The private capital management business of Cole Real Estate Investments Inc., Cole Capital, recently announced the acquisition of five single-tenant corporate properties by Cole Corporate Income Trust Inc. The combined price of the acquisitions, which includes two properties in San Jose, Calif., one in St. Louis, Houston and Colorado Springs, Colo., was around $202.1 million.
“These latest acquisitions are consistent with CCIT’s strategy of securing mission-critical properties nationwide that are essential for corporate operations,” says Thomas W. Roberts, executive vice president and head of real estate investments at Cole Real Estate Investments Inc. “These ‘necessity’ properties boast credit-quality tenants, long-term leases, valuable rent increases and varied industries, while providing geographic diversification to the expanding CCIT portfolio.”
The Colorado Springs facility included in the transaction is leased to FedEx Corporate Services Inc., with a guaranty from FedEx Corporation. The three-story building features 155,508 square feet of Class A office space and is used by FedEx as the primary facility for the development and programming of various technologies used by the company to route and track its delivery services. The lease has about 11 years remaining, plus renewal options.
In other local news, Denver Parks and Recreation recently broke ground on the new Cuatro Vientos/ Four Winds Park. Located on the corner of Alameda Avenue and Newton Street in the Westwood neighborhood, the lot had been vacant for many years. The new $2.3 million investment is expected to open to the public early next summer.
“This is a significant investment in the Westwood neighborhood,” says District 3 Councilman Paul López. “I’m proud to have partnered with the city on this project, transforming an old eye sore into a beautiful community park.”
Construction is set to begin before the end of 2013 and the park will feature a new playground area, a water play feature, a shaded shelter and picnic area, a concrete walking trail and turf playing fields. Funding partner on the project is Great Outdoors Colorado, a Community Block Grant from The Denver Office of Economic Development.
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