BUYER: Cole of Bradenton FL LLC (Cole REIT Advisors III LLC), Phoenix
SELLER: Lakewood Ranch TIC 1-21 LLC and Lakewood Ranch H LLC
PROPERTY: 8985 Town Center Parkway, Bradenton
PRICE: $20.1 million
PREVIOUS PRICE: $17.61 million
LAW FIRM ON DEED: Snell & Wilmer LLP, Phoenix
PLANS, DESCRIPTION: Phoenix-based Cole Real Estate Investments purchased the 115,716-square-foot UTC Fire & Security building in Lakewood Ranch Town Center for $20.1 million.
The price equated to $174 per square foot.
The concrete block building was built in 2004. Cole Real Estate Investments' purchase entity Cole of Bradenton FL LLC assumed the building lease with UTC Fire & Security Americas Corp. Inc. That lease is scheduled to expire Dec. 31, 2021.
“As the headquarters for UTC Fire & Security Americas Corp., this is a strategic facility that houses a number of important functions for the organization,” says Bob Micera, chief investment officer for Cole Real Estate Investments. “When you combine the importance of the facility with the credit quality of the tenant and its long-term lease, this acquisition is a strong addition to our growing portfolio of corporate real estate.”
The property was previously owned by 21 separate tenant-in-common entities represented by Dallas-based Kodiak Capital Partners LLC.
Cole Real Estate Investments is a non-traded real estate investment trust focused on income-producing, single-tenant commercial properties leased to high-quality, creditworthy tenants. The firm currently owns and manages more than 1,500 properties valued at more than $9 billion.