CIM Group announced that Cole Office & Industrial REIT (CCIT II), a publicly registered non-listed real estate investment trust (REIT) sponsored by affiliates of CIM Group, has acquired four commercial properties for $132 million from unaffiliated third-party sellers, adding approximately 519,000 square feet of single-tenant net-leased assets to the CCIT II portfolio.
In January, Cole Office & Industrial REIT (CCIT II) has acquired 6 Tech Drive in Andover, Massachusetts, a 128,400-square-foot two-story building for $19.1 million. The building has a long-term lease with Draeger Medical Systems, an international manufacturer of medical, safety and aerospace equipment, and serves as Draeger Medical Systems’ North American Headquarters. 6 Tech Drive is part of the Andover Tech Center, a suburban office campus, and headquarters for several other technology companies along with an extended stay hotel.
In the last few weeks of December, Cole Office & Industrial REIT (CCIT II) acquired three properties:
- 1740 International Drive, Memphis, Tennessee, a 238,583-square-foot, nine-story office building, was acquired for $78.0 million. The building is occupied by International Paper Company, one of the world’s leading producers of packaging, pulp and paper. This Silver LEED designated building, part of International Paper Company’s global headquarters campus, was constructed for the tenant in 2015 on the 5.10-acre site.
- 25 Loveton Circle, Sparks, Maryland, a 54,837-square-foot, single-story, office and industrial building, was acquired for $9.6 million. The building has a long-term lease with a provider of on-site operations and maintenance for mechanical building systems. Built in 1981 and renovated in 2016, 25 Loveton Circle serves as the tenant’s national headquarters.
- 10330 David Taylor Drive, Charlotte, North Carolina, a 97,596-square-foot, three-story building, was acquired for $25.4 million. The building has a long-term lease with United Rentals, an equipment rental company serving a variety of commercial businesses with a network of locations throughout the United States and Canada. 10330 David Taylor Drive serves as a regional headquarters for United Rentals.