ARCP OFC Burlington MA, LLC, a subsidiary of Cole Office & Industrial REIT (CCIT II), Inc., has entered into an agreement of purchase and sale with Burlington Crossing Realty Trust to acquire a 150,673 square foot single-tenant office building leased to Keurig Green Mountain, Inc. in Burlington, Mass.
The purchase price was $39.4 million, exclusive of closing costs. The Burlington property was constructed in 2013.
Keurig Green Mountain, Inc. pays $17.50 per square foot, or $2,636,788 in annual base rent, for the property under a lease that runs through April 3, 2028.
The annual base rent under the lease increases every five years by $0.75 per square foot.
The property acquired is the first phase of the development, which was established as a three-phased build-to-suit project when it was announced in 2012.