Cole Office & Industrial REIT III, a publicly registered, non-traded real estate investment trust, has acquired its first property for approximately $32.8 million.
The REIT purchased a 221,000-square-foot office building located within the Cincinnati, Ohio metropolitan area. The property is leased to Siemens Corporation, a U.S. subsidiary of global technology company Siemens AG, and houses the company’s product lifecycle management division and other technology services. There are nearly 10 years remaining on the current triple-net lease, plus tenant renewal options.
“The credit quality of the tenant, scheduled rent growth, remaining lease term and the strategic operations of the facility demonstrate the strong real estate attributes that CCIT III seeks in its property acquisitions,” said Bill Miller, Chief Executive Officer and President of Cole Capital.
On Monday, The DI Wire reported that CCIT III was declared effective by the SEC. In addition, a subsidiary of Cole Capital’s parent company, VEREIT OP, purchased $2.5 million shares of class A common stock in the offering, which satisfied the minimum offering requirement to break escrow.
CCIT III invests primarily in single-tenant, income-producing, necessity office and industrial properties that are leased to creditworthy tenants under long-term net leases. Cole Capital is the investment management business of VEREIT, Inc.