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Cole acquires 11 PetSmart retail properties for $74 million
Phoenix -- Cole Real Estate Investments said Monday that it has acquired a portfolio of 11 PetSmart retail properties for $74 million.
The approximately 300,000-sq.-ft. triple-net leased portfolio is located in primary markets in California, Florida, Illinois, Maryland, Massachusetts, Michigan and Texas. The 11 individual retail properties are leased to PetSmart, under one master lease, with an original 20-year lease term and approximately 10 years remaining, plus three automatic renewals for up to a total of 20 additional years.
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Irene’s retail winners
Home Depot and Lowe’s may receive a 1% bump to their third-quarter results as a result of Hurricane Irene sales, according to an analysis provided by MarketWatch.
A variety of retail analysts weighed in on the question of whether Irene would help or hurt retail sales, given that many stores were forced to close when evacuation orders came. But the overall consensus was that before-and-after hurricane sales will benefit home improvement retailers, while negatively impacting department stores, specialty stores and any retailer relying on back-to-school sales.