Cole Capital, the private capital management business for Cole Real Estate Investments, has launched the Cole Office & Industrial REIT (CCIT II) focused on net lease office and industrial assets.
CCIT II intends to invest primarily in single-tenant, income-producing, "necessity" office and industrial properties, which are leased to creditworthy tenants under long-term net leases and are strategically located throughout the US. Most properties are expected to be subject to "net" leases, whereby the tenant is primarily responsible for the cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs.
Up to 250m shares of common stock are being made available in the primary offering at USD10.00 per share. Additionally, up to 50 million shares of common stock will be offered at USD9.50 per share pursuant to the distribution reinvestment plan (DRIP). Shares will be made available through registered broker-dealers and their financial representatives.
Cole Capital Corporation, a registered broker-dealer affiliated with CCIT II's sponsor Cole Capital, will be the dealer-manager of the offering.