Cole acquires 11 PetSmart retail properties for $74 million
Phoenix -- Cole Real Estate Investments said Monday that it has acquired a portfolio of 11 PetSmart retail properties for $74 million.
The approximately 300,000-sq.-ft. triple-net leased portfolio is located in primary markets in California, Florida, Illinois, Maryland, Massachusetts, Michigan and Texas. The 11 individual retail properties are leased to PetSmart, under one master lease, with an original 20-year lease term and approximately 10 years remaining, plus three automatic renewals for up to a total of 20 additional years.
In another recent transaction, Cole acquired the 356,000-sq.-ft. PetSmart corporate headquarters in Phoenix on Aug. 23.