PHOENIX — Phoenix-based Cole Real Estate Investments has acquired a portfolio of 32 Albertsons grocery stores in a $266 million sale-leaseback transaction with the grocer. The properties contain a total of 1.9 million square feet of space and are located in Arizona, Colorado, Louisiana, New Mexico and Texas. All of the properties are subject to recently signed 20-year, triple-net leases that also contain extension options.
Mark Manheimer of Cole provided in-house representation for his firm in the deal. Chris Hoffmann of Eastdil Secured represented Albertsons.
“We are thrilled to execute a sale-leaseback transaction of this caliber and acquire such an attractive portfolio of assets, which are in line with our disciplined investment parameters — income-producing, core retail properties that are leased to nationally recognized, quality tenants under long-term, net leases,” said Kim Kundrak, chief acquisitions officer for Cole, in a statement.
Year to date, Cole has acquired more than $1.8 billion in retail, office and industrial properties.
— Coleman Wood