Cole and RED form joint venture
Phoenix -- Cole Real Estate Investments announced the formation of a joint venture with RED Development to focus on future acquisition opportunities, recapitalizations and note purchases in the retail real estate sector.
The primary acquisition target, according to the companies, is high-quality, multi-tenant retail properties, including power centers and grocery-anchored shopping centers, with upside potential through the implementation of asset management and capital improvement programs to reposition the properties and maximize operational efficiencies.
The newly formed joint venture of the two Phoenix-based firms will target investments in the $15 million to $100 million range, primarily in the Midwest and Western United States.
“Cole’s partnership with RED will enhance our access to core-plus and value-added retail opportunities that continue to meet our disciplined acquisition criteria,” said Charles Vogel, senior VP, real estate joint ventures for Cole.
“Given the current economic climate and the evolution of our respective business strategies, this is an ideal time to capitalize on market opportunities and create a pipeline of future investments, and we look forward to working together to acquire, reposition and operate quality retail projects,” said Mike Ebert, RED’s managing partner of development.