Cole Real Estate Investments formed a joint venture with RED Development to focus on future acquisition opportunities, recapitalizations and note purchases in the commercial real estate sector.
The joint venture's primary acquisition target is high-quality, multi-tenant retail properties, including power centers and grocery anchored shopping centers, with upside potential through the implementation of asset management and capital improvement programs to reposition the properties and maximize operational efficiencies.
The newly formed joint venture of the two Phoenix, Arizona-based firms will target investments in the $15 million to $100 million range, primarily in the Midwest and Western United States.
“This programmatic joint venture provides the opportunity to create value through a combination of real estate expertise and access to capital," said Charles Vogel, senior vice president, real estate joint ventures for Cole.
