Cole Capital has purchased a Kissimmee home decor big box for $8.8 million.
The Phoenix-based non-traded REIT used affiliate VEREIT HM KISSIMMEE to complete the acquisition. VEREIT manages $7.0 billion of gross real estate investments on behalf of the Cole Capital non-listed REITs.
The REIT has been active this year. In the second quarter Cole Capital invested $211.2 million in 14 properties on behalf of the Cole REITs, according to a quarterly report.
The former Target store at 3003 W. Vine St. was built in 1992. Target closed the store in 2013, and the property was sold that year for $2.65 million. The store sits on a 13.2-acre parcel and is flanked on both sides by a Home Depot and Walmart-anchored shopping center.
The 119,000-square-foot store became a Garden Ridge store in 2013 and was renamed At Home a year later as part of a company-wide rebranding. The store has a lease that runs through 2031, with four renewal options for five years each.
The Cole Credit Property Trust IV currently lists 61 Florida commercial properties among its holdings. This is the trust's only At Home store.
At Home was founded as Garden Ridge Pottery in 1979. The company currently operates more than 117 At Home locations in 29 states.