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Cole Office & Industrial REIT (CCIT II) acquires first property

Cole Office & Industrial REIT (CCIT II) has acquired its first net-lease property, an 83,841-square-foot, two-storey office building leased to the County of Santa Clara.

The purchase price of the property, located in San Jose, California, was USD24m.
 
There are nearly 10 years remaining on the current lease, plus tenant renewal options.
 
"The quality Silicon Valley location, strong tenant credit, scheduled rent growth and remaining lease term made this property an ideal acquisition for CCIT II," says Jeff Holland, president and chief operating officer of Cole Real Estate Investments.

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