OKLAHOMA CITY AND LINCOLN, NEB. — Phoenix-based Cole Real Estate Investments has purchased two Midwestern office properties for a total of $51 million. The seller in the deal was KDC Real Estate & Investments.
The first property is the CSAA Operations Center in Oklahoma City. The property was developed in 2009 as a build-to-suit for the California State Automobile Association (CSAA) Inter-Insurance Bureau, an affiliate of AAA of Northern California. The CSAA net leases the entire Class A building, which totals 147,107 square foot and is LEED-Silver certified.
The second property is Dell Marketing's Lincoln facility. Constructed in 2009, the entire 150,000-square-foot, Class A building is net leased by Dell Marketing, which uses it for business operations including a call center. The building is also LEED-Silver certified.
The purchase is part of Cole's strategy of acquisition mission critical properties with a focus on Class A assets that are under long-term net leases to high-credit tenants. Boyd Messmann, Cole's vice president of acquisitions, provided in-house representation on behalf of his company.
— Coleman Wood