Transactions: Phoenix-based Cole REIT buys new MOB for $24.3 millimon in Concord, Mass.

CONCORD, Mass. ­– A newly developed MOB in Concord was recently sold to Phoenix-based Cole Corporate Income Trust (CCIT), an unlisted REIT, for $24.3 million, or about $496 PSF. According to RCA, the capitalization (cap) rate, an estimated return, was 6.6 percent.

The REIT, which is part of Cole Real Estate Investments Inc. (NYSE: COLE), says that it invests in “necessity corporate” properties, which it defines as being “essential to the day-to-day operations of a corporation’s business.”

Such properties, according to officials, include distribution facilities, warehouses, manufacturing plants, and corporate or regional headquarters.

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