupied by its wholly-owned subsidiary Enerpac, which specializes in high-pressure hydraulic tools. The company noted that it does not currently have plans to renovate, improve, or develop the property.

The purchase was funded with loan borrowings and proceeds from the REIT’s initial public offering.

In other company news, Cole Capital’s parent company VEREIT Inc. (NYSE: VER) recently announced that it is selling Cole to an affiliate of investment manager CIM Group for up to $200 million.

Cole Office and Industrial REIT commenced operations in September 2016 and invests primarily in single-tenant office and industrial properties that are leased to creditworthy tenants under long-term, net leases. The company has raised $16.7 million in investor equity since inception and currently oversees a portfolio comprised of two properties purchased for $49.2 million.

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