Filed Pursuant to Rule 424(b)(3)
Registration No. 333-138444

COLE CREDIT PROPERTY TRUST II, INC.
SUPPLEMENT NO. 8 DATED OCTOBER 27, 2008
TO THE PROSPECTUS DATED APRIL 30, 2008

     This document supplements, and should be read in conjunction with, the prospectus of Cole Credit Property Trust II, Inc. dated April 30, 2008. This Supplement No. 8 supersedes and replaces all previous supplements to the prospectus. Unless otherwise defined in this supplement, capitalized terms used in this supplement shall have the same meanings as set forth in the prospectus.

     The purpose of this supplement is to describe the following:

	(1)		the status of the offering of shares in Cole Credit Property Trust II, Inc.;
	(2)		new suitability standards for residents of North Dakota;
	(3)		notification of change of transfer agent;
	(4)		clarification and addition of risk factors;
	(5)		terms of a new credit facility entered into by Cole Operating Partnership II, LP;
	(6)		the reallocation of shares of common stock being offered between the primary offering and the distribution reinvestment plan;
	(7)		recent real property investments;
	(8)		potential real property investments;
	(9)		selected financial data, portfolio information, distributions and fees paid to affiliates as of June 30, 2008;
	(10)		the incorporation of certain historical information by reference into our prospectus;
	(11)		a modified form of Subscription Agreement; and
	(12)		updated financial information regarding Cole Credit Property Trust II, Inc. and certain acquired properties.

   Status of Our Public Offerings

     As of October 24, 2008, we had approximately 19.9 million shares available for sale (excluding shares offered pursuant to our distribution reinvestment plan) in our follow-on offering, or approximately $199.4 million. Based on the shares currently available, we anticipate the offering will close to new investments on or about November 30, 2008.

     If all of the shares we are offering pursuant to the follow-on offering have not been sold by May 11, 2009, we may extend the offering as permitted under applicable law. In addition, at the discretion of our board of directors, we may elect to extend the termination date of our offering of shares reserved for issuance pursuant to our distribution reinvestment plan until we have sold all shares allocated to such plan through the reinvestment of distributions, in which case participants in the plan will be notified. The follow-on offering must be registered in every state in which we offer or sell shares. Generally, such registrations are for a period of one year. Thus, we may have to stop selling shares in any state in which our registration is not renewed or otherwise extended annually. We reserve the right to terminate this offering at any time prior to the stated termination date.

     We commenced our initial public offering on June 27, 2005. We terminated our initial public offering on May 22, 2007. We issued a total of 54,838,315 shares in our initial public offering, including 53,909,877 shares sold in the primary offering and 928,438 shares sold pursuant to our distribution reinvestment plan, resulting in gross offering proceeds to us of approximately $547.4 million.

     We commenced our follow-on offering of shares of our common stock on May 23, 2007. Pursuant to the follow-on offering, we are offering up to 143,050,000 shares in a primary offering and up to 6,000,000 shares pursuant to our distribution reinvestment plan. As of October 24, 2008, we had accepted investors’ subscriptions for, and issued, approximately 129,044,732 shares of our common stock in the follow-on offering, including approximately 123,112,319 shares sold in the primary offering and approximately 5,932,413 shares sold pursuant to our distribution reinvestment plan, resulting in gross proceeds to us of approximately $1.3 billion. Combined with our initial public offering, we had received a total of approximately $1.8 billion in gross offering proceeds as of October 24, 2008.

     On September 18, 2008, we registered 30,000,000 additional shares to be offered pursuant to our distribution reinvestment plan in a Registration Statement on Form S-3. We will stop offering shares under the distribution reinvestment plan portion of our follow-on offering before we begin offering shares under the Registration Statement on Form S-3.

   Suitability Standards

     The following information supplements, and should be read in conjunction with, the section of our prospectus captioned “Suitability Standards” beginning on page i of the prospectus and other similar disclosures elsewhere in the prospectus:

     Residents of North Dakota who intend to invest in our shares must have either (a) a minimum net worth of at least $250,000 or (b) a net minimum annual gross income of $70,000 and a minimum net worth of at least $70,000. Net worth excludes home, home furnishings and automobiles.

   Change of Transfer Agent

     The following information supersedes and replaces in its entirety the second question and answer on page 4 of the prospectus under “Questions and Answers About this Offering” and other similar disclosures elsewhere in the prospectus including the Subscription Agreement beginning on page B-1 and Additional Investment Subscription Agreement beginning on page C-1.

Q:		Who is the transfer agent?
A:		Effective as of June 23, 2008, the name, address and telephone number of our transfer agent is as follows:
		Cole Credit Property Trust II, Inc. c/o DST Systems, Inc. P.O. Box 219312 Kansas City, MO 64121-9312 1-866-907-2653

     To ensure that any account changes are made promptly and accurately, all changes including your address, ownership type, and distribution mailing address should be directed to the transfer agent.

Risk Factors

     The following information supersedes and replaces in its entirety the first paragraph of the risk factor under the caption “If we are required to register as an investment company under the Investment Company Act, we could not continue our business, which may significantly reduce the value of your investment” on page 30 of the prospectus:

     We are not registered as an investment company under the Investment Company Act of 1940, as amended (Investment Company Act), pursuant to an exemption in Section 3(c)(5)(C) of the Investment Company Act and certain No-Action Letters from the Securities and Exchange Commission. Pursuant to this exemption, (1) at least 55% of our assets must consist of real estate fee interests or loans secured exclusively by real estate or both, (2) at least 25% of our assets must consist of loans secured primarily by real estate (this percentage will be reduced by the amount by which the percentage in (1) above is increased); and (3) up to 20% of our assets may consist of miscellaneous investments. We intend to monitor compliance with these requirements on an ongoing basis. If we were obligated to register as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:

   The following information supersedes and replaces in its entirety the first paragraph of the risk factor under the caption “Adverse economic conditions will negatively affect our returns and profitability” on page 36 of the prospectus:

Adverse economic and geopolitical conditions will negatively affect our returns and profitability.

     Our operating results may be affected by market and economic challenges, including the current global economic credit environment, which may result from a continued or exacerbated general economic slow down experienced by the nation as a whole or by the local economics where our properties may be located, or by the real estate industry, including the following:

	•		poor economic conditions may result in tenant defaults under leases;
	•		re-leasing may require concessions or reduced rental rates under the new leases;
	•		poor economic conditions may result in lower revenue to us from retailers who pay us a percentage of their revenues under percentage rent leases;
	•		constricted access to credit may result in tenant defaults or non-renewals under leases; and
	•		increased insurance premiums may reduce funds available for distribution or, to the extent such increases are passed through to tenants, may lead to tenant defaults. Increased insurance premiums may make it difficult to increase rents to tenants on turnover, which may adversely affect our ability to increase our returns.

     The length and severity of any economic slow down or downturn cannot be predicted. Our operations could be negatively affected to the extent that an economic slow down or downturn is prolonged or becomes more severe.

   The following information supplements the risk factors section under the caption “General Risks Related to Investments in Real Estate” on page 33 of the prospectus:

     Disruptions in the credit markets and real estate markets could have a material adverse effect on our results of operations, financial condition and ability to pay distributions to you.

     Domestic and international financial markets currently are experiencing significant disruptions which have been brought about in large part by failures in the U.S. banking system. These disruptions have severely impacted the availability of credit and have contributed to rising costs associated with obtaining credit. If debt financing is not available on terms and conditions we find acceptable, we may not be able to obtain financing for investments. If this disruption in the credit markets persists, our ability to borrow monies to finance the purchase of, or other activities related to, real estate assets will be negatively impacted. If we are unable to borrow monies on terms and conditions that we find acceptable, we likely will have to reduce the number of properties we can purchase, and the return on the properties we do purchase may be lower. In addition, we may find it difficult, costly or impossible to refinance indebtedness which is maturing. If interest rates are higher when the properties are refinanced, we may not be able to finance the properties and our income could be reduced. In addition, if we pay fees to lock-in a favorable interest rate, falling interest rates or other factors could require us to forfeit these fees. All of these events would have a material adverse effect on our results of operations, financial condition and ability to pay distributions.

     In addition to volatility in the credit markets, the real estate market is subject to fluctuation and can be impacted by factors such as general economic conditions, supply and demand, availability of financing and interest rates. To the extent we purchase real estate in an unstable market, we are subject to the risk that if the real estate market ceases to attract the same level of capital investment in the future that it attracts at the time of our purchases, or the number of companies seeking to acquire properties decreases, the value of our investments may not appreciate or may decrease significantly below the amount we pay for these investments.

     The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay distributions and make additional investments.

     We intend to diversify our cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. However, the Federal Deposit Insurance Corporation, or “FDIC,” only insures amounts up to $250,000 per depositor per insured bank. We expect that we will have cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured levels. If any of the banking institutions in which we have deposited funds ultimately fails, we may lose our deposits over $250,000. The loss of our deposits could reduce the amount of cash we have available to distribute or invest and could result in a decline in the value of your investment.

   The following information supersedes and replaces in its entirety the second paragraph of the risk factor under the caption “Increases in interest rates could increase the amount of our debt payments and adversely affect our ability to pay distributions to our stockholders” on page 41 of the prospectus:

     As of June 30, 2008, we had approximately $1.0 billion of indebtedness, approximately $77.3 million of which was variable rate debt. We incurred variable rate indebtedness in the past and expect that we will incur variable rate indebtedness in the future. To the extent that we incur variable rate debt, increases in interest rates would increase our interest costs, which could reduce our cash flows and our ability to pay distributions to you. In addition, if we need to repay existing debt during periods of rising interest rates, we could be required to liquidate one or more of our investments in properties at times that may not permit realization of the maximum return on such investments.

Borrowing Policies

     The following information supplements the section of our prospectus captioned “Investment Objectives and Policies — Borrowing Policies” beginning on page 81 of the prospectus:

     On May 23, 2008, Cole Operating Partnership II, LP, the operating partnership of CCPT II, (“Cole OP II”) which we sometimes refer to as the borrower, entered into a revolving credit facility providing for up to $135.0 million of secured borrowings pursuant to a credit agreement with Bank of America, N.A., as administrative agent, among other things, (“Bank of America”), Banc of America Securities, LLC, as sole lead arranger and sole book manager, JP Morgan Chase Bank, N.A. as syndication agent, and other lending institutions that may become parties to the credit agreement. The credit facility allows Cole OP II to borrow up to $135.0 million in revolving loans. Subject to meeting certain conditions, the approval of Bank of America and the payment of certain fees, the amount of the credit facility may be increased up to a maximum of $235.0 million, with each increase being no less than $25.0 million. Up to 15.0% of the total amount available may be used for issuing letters of credit and up to $20.0 million may be used for “swingline” loans, which generally are loans of a minimum of $100,000 for which the Borrower receives funding on the same day as its loan request, and which are repaid within five business days. The proceeds of the credit facility may be used for acquiring real estate and real estate related assets, working capital and general corporate purposes.

     The credit facility matures on May 23, 2011. The borrower has the option to extend the credit facility for an additional twelve month period through May 23, 2012 provided that (i) a written notice of intent to extend the term of the credit agreement is provided at least 30 days, but not more than 90 days prior to May 23, 2011; (ii) no defaults or events of default exist; (iii) the borrower pays to Bank of America a fee equal to fifteen hundredths of one percent (0.15%) of the then existing aggregate commitments; and (iv) certain requirements with respect to the representations and warranties contained in the credit agreement are satisfied.

     Loans under the credit facility will bear interest at rates depending upon the type of loan used. For a eurodollar rate loan, the interest rate will be equal to the greater of (a) two and one half percent (2.50%) per annum or (b) the one month, two month, three month or six month London Interbank Offered Rate for the interest period, as selected by borrower, plus the applicable rate. The applicable rate is based upon the overall leverage ratio, generally defined as our total consolidated outstanding indebtedness divided by our total consolidated asset value and ranges from 1.80% at a leverage ratio of less than 50.0% to 2.10% at a leverage ratio of 60.0% to 65.0%.

     For each base rate committed loan and each swing line loan, the interest rate will be a per annum amount equal to the base rate plus the applicable rate. The base rate generally is a fluctuating rate per annum equal to (a) 0.25% plus (b) the higher of (i) the federal funds rate plus 0.50% or (ii) Bank of America’s prime rate. The applicable rate for base rate committed loans is zero at all leverage ratios.

     The borrower has the right to prepay the outstanding amounts in the credit facility, in whole or in part, without premium or penalty provided that (i) prior written notice is received by the administrative agent and (ii) any prepayment of eurodollar rate loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of base rate committed loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less the entire principal amount thereof then outstanding.

     Cole OP II has pledged all of its equity interests in certain of its subsidiary limited liability companies which have been identified by Cole OP II as collateral for its obligations under the credit facility. Subject to certain conditions, Cole OP II may pledge its equity interests in additional subsidiary entities and may remove its pledge of previously identified subsidiary entities. In addition, we, and each identified subsidiary entity, guarantees the obligations of Cole OP II under the credit facility.

     The credit agreement contains customary affirmative, negative and financial covenants, representations, warranties and borrowing conditions. The credit agreement also includes usual and customary events of default and remedies for facilities of this nature. Upon the occurrence of any event of default, the eurodollar rate loans and base rate committed loans will bear interest payable on demand at

an interest rate equal to 2.0% per annum above the interest rate that would otherwise be applicable at that time, until the default is cured. Similarly, the letter of credit fees described below will be increased to a rate of 2.0% above the letter of credit fee that would otherwise be applicable at that time. In addition to Cole OP II failing to pay amounts when due and breaching any of the terms of the credit agreement or related loan documents, events of default include, but are not limited to: (1) failure to pay any principal when due; (2) failure to pay interest and fees within five (5) business days after due; (3) the occurrence of a change of control; (4) a change in management; (5) material inaccuracy of any representation or warranty; (6) the bankruptcy or insolvency of Cole OP II or any consolidated subsidiary; (7) violation of any financial, negative or other covenant; (8) violation of ERISA regulations; and (9) judgments against Cole OP II or any consolidated subsidiary in excess of $10.0 million or $25.0 million in aggregate that remain unsatisfied or unstayed for sixty days. If an event of default occurs and is not cured timely, the lenders under the credit facility shall have no obligation to make further disbursements under the credit facility and all outstanding loans shall be immediately due and payable.

     Cole OP II was required to pay certain fees under the credit agreement, including an arrangement fee of $250,000 to Banc of America Securities, LLC along with an upfront fee equal to 0.45% of the total credit facility. In addition, Cole OP II will pay to Bank of America an annual administrative agency fee of $50,000. Cole OP II will also pay an annualized fee for any unused portion of the credit facility. The unused portion fee is based on the average daily balance of the total aggregate commitment less any borrowing outstanding and is equal to 0.20% on the daily unused portion of the credit facility if daily usage is less than 50.0% of the aggregate commitments and 0.15% on the daily unused portion of the credit facility if daily usage is greater than or equal to 50.0% of the aggregate commitments. Cole OP II must also pay certain fees upon the issuance of each letter of credit under the credit agreement and a quarterly fee based on the outstanding face amounts of any letters of credit.

Outside Front Cover Page of the Prospectus

   The second paragraph appearing on the outside front cover page of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     We are offering up to 143,050,000 shares of our common stock in our primary offering for $10.00 per share, with discounts available for certain categories of purchasers. We also are offering up to 6,000,000 shares pursuant to our distribution reinvestment plan at a purchase price equal to the higher of $9.50 per share or 95% of the estimated value of a share of our common stock. We will offer these shares until May 11, 2009, which is two years after the effective date of this offering, unless the offering is extended. We reserve the right to reallocate the shares of our common stock we are offering between the primary offering and the distribution reinvestment plan.

     The table appearing on the outside front cover page of our prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

		Price				Selling				Dealer				Net Proceeds
		to Public				Commissions				Manager Fee				(Before Expenses)
Primary Offering
Per Share		$	10.00			$	0.70			$	0.20			$	9.10
Total Maximum		$	1,430,500,000			$	100,135,000			$	28,610,000			$	1,301,755,000
Distribution Reinvestment Plan
Per Share		$	9.50			$	—			$	—			$	9.50
Total Maximum		$	57,000,000			$	—			$	—			$	57,000,000

Cole Credit Property Trust II, Inc.

     The third paragraph of the “Prospectus Summary — Cole Credit Property Trust II, Inc.” section beginning on page 5 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     Following the termination of our initial public offering, we commenced this “best efforts” public offering of up to $1,487,500,000 in shares of our common stock. We are offering 143,050,000 shares of our common stock in our primary offering at $10.00 per share, with discounts available for certain categories of purchasers, and 6,000,000 additional shares at $9.50 per share under our distribution reinvestment plan. We reserve the right to reallocate the shares of common stock we are offering between the primary offering and our distribution reinvestment plan. We are offering our shares pursuant to a registration statement on Form S-11, which was declared effective by the Securities and Exchange Commission on May 11, 2007. This public offering commenced on May 11, 2007 and will be terminated on or before May 11, 2009, unless extended with respect to shares offered under our distribution reinvestment plan or as otherwise permitted under applicable law. The proceeds raised during this offering will be used to make real estate investments, pay fees and expenses and for general corporate purposes.

Estimated Use of Proceeds

     The “Prospectus Summary — Estimated Use of Proceeds of This Offering” section beginning on page 14 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     Depending primarily on the number of shares we sell in this offering and assuming all shares sold under our distribution reinvestment plan are sold at $9.50 per share, we estimate for each share sold in this offering that between approximately $8.72 (assuming no shares available under our distribution reinvestment plan are sold) and approximately $8.76 (assuming all shares available under our distribution reinvestment plan are sold) will be available for the purchase of real estate. We will use the remainder of the offering proceeds to pay the costs of the offering, including selling commissions and the dealer manager fee, and to pay a fee to our advisor for its services in connection with the selection and acquisition of properties. We will not pay selling commissions or a dealer manager fee on shares sold under our distribution reinvestment plan. The table below sets forth our estimated use of proceeds from this offering:

										Maximum Offering (Not
		Maximum Offering (Including								Including Distribution
		Distribution Reinvestment Plan)								Reinvestment Plan)
		Amount				Percent				Amount				Percent
Gross Offering Proceeds		$	1,487,500,000				100	%		$	1,430,500,000				100	%
Less Public Offering Expenses:
Selling Commissions and Dealer Manager Fee			128,745,000				8.7	%			128,745,000				9.0	%
Organization and Offering Expenses			22,312,500				1.5	%			21,457,500				1.5	%
Amount Available for Investment			1,336,442,500				89.8	%			1,280,297,500				89.5	%
Acquisition and Development:
Acquisition and Advisory Fees			26,051,510				1.7	%			24,957,066				1.8	%
Acquisition Expenses			6,512,878				0.4	%			6,239,267				0.4	%
Initial Working Capital Reserve			1,302,576				0.1	%			1,247,853				0.1	%
Amount Invested in Properties		$	1,302,575,536				87.6	%		$	1,247,853,314				87.2	%

     The “Estimated Use of Proceeds” section beginning on page 46 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     The following table sets forth information about how we intend to use the proceeds raised in this offering, assuming that we sell the maximum offering of 149,050,000 shares of common stock pursuant to this offering. Many of the figures set forth below represent management’s best estimate since they cannot be precisely calculated at this time. Assuming a maximum offering, we expect that approximately 87.6% of the money that stockholders invest will be used to buy real estate or make other investments, while the remaining approximately 12.4% will be used for working capital, and to pay expenses and fees including the payment of fees to Cole Advisors II, our advisor, and Cole Capital Corporation, our dealer manager.

		Offering
		Amount (1)				Percent
Gross Offering Proceeds		$	1,487,500,000				100	%
Less Public Offering Expenses:
Selling Commissions and Dealer Manager Fee(2)			128,745,000				8.7	%
Organization and Offering Expenses(3)			22,312,500				1.5	%
Amount Available for Investment(4)			1,336,442,500				89.8	%
Acquisition and Development:
Acquisition and Advisory Fees(5)			26,051,510				1.7	%
Acquisition Expenses(6)			6,512,878				0.4	%
Initial Working Capital Reserve(7)			1,302,576				0.1	%
Amount Invested in Properties(8)		$	1,302,575,536				87.6	%

The Offering

     The “Prospectus Summary — The Offering” section on page 17 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     We are offering an aggregate of 143,050,000 shares of common stock in our primary offering on a best-efforts basis at $10.00 per share. Discounts are available for certain categories of purchasers as described in the “Plan of Distribution” section of this prospectus. We also are offering 6,000,000 shares of common stock under our distribution reinvestment plan at $9.50 per share, subject to certain limitations, as described in the “Summary of Amended and Restated Distribution Reinvestment Plan” section of this prospectus. We will offer shares of common stock in our primary offering until the earlier of May 11, 2009, which is two years from the effective date of this offering, unless the offering is extended, or the date we sell 143,050,000 shares. We may sell shares under the distribution reinvestment plan beyond the termination of our primary offering until we have sold 6,000,000 shares through the reinvestment of distributions, but only if there is an effective registration statement with respect to the shares. Under the Securities Act of 1933, as amended (Securities Act), and in some states, we may not be able to continue the offering for these periods without filing a new registration statement, or in the case of shares sold under the distribution reinvestment plan, renew or extend the registration statement in such state. We may terminate this offering at any time prior to the stated termination date. We reserve the right to reallocate the shares of our common stock we are offering between the primary offering and the distribution reinvestment plan.

Management Compensation

     The table in the “Management Compensation” section beginning on page 62 of the prospectus and all similar discussions appearing throughout the prospectus, including without limitation the table in the “Prospectus Summary — Compensation to Cole Advisors II and its Affiliates” section beginning on page 17 of the prospectus, are superseded in their entirety as follows:

				Estimated Amount for
Type of Compensation(1)		Determination of Amount		Maximum Offering(2)
		Offering Stage
Selling Commissions — Cole Capital Corporation(3)		We will pay to Cole Capital Corporation 7% of the gross offering proceeds before reallowance of commissions earned by participating broker-dealers, except that no selling commission is payable on shares sold under our distribution reinvestment plan. Cole Capital Corporation, our dealer manager, will reallow 100% of commissions earned to participating broker-dealers.		$100,135,000
Dealer Manager Fee — Cole Capital Corporation(3)		We will pay to Cole Capital Corporation 2% of the gross offering proceeds before reallowance to participating broker-dealers, except that no dealer manager fee is payable on shares sold under our distribution reinvestment plan. Cole Capital Corporation may reallow all or a portion of its dealer manager fee to participating broker-dealers. See “Plan of Distribution.”		$  28,610,000
Reimbursement of Other Organization and Offering Expenses — Cole Advisors II(4)		We will reimburse Cole Advisors II up to 1.5% of our gross offering proceeds. Cole Advisors II will incur or pay our organization and offering expenses (excluding selling commissions and the dealer manager fee). We will then reimburse Cole Advisors II for these amounts up to 1.5% of aggregate gross offering proceeds.		$  22,312,500
		Acquisition and Operations Stage
Acquisition and Advisory Fees — Cole Advisors II(5)(6)		We will pay to Cole Advisors II 2% of the contract purchase price of each property or asset.		$  26,051,510
Acquisition Expenses — Cole Advisors II		We will reimburse our advisor for acquisition expenses incurred in the process of acquiring property. We expect these expenses to be approximately 0.5% of the purchase price of each property. In no event will the total of all fees and acquisition expenses payable with respect to a particular property or investment exceed 4% of the contract purchase price.		$    6,512,878
Asset Management Fee — Cole Advisors II(7)		We will pay to Cole Advisors II a monthly fee equal to 0.02083%, which is one-twelfth of 0.25% of the aggregate asset value.		Actual amounts are dependent upon the aggregate asset value of our properties and, therefore, cannot be determined at the present time. Because the fee is based on a fixed percentage of aggregate asset value, there is no limit on the aggregate amount of these fees.

				Estimated Amount for
Type of Compensation(1)		Determination of Amount		Maximum Offering(2)
Property Management Fees — Cole Realty Advisors(8)		We will pay to Cole Realty Advisors up to (i) 2% of the gross revenues from our single-tenant properties and (ii) 4% of the gross revenues from our multi-tenant properties, plus reimbursement of Cole Realty Advisors’ costs of managing the properties.		Actual amounts are dependent upon the gross revenues from properties and, therefore, cannot be determined at the present time. Because the fee is based on a fixed percentage of the gross revenue and/or market rates, there is no limit on the aggregate amount of these fees.
Leasing Commissions — Cole Realty Advisors(8)		We will pay to Cole Realty Advisors prevailing market rates. Cole Realty Advisors may also receive a fee for the initial listing of newly constructed properties, which generally would equal one month’s rent.		Actual amounts are dependent upon prevailing market rates in the geographic regions in which we acquire property and, therefore, cannot be determined at the present time. There is no limit on the aggregate amount of these commissions.
Financing Coordination Fee — Cole Advisors II(6)		For services in connection with the origination or refinancing of any debt financing we obtain and use to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, we will pay our advisor a financing coordination fee equal to 1% of the amount available and/or outstanding under such financing; provided, however, that our advisor will not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which our advisor received such a fee. Financing coordination fees payable from loan proceeds from permanent financing will be paid to our advisor as we acquire and/or assume such permanent financing. However, no acquisition fees will be paid on the investments of loan proceeds from any line of credit until such time as we have invested all net offering proceeds.		Actual amounts are dependent on the amount of any debt financing or refinancing and, therefore, cannot be determined at the present time. Because the fee is based on a fixed percentage of any debt financing, there is no limit on the aggregate amount of these fees.
Operating Expenses — Cole Advisors II(9)		We will reimburse the expenses incurred by Cole Advisors II in connection with its provision of administrative services, including related personnel costs, subject to the limitation that we will not reimburse our advisor for any amount by which the operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of (i) 2% of average invested assets, or (ii) 25% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash reserves and excluding any gain from the sale of assets for that period.		Actual amounts are dependent upon the expenses incurred and, therefore, cannot be determined at the present time.

				Estimated Amount for
Type of Compensation(1)		Determination of Amount		Maximum Offering(2)
		Liquidation/Listing Stage
Real Estate Commissions — Cole Advisors II or its Affiliates(10)		For substantial assistance in connection with the sale of properties, we will pay our advisor or its affiliates an amount equal to up to one-half of the brokerage commission paid on the sale of property, not to exceed 2% of the contract price of each property sold; provided, however, in no event may the real estate commissions paid to our advisor, its affiliates and unaffiliated third parties exceed 6% of the contract sales price.		Actual amounts are dependent upon the contract price of properties sold and, therefore, cannot be determined at the present time. Because the commission is based on a fixed percentage of the contract price for a sold property, there is no limit on the aggregate amount of these commissions.
Subordinated Participation in Net Sale Proceeds — Cole Advisors II(11)		After investors have received a return of their net capital invested and an 8% annual cumulative, non-compounded return, then Cole Advisors II is entitled to receive 10% of remaining net sale proceeds. We cannot assure you that we will provide this 8% return, which we have disclosed solely as a measure for our advisor’s incentive compensation.		Actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time. There is no limit on the aggregate amount of these payments.
Subordinated Incentive Listing Fee — Cole Advisors II(11)(12)		Upon listing our common stock on a national securities exchange, our advisor is entitled to a fee equal to 10% of the amount, if any, by which (1) the market value of our outstanding stock plus distributions paid by us prior to listing, exceeds (2) the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate an 8% annual cumulative, non-compounded return to investors. We have no intent to list our shares at this time. We cannot assure you that we will provide this 8% return, which we have disclosed solely as a measure for our advisor’s incentive compensation.		Actual amounts are dependent upon total equity and debt capital we raise and results of operations and, therefore, cannot be determined at the present time. There is no limit on the aggregate amount of this fee.

Summary of Amended and Restated Distribution Reinvestment Plan

     The first paragraph of the “Summary of Amended and Restated Distribution Reinvestment Plan” section on page 177 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     We have adopted an amended and restated distribution reinvestment plan. The amended and restated reinvestment plan allows you to have distributions otherwise payable to you in cash reinvested in additional shares of our common stock. We are offering up to 6,000,000 shares for sale pursuant to our distribution reinvestment plan at a purchase price equal to the higher of $9.50 per share or 95% of the estimated value of a share of our common stock. Following is a summary of our distribution reinvestment plan. A complete copy of our amended and restated distribution reinvestment plan is included in this prospectus as Appendix D.

Plan of Distribution

     The “Plan of Distribution — The Offering” section on page 184 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     We are offering a maximum of 149,050,000 shares of our common stock to the public through Cole Capital Corporation, our dealer manager, a registered broker-dealer affiliated with our advisor. Of this amount, we are offering 143,050,000 shares in our primary offering at a price of $10.00 per share, except as provided below. The shares are being offered on a “best efforts” basis, which means generally that the dealer manager is required to use only its best efforts to sell the shares and it has no firm commitment or obligation to purchase any of the shares. We also are offering up to 6,000,000 shares for sale pursuant to our distribution reinvestment plan. The purchase price for shares sold under our distribution reinvestment plan will be equal to the higher of 95% of the estimated value of a share of common stock, as estimated by our board of directors, and $9.50 per share. The reduced purchase price for shares purchased pursuant to our distribution reinvestment plan reflects that there will be no fees, commissions or expenses paid with respect to these shares. We reserve the right to reallocate the shares of our common stock we are offering between the primary offering and the distribution reinvestment plan. The offering of shares of our common stock will terminate on or before May 11, 2009, which is two years after the effective date of this offering, unless the offering is extended. In addition, at the discretion of our board of directors, we may elect to extend the termination date of our offering of shares reserved for issuance pursuant to our distribution reinvestment plan until we have sold all shares allocated to such plan through the reinvestment of distributions, in which case participants in the plan will be notified. This offering must be registered in every state in which we offer or sell shares. Generally, such registrations are for a period of one year. Thus, we may have to stop selling shares in any state in which our registration is not renewed or otherwise extended annually. We reserve the right to terminate this offering at any time prior to the stated termination date.

     The seventh paragraph of the “Plan of Distribution — Compensation We Will Pay for the Sale of Our Shares” section beginning on page 184 of the prospectus and all similar discussions appearing throughout the prospectus are superseded in their entirety as follows:

     In addition to the compensation described above, our sponsor may pay certain costs associated with the sale and distribution of our shares. Such payments will be deemed to be “underwriting compensation” by FINRA. In accordance with the rules of FINRA, the table below sets forth the nature and estimated amount of all items that will be viewed as “underwriting compensation” by FINRA that are anticipated to be paid by us and our sponsor in connection with the offering. The amounts shown assume we sell all of the shares offered hereby and that all shares are sold in our primary offering through participating broker-dealers, which is the distribution channel with the highest possible selling commissions and dealer manager fees.

		Total Maximum
Selling commissions		$	100,135,000
Dealer manager fee reallowance to participating broker-dealers			10,013,500
Dealer manager wholesaling compensation			22,687,500
Expense reimbursements for wholesaling travel and expenses			4,412,000
Broker-dealer conference fees and training and education meetings			2,800,000
Due diligence allowance			160,000
Legal fees of the dealer manager			120,000
Total(1)		$	140,328,000

     The total amount of underwriting compensation, including selling commissions, dealer manager fees and other expenses paid or reimbursed by us, our sponsor or any other source in connection with the offering, will not exceed 10% of the gross proceeds of this offering, plus up to an additional 0.5% of gross proceeds ($500,000 if the maximum offering amount is sold) for reimbursement of bona fide due diligence expenses.

Real Property Investments

     The following information supplements, and should be read in conjunction with, the table in the section captioned “Prospectus Summary — Description of Real Estate Investments” beginning on page 7 of the prospectus:

Description of Real Estate Investments

     As of October 27, 2008, we owned 471 properties, comprising approximately 17.8 million gross rentable square feet of commercial space located in 45 states and the U.S. Virgin Islands. Properties acquired between April 30, 2008, the date of our prospectus, and October 27, 2008 are listed below.

						Rentable
Property Description		Type		Tenant		Square Feet				Purchase Price
Walgreens — Elmira, NY		Drugstore		Walgreen Eastern Co., Inc.			14,820			$	6,076,000
CVS — Onley, VA		Drugstore		CVS of Virginia, Inc.			13,225				5,486,000
Tractor Supply — Carroll, OH		Specialty Retail		Tractor Supply Company			40,700				2,000,000
Walgreens — Hibbing, MN		Drugstore		Walgreen Co.			14,820				4,200,000
Allstate Customer Contact Center — Yuma, AZ		Call Center		Allstate Insurance Company			28,800				7,686,409
Walgreens — Essex, MD		Drugstore		Walgreen Co.			14,820				6,488,000
Convergy’s — Las Cruces, NM		Call Center		Convergy’s Customer Management Group Inc.			45,761				8,111,260
Walgreens — Bath, NY		Drugstore		Walgreen Eastern Co., Inc.			12,222				4,236,005
Walgreens — Chino Valley, AZ		Drugstore		Walgreen Arizona Drug Co.			14,820				5,435,000
III Forks — Dallas, TX		Restaurant		III Forks Dallas, L.P.			21,145				11,000,000
Walgreens — Albany, GA		Drugstore		Walgreen Co.			14,820				4,600,000
Kohl’s — Grand Forks, ND		Specialty Retail		Kohl’s Illinois, Inc.			68,725				8,525,000
Coral Walk — Cape Coral, FL		Shopping Center		Various			94,817				27,000,000
LA Fitness — Brooklyn Park, MN		Fitness and Health		L.A. Fitness International, LLC			45,000				10,450,000
Market Pointe — Papillion, NE		Shopping Center		Various			254,125				25,500,000
PetSmart Distribution Center — McCarran, NV		Distribution Center		Petsmart, Inc.			872,710				51,525,000
Cumming Town Center — Cumming, GA		Shopping Center		Various			310,192				58,381,303
Walgreens — Rome, NY		Drugstore		Walgreen Co.			13,770				4,477,727
LA Fitness — Matteson, IL		Fitness and Health		L.A. Fitness International, LLC			45,000				10,089,000
Walgreens — Columbus, MS		Drugstore		Walgreen Co.			14,450				4,420,000
Weston Shops — Weston, FL		Shopping Center		Various			30,420				16,400,000
Jo-Ann Fabrics — Alpharetta, GA		Specialty Retail		FCA of Ohio, Inc.			38,418				6,441,000
LA Fitness — Greenwood, IN		Fitness and Health		LA Fitness International, LLC			45,000				10,605,000
PetSmart — Chattanooga, TN		Specialty Retail		Petsmart, Inc.			26,040				4,815,000
PetSmart — Daytona Beach, FL		Specialty Retail		Petsmart, Inc.			26,194				5,333,000
PetSmart — Fredericksburg, VA		Specialty Retail		Petsmart, Inc.			26,051				5,199,000
Ferguson Portfolio — Various (1)		Specialty Retail		Ferguson Enterprises, Inc.			1,111,843				86,793,249
Home Depot — Lakewood, CO		Home Improvement		Home Depot U.S.A, Inc.			102,000	(6)			11,300,000
Walgreens — Mobile, AL		Drugstore		Walgreen Co.			13,650				5,415,000
Aaron Rents Portfolio — Various (2)		Specialty Retail		Aaron Rents, Inc.			259,185				32,675,202
Lowe’s — Chester, NY		Home Improvement		Lowe’s Home Centers, Inc.			131,798	(6)			7,037,037
HH Gregg — Grove City, OH		Specialty Retail		Gregg Appliances, Inc.			30,167				5,902,000
BJ’s Wholesale Club — Ft. Lauderdale, FL		Warehouse Club		BJ’s Wholesale Club, Inc.			119,598				28,272,857
HH Gregg — Mt. Juliet, TN		Specialty Retail		Gregg Appliances, Inc.			30,000				6,346,000
Winter Garden Village — Winter Garden, FL		Shopping Center		Various			758,988	(5)			180,351,286

						Rentable
Property Description		Type		Tenant		Square Feet				Purchase Price
Payless ShoeSource — Columbia, SC (3)		Specialty Retail		Payless ShoeSource Inc.			5,534			$	1,400,000
Walgreens — Jacksonville, FL (3)		Drugstore		Walgreen Co.			15,120				5,050,000
CVS — Hamilton, OH (3)		Drugstore		CVS Corporation			11,180				3,600,000
Walgreens — Akron, OH (3)		Drugstore		Walgreen Co.			13,500				2,820,000
Walgreens — Seattle, WA (3)		Drugstore		Walgreen Co.			14,410				6,770,000
Walgreens — LaMarque, TX (3)		Drugstore		Walgreen Co.			15,120				4,510,000
CVS — Mechanicville, NY (3)		Drugstore		CVS Albany, L.L.C.			10,125				2,600,000
Office Depot — Laurel, MS (3)		Office Supply		Office Depot, Inc.			20,515				2,650,000
Home Depot — Colma, CA (3)(4)		Home Improvement		Home Depot U.S.A., Inc.			99,970				39,310,000
Walgreens — Saginaw, MI (3)		Drugstore		Walgreen Co.			15,120				4,200,000
Walgreens — Tulsa, OK (3)		Drugstore		Walgreen Co.			13,000				2,190,000
Walgreens — Broken Arrow, OK (3)		Drugstore		Walgreen Co.			13,000				2,100,000
Office Depot — London, KY (3)		Office Supply		Office Depot, Inc.			20,468				3,500,000
Best Buy — Las Cruces, NM (4)		Electronics Retail		Best Buy Stores, L.P.			30,000				6,100,000
Staples — Angola, IN (4)		Office Supply		Staples, Inc.			24,049				3,200,000
TJ Maxx — Staunton, VA (4)		Specialty Retail		The TJX Companies, Inc.			78,823				4,300,000
AT&T Wireless — Santa Clara, CA (4)		Communications		AT&T Wireless Services, Inc.			33,257				10,200,000
Walgreens — Tulsa, OK (4)		Drugstore		Walgreen Co.			13,500				2,950,000
Walgreens — Crossville, TN (4)		Drugstore		Walgreen Co.			15,070				4,450,000
CVS — Columbia, TN (Nashville) (4)		Drugstore		Revco Discount Drug Centers, Inc.			10,715				2,400,000
CVS — Columbia, TN (James Campbell) (4)		Drugstore		Revco Discount Drug Centers, Inc.			10,759				2,600,000
Walgreens — Newton, IA (4)		Drugstore		Walgreen Co.			15,047				4,330,000
FedEx — Huntsville, AL		Distribution		FedEx Freight East, Inc.			56,360				10,947,787
FedEx — Baton Rouge, LA		Distribution		FedEx Freight East, Inc.			29,400				8,998,880
CVS — Atlanta, GA		Drugstore		Big B Drugs, Inc.			12,013				3,841,000
Tractor Supply — Baldwinsville, NY		Specialty Retail		Tractor Supply Company			24,727				3,402,120
							5,324,876			$	826,992,122

     The following information supplements the section of our prospectus captioned “Investment Objectives and Policies — Real Property Investments” beginning on page 87 of the prospectus:

Real Property Investments

     We engage in the acquisition and ownership of commercial properties throughout the United States. We invest primarily in income-generating retail, office and distribution properties, net leased to investment grade and other creditworthy tenants.

     As of October 27, 2008, we, through separate wholly-owned limited liability companies, have acquired a 100% fee simple interest in 471 properties consisting of approximately 17.8 million gross rentable square feet of commercial space located in 45 states and the U.S. Virgin Islands. The properties were generally acquired through the use of mortgage notes payable and proceeds from our ongoing public offering of our common stock.

     The following table summarizes properties acquired between April 30, 2008, the date of our prospectus, and October 27, 2008 in order of acquisition date:

				Year						Fees Paid to				Initial				Physical
Property		Date Acquired		Built		Purchase Price				Sponsor (1)				Yield (2)				Occupancy
Walgreens — Elmira, NY		May 1, 2008		2007		$	6,076,000			$	121,520				6.50	%			100	%
CVS — Onley, VA		May 8, 2008		2007			5,486,000				109,720				6.75	%			100	%
Tractor Supply — Carroll, OH		May 8, 2008		1976			2,000,000				40,000				8.24	%			100	%
Walgreens — Hibbing, MN		May 14, 2008		2007			4,200,000				84,000				6.60	%			100	%
Allstate Customer Contact Center — Yuma, AZ		May 22, 2008		2008			7,686,409				153,728				7.49	%			100	%
Walgreens — Essex, MD		May 30, 2008		2007			6,488,000				129,760				6.55	%			100	%
Convergy’s — Las Cruces, NM		June 2, 2008		1983			8,111,260				162,225				8.95	%			100	%
Walgreens — Bath, NY		June 2, 2008		2008			4,236,005				84,721				6.61	%			100	%
Walgreens — Chino Valley, AZ		June 2, 2008		2006			5,435,000				108,700				6.53	%			100	%
III Forks — Dallas, TX		June 5, 2008		1998			11,000,000				220,000				8.50	%			100	%
Walgreens — Albany, GA		June 11, 2008		2008			4,600,000				92,000				6.65	%			100	%
Kohl’s — Grand Forks, ND		June 11, 2008		2006			8,525,000				170,500				6.71	%			100	%
Coral Walk — Cape Coral, FL		June 12, 2008		2007			27,000,000				540,000				7.20	%			100	%
LA Fitness — Brooklyn Park, MN		June 17, 2008		2008			10,450,000				209,000				7.75	%			100	%
Market Pointe — Papillion, NE		June 20, 2008		2006			25,500,000				510,000				6.66	%			98	%
PetSmart Distribution Center — McCarran, NV		July 2, 2008		2008			51,525,000				1,030,500				6.72	%			100	%
Cumming Town Center — Cumming, GA		July 11, 2008		2007			58,381,303				1,167,626				7.21	%			95	%
Walgreens — Rome, NY		July 15, 2008		2007			4,477,727				89,555				6.70	%			100	%
LA Fitness — Matteson, IL		July 16, 2008		2007			10,089,000				201,780				7.85	%			100	%
Walgreens — Columbus, MS		July 24, 2008		2004			4,420,000				88,400				6.78	%			100	%
Weston Shops — Weston, FL		July 30, 2008		2007			16,400,000				328,000				7.28	%			100	%
Jo-Ann Fabrics — Alpharetta, GA		August 5, 2008		2000			6,441,000				128,820				7.96	%			100	%
LA Fitness — Greenwood, IN		August 5, 2008		2008			10,605,000				212,100				7.85	%			100	%
PetSmart — Chattanooga, TN		August 5, 2008		1996			4,815,000				96,300				7.16	%			100	%
PetSmart — Daytona Beach, FL		August 5, 2008		1996			5,333,000				106,660				6.74	%			100	%
PetSmart — Fredericksburg, VA		August 5, 2008		1997			5,199,000				103,980				7.29	%			100	%
Ferguson Portfolio — Various		August 21, 2008		Various			86,793,249				1,735,865				7.43	%			100	%
Home Depot — Lakewood, CO		August 27, 2008		2006			11,300,000				226,000				6.86	%			100	%
Walgreens — Mobile, AL		August 28, 2008		2007			5,415,000				108,300				6.60	%			100	%
Aaron’s Rents Portfolio — Various		September 15, 2008		Various			32,675,202				653,504				7.50	%			100	%
Lowe’s — Chester, NY		September 19, 2008		2008			7,037,037				140,741				6.75	%			100	%
HH Gregg — Grove City, OH		September 17, 2008		2008			5,902,000				118,040				7.82	%			100	%

				Year								Fees Paid to				Initial				Physical
Property		Date Acquired		Built				Purchase Price				Sponsor (1)				Yield (2)				Occupancy
BJ’s Wholesale Club — Ft. Lauderdale, FL		September 23, 2008			2007				$    28,272,857			$	565,457				7.00	%			100	%
HH Gregg — Mt. Juliet, TN		September 23, 2008			2008				6,346,000				126,920				7.80	%			100	%
Winter Garden Village — Winter Garden, FL		September 26, 2008			2007				180,351,286				4,664,026				7.39	%			99.1	%
Payless Shoe Source — Columbia, SC		September 30, 2008			1998				1,400,000				28,000				9.88	%			100	%
Walgreens — Jacksonville, FL		September 30, 2008			2000				5,050,000				101,000				7.05	%			100	%
CVS — Hamilton, OH		September 30, 2008			1999				3,600,000				72,000				7.28	%			100	%
Walgreens — Akron, OH		September 30, 2008			1994				2,820,000				56,400				7.99	%			100	%
Walgreens — Seattle, WA		September 30, 2008			2002				6,770,000				135,400				6.75	%			100	%
Walgreens — LaMarque, TX		September 30, 2008			2000				4,510,000				90,200				7.07	%			100	%
CVS — Mechanicville, NY		September 30, 2008			1998				2,600,000				52,000				7.27	%			100	%
Office Depot — Laurel, MS		September 30, 2008			2002				2,650,000				53,000				7.55	%			100	%
Home Depot — Colma, CA		September 30, 2008			1995				39,310,000				786,200				6.39	%			100	%
Walgreens — Saginaw, MI		September 30, 2008			2001				4,200,000				84,000				7.57	%			100	%
Walgreens — Tulsa, OK		September 30, 2008			1993				2,190,000				43,800				8.01	%			100	%
Walgreens — Broken Arrow, OK		September 30, 2008			1993				2,100,000				42,000				7.74	%			100	%
Office Depot — London, KY		September 30, 2008			2001				3,500,000				70,000				7.57	%			100	%
Best Buy — Las Cruces, NM		September 30, 2008			2002				6,100,000				160,090				7.94	%			100	%
Staples — Angola, IN		September 30, 2008			1999				3,200,000				83,990				7.74	%			100	%
TJ Maxx — Staunton, VA		September 30, 2008			1988				4,300,000				117,160				9.62	%			100	%
AT&T Wireless — Santa Clara, CA		September 30, 2008			2002				10,200,000				264,320				6.56	%			100	%
Walgreens — Tulsa, OK		September 30, 2008			1994				2,950,000				78,260				7.73	%			100	%
Walgreens — Crossville, TN		September 30, 2008			2001				4,450,000				116,530				7.28	%			100	%
CVS — Columbia, TN (Nashville)		September 30, 2008			1998				2,400,000				65,150				8.15	%			100	%
CVS — Columbia, TN (James Campbell)		September 30, 2008			1998				2,600,000				69,350				7.01	%			100	%
Walgreens — Newton, IA		September 30, 2008			2000				4,330,000				86,600				7.51	%			100	%
FedEx — Huntsville, AL		September 30, 2008			2008				10,947,787				218,955				7.50	%			100	%
FedEx — Baton Rouge, LA		October 3, 2008			2008				8,998,880				179,978				7.52	%			100	%
CVS — Atlanta, GA		October 7, 2008			2006				3,841,000				76,820				7.25	%			100	%
Tractor Supply — Baldwinsville, NY		October 15, 2008			2005				3,402,120				68,042				7.45	%			100	%
									$  826,992,122			$	17,827,693

     The following table sets forth the principal provisions of the lease term for the major tenants at the properties listed above:

										% of
						Total				Total										Base
		Number				Square				Square						Current				Rent per
		of				Feet				Feet				Renewal		Annual Base				Square				Lease Term ***
Property		Tenants		Major Tenants*		Leased				Leased				Options**		Rent				Foot				Beginning				To
Walgreens — Elmira, NY		1		Walgreen Eastern Co., Inc.			14,820				100	%		10/5 yr.		$	395,000			$	26.65				5/1/2008				1/31/2033	(2)
CVS — Onley, VA		1		CVS of Virginia, Inc.			13,225				100	%		4/5 yr.			370,300				28.00				5/8/2008				1/31/2033
Tractor Supply — Carroll, OH		1		Tractor Supply Company			40,700				100	%		1/5 yr.			164,835				4.05				5/8/2008				12/31/2011
																	175,010				4.30				1/1/2012				12/31/2016
Walgreens — Hibbing, MN		1		Walgreen Co.			14,820				100	%		10/5 yr. 2/3 yr.			277,250				18.71				5/14/2008				4/30/2032	(2)
Allstate Customer Contact Center — Yuma, AZ		1		Allstate Insurance Company			28,800				100	%		1/5 yr.			575,712	(1)			19.99				5/22/2008				4/30/2018
Walgreens — Essex, MD		1		Walgreen Co.			14,820				100	%		10/5 yr.			425,000				28.68				5/30/2008				4/30/2032	(2)
Convergy’s — Las Cruces, NM		1		Convergy’s Customer Management Group Inc.			45,761				100	%		2/5 yr.			726,227	(1)			15.87				6/2/2008				3/31/2018
Walgreens — Bath, NY		1		Walgreen Eastern Co., Inc.			12,222				100	%		10/5 yr.			280,000				22.91				6/2/2008				4/30/2033	(2)
Walgreens — Chino Valley, AZ		1		Walgreen Arizona Drug Co.			14,820				100	%		10/5 yr.			355,000				23.95				6/2/2008				7/31/2032	(2)
III Forks — Dallas, TX		1		III Forks Dallas, L.P.			21,145				100	%		5/5 yr.			935,000	(3)			44.22				6/5/2008				6/30/2025
Walgreens — Albany, GA		1		Walgreen Co.			14,820				100	%		10/5 yr.			306,000				20.65				6/11/2008				2/28/2033	(2)
Kohl’s — Grand Forks, ND		1		Kohl’s Illinois, Inc.			68,725				100	%		8/5 yr.			572,450				8.33				6/11/2008				9/30/2016
																	601,073				8.75				10/1/2016				9/30/2026
Coral Walk — Cape Coral, FL		16		TSA Stores, Inc.			40,228				42	%		4/5 yr.			623,534				15.50				6/12/2008				1/31/2013
																	663,762				16.50				2/1/2013				1/31/2018
				Staples the Office Superstore East, Inc.			20,388				22	%		4/5 yr.			305,820				15.00				6/12/2008				12/31/2017
LA Fitness — Brooklyn Park, MN		1		L.A. Fitness International, LLC			45,000				100	%		3/5 yr.			810,000	(4)			18.00				6/17/2008				6/30/2023
Market Pointe — Papillion, NE		11		Lowe’s Home Centers, Inc.			138,134				54	%		5/5 yr.			600,000				4.34				6/20/2008				10/9/2016
																	660,000				4.78				10/10/2016				10/9/2026
				Kohl’s Department Stores, Inc.			88,248				35	%		5/5 yr.			595,674				6.75				6/20/2008				1/31/2027
PetSmart Distribution Center — McCarran, NV		1		PetSmart Inc.			872,710				100	%		3/5 yr.			3,462,157	(5)			3.97				7/2/2008				3/31/2023
Cumming Town Center — Cumming, GA		26		Kingswere Furniture LLC			53,667				17	%		4/5 yr.			751,338				14.00				7/11/2008				3/14/2018
				The TJX Companies, Inc.			52,000				17	%		4/5 yr.			465,400				8.95				7/11/2008				10/31/2012
																	491,400				9.45				11/1/2012				10/31/2017
				Dick’s Sporting Goods, Inc.			45,000				15	%		4/5 yr.			585,000				13.00				7/11/2008				1/31/2013
																	607,500				13.50				2/1/2013				1/31/2018
				Best Buy Stores, L.P.			30,000				10	%		4/5 yr.			435,000				14.50				7/11/2008				1/31/2018

										% of
						Total				Total										Base
		Number				Square				Square						Current				Rent per
		of				Feet				Feet				Renewal		Annual Base				Square				Lease Term***
Property		Tenants		Major Tenants*		Leased				Leased				Options**		Rent				Foot				Beginning				To
Walgreens — Rome, NY		1		Walgreen Co.			13,770				100	%		10/5 yr.		$	300,000			$	21.79				7/15/2008				1/31/2033	(2)
LA Fitness — Matteson, IL		1		L.A. Fitness International, LLC			45,000				100	%		3/5 yr.			792,000				17.60				7/16/2008				5/31/2023
Walgreens — Columbus, MS		1		Walgreen Co.			14,450				100	%		10/5 yr.			299,850				20.75				7/24/2008				7/31/2029	(2)
Weston Shops — Weston, FL		8		Walgreen Co.			14,820				49	%		10/5 yr.			533,000				35.96				7/30/2008				6/30/2031
				Mayor’s Jewelers of Florida, Inc.			4,000				13	%		2/5 yr.			232,000				58.00				7/30/2008				7/31/2012
																	256,000				64.00				8/1/2012				7/31/2017
				Mattress Giant Corporation			3,600				12	%		2/5 yr.			126,000				35.00				7/30/2008				4/30/2013
																	141,120				39.20				5/1/2013				4/30/2015
Jo-Ann Fabrics — Alpharetta, GA		1		FCA of Ohio, Inc.			38,418				100	%		3/5 yr.			512,880				13.35				8/5/2008				1/31/2011
																	532,089				13.85				2/1/2011				1/31/2016
LA Fitness — Greenwood, IN		1		LA Fitness International, LLC			45,000				100	%		3/5 yr.			832,500	(4)			18.50				8/5/2008				5/31/2023
PetSmart — Chattanooga, TN		1		Petsmart, Inc.			26,040				100	%		3/5 yr.			344,665	(6)			13.24				8/5/2008				12/31/2021
PetSmart — Daytona Beach, FL		1		Petsmart, Inc.			26,194				100	%		3/5 yr.			359,664	(6)			13.73				8/5/2008				12/31/2021
PetSmart — Fredericksburg, VA		1		Petsmart, Inc.			26,051				100	%		3/5 yr.			378,797	(6)			14.54				8/5/2008				12/31/2021
Ferguson Portfolio — Various		1		Ferguson Enterprises, Inc.			1,111,843				100	%		4/5 yr.			6,446,258	(7)			5.80				8/21/2008				8/30/2023
Home Depot — Lakewood, CO		1		Home Depot U.S.A, Inc.			102,000				100	%		11/5 yr.			775,000				7.60				8/27/2008				1/31/2032
Walgreens — Mobile, AL		1		Walgreens			13,650				100	%		10/5 yr.			357,596				26.20				8/28/2008				10/31/2032	(2)
Aaron’s Rents Portfolio — Various		1		Aaron’s Rents, Inc.			259,382				100	%		3/5yr			2,450,640	(8)			9.45				9/15/2008				9/30/2023
Lowe’s — Chester, NY		1		Lowe’s Home Centers, Inc.			131,798				100	%		8/5 yr.			475,000				3.60				9/19/2008				8/31/2033
HH Gregg — Grove City, OH		1		Gregg Appliances, Inc.			30,167				100	%		4/5 yr.			461,555				15.30				9/17/2008				2/28/2023
BJ’s Wholesale Club- Ft. Lauderdale, FL		1		BJ’s Wholesale Club, Inc.			119,598				100	%		4/5 yr.			1,979,100	(9)			16.55				9/23/2008				11/17/2027
HH Gregg — Mt. Juliet, TN		1		Gregg Appliances, Inc.			30,000				100	%		4/5 yr.			495,000				16.50				9/23/2008				8/31/2018
																	525,000				17.50				9/1/2018				8/31/2023
Winter Garden Village — Winter Garden, FL		82		Beall’s Department Stores, Inc.			80,000	(13)			10.5	%		5/5 yr.			320,000				4.00				9/26/2008				4/30/2023
Payless Shoe Source — Columbia, SC		1		Payless ShoeSource Inc.			5,534				100	%		3/5 yr.			138,367				25.00				9/30/2008				11/30/2008
																	152,204				27.50				12/1/2008				11/30/2013
Walgreens — Jacksonville, FL		1		Walgreen Co.			15,120				100	%		4/10 yr.			356,000				23.54				9/30/2008				9/30/2020	(2)
CVS — Hamilton, OH		1		CVS Corporation			11,180				100	%		6/5 yr.			262,145				23.45				9/30/2008				2/24/2019
Walgreens — Akron, OH		1		Walgreen Co.			13,500				100	%		3/10 yr.			225,453				16.70				9/30/2008				7/31/2014	(2)
Walgreens — Seattle, WA		1		Walgreen Co.			14,410				100	%		4/10 yr.			457,000				31.71				9/30/2008				11/30/2022	(2)
Walgreens — LaMarque, TX		1		Walgreen Co.			15,120				100	%		4/10 yr.			319,000				21.10				9/30/2008				6/30/2020	(2)
CVS — Mechanicville, NY		1		CVS Albany, L.L.C.			10,125				100	%		4/5 yr.			188,933	(10)			18.66				9/30/2008				1/31/2018

										% of
						Total				Total										Base
		Number				Square				Square						Current				Rent per
		of				Feet				Feet				Renewal		Annual Base				Square				Lease Term***
Property		Tenants		Major Tenants*		Leased				Leased				Options**		Rent				Foot				Beginning				To
Office Depot — Laurel, MS		1		Office Depot, Inc.			20,515				100	%		4/5 yr.		$	200,021			$	9.75				9/30/2008				10/31/2017
Home Depot — Colma, CA		1		Home Depot U.S.A., Inc.			99,970				100	%		4/5 yr.			2,512,750	(11)			25.14				9/30/2008				1/31/2016
Walgreens — Saginaw, MI		1		Walgreen Co.			15,120				100	%		4/10 yr.			318,000				21.03				9/30/2008				4/30/2021	(2)
Walgreens — Tulsa, OK		1		Walgreen Co.			13,000				100	%		3/10 yr.			175,500				13.50				9/30/2008				12/31/2013	(2)
Walgreens — Broken Arrow, OK		1		Walgreen Co.			13,000				100	%		3/10 yr.			162,500				12.50				9/30/2008				10/31/2013	(2)
Office Depot — London, KY		1		Office Depot, Inc.			20,468				100	%		4/5 yr.			265,061				12.95				9/30/2008				9/30/2016
Best Buy — Las Cruces, NM		1		Best Buy Stores, L.P.			30,000				100	%		3/5 yr.			484,500				16.15				9/30/2008				1/31/2013
Staples — Angola, IN		1		Staples, Inc.			24,049				100	%		4/5 yr.			247,705				10.30				9/30/2008				2/28/2015
TJ Maxx — Staunton, VA		1		The TJX Companies, Inc.			78,823				100	%		4/5 yr.			413,821				5.25				9/30/2008				10/31/2012
AT&T Wireless — Santa Clara, CA		1		AT&T Wireless Services, Inc.			33,257				100	%		3/5 yr.			668,928				20.11				9/30/2008				6/8/2013
																	691,152				20.78				6/9/2013				6/8/2018
Walgreens — Tulsa, OK		1		Walgreen Co.			13,500				100	%		3/10 yr.			228,150				16.90				9/30/2008				8/31/2014	(2)
Walgreens — Crossville, TN		1		Walgreen Co.			15,070				100	%		4/10 yr.			324,000				21.50				9/30/2008				3/31/2021	(2)
CVS — Columbia, TN		1		Revco Discount Drug Centers, Inc.			10,715				100	%		4/5 yr.			195,677				18.26				9/30/2008				11/30/2017
CVS — Columbia, TN		1		Revco Discount Drug Centers, Inc.			10,759				100	%		4/5 yr.			182,274				16.94				9/30/2008				11/30/2017
Walgreens — Newton, IA		1		Walgreen Co.			15,047				100	%		4/10 yr.			325,000				21.60				9/30/2008				2/28/2021	(2)
FedEx — Huntsville, AL		1		FedEx Freight East, Inc.			56,360				100	%		2/5 yr.			821,084				14.57				9/30/2008				7/10/2018
																	903,192				16.03				7/11/2018				7/31/2023
FedEx — Baton Rouge, LA		1		FedEx Freight East, Inc.			29,400				100	%		2/5 yr.			676,848				23.02				10/3/2008				7/22/2018
																	744,468				25.32				7/23/2018				7/31/2023
CVS — Atlanta, GA		1		Big B Drugs, Inc.			12,013				100	%		6/5 yr			278,479				23.18				10/7/2008				1/31/2033
Tractor Supply — Baldwinsville, NY		1		Tractor Supply Company			24,727				100	%		3/5 yr.			253,452	(12)			10.25				10/15/2008				9/30/2020

     Cole Realty Advisors has the sole and exclusive right to manage, operate, lease and supervise the overall maintenance of the properties listed above and currently receives a property management fee of 2.0% of the monthly gross revenues from our properties. In accordance with the property management agreement, we may pay Cole Realty Advisors (i) up to 2.0% of gross revenues from our single tenant properties and (ii) up to 4.0% of gross revenues from our multi tenant properties. We currently have no plan for any renovations, improvements or development of the properties listed above and we believe the properties are adequately insured.

     These acquisitions were funded by net proceeds from our follow-on offering, borrowings from our Credit Facility, available cash and the following mortgage notes. In connection with the property acquisitions noted above we incurred or assumed the following mortgage notes:

						Fixed
		Fixed Rate Loan				Interest				Maturity				Variable Rate				Variable				Maturity				Total Loan
Property		Amount				Rate				Date				Loan Amount				Interest Rate				Date				Outstanding
Walgreens — Elmira, NY		$	—				N/A				N/A			$	3,835,614	(1)		LIBOR + 2.0%					9/5/2010			$	3,835,614
CVS — Onley, VA			3,328,988	(1)			5.87	%			9/30/2010				—			NA					N/A				3,328,988
Tractor Supply — Carroll, OH			1,213,630	(1)			5.87	%			9/30/2010				—			NA					N/A				1,213,630
Walgreens — Hibbing, MN			2,548,624	(1)			5.87	%			9/30/2010				—			NA					N/A				2,548,624
Allstate Customer Contact Center — Yuma, AZ			—				N/A				N/A				4,687,201	(1)		LIBOR + 2.0%					9/5/2010				4,687,201
Walgreens — Essex, MD			3,937,017	(1)			5.87	%			9/30/2010				—			NA					N/A				3,937,017
Convergy’s — Las Cruces, NM			4,569,318	(1)			5.87	%			9/30/2010				—			NA					N/A				4,569,318
Walgreens — Bath, NY			2,590,065	(1)			5.87	%			9/30/2010				—			NA					N/A				2,590,065
Walgreens — Chino Valley, AZ			3,298,040	(1)			5.87	%			9/30/2010				—			NA					N/A				3,298,040
Three Forks — Dallas, TX			—				N/A				N/A				6,675,228	(1)		LIBOR + 2.5%					9/2/2011				6,675,228
Walgreens — Albany, GA			—				N/A				N/A				2,791,459	(1)		LIBOR + 2.5%					9/2/2011				2,791,459
Kohl’s — Grand Forks, ND			5,173,099	(1)			5.87	%			9/30/2010				—			NA					N/A				5,173,099
LA Fitness — Brooklyn Park, MN			6,341,219	(1)			5.87	%			9/30/2010				—			NA					N/A				6,341,219
Cumming Town Center — Cumming, GA			33,700,000	(1)			6.10	%			10/1/2015				—				N/A				N/A				33,700,000
Walgreens — Rome, NY			—				N/A				N/A				2,758,358	(1)		LIBOR + 2.5%					9/2/2011				2,758,358
LA Fitness — Matteson, IL			—				N/A				N/A				6,122,398	(1)		LIBOR + 2.5%					9/2/2011				6,122,398
Walgreens — Columbus, MS			—				N/A				N/A				2,730,775	(1)		LIBOR + 2.5%					9/2/2011				2,730,775
Home Depot — Lakewood, CO			8,350,000				5.80	%			8/10/2031				—			NA					N/A				8,350,000
Payless Shoe Source — Columbia, SC			860,000				4.29	%			12/11/2008				—				N/A				N/A				860,000
Walgreens — Jacksonville, FL			2,510,750				4.29	%			12/11/2008				—				N/A				N/A				2,510,750
CVS — Hamilton, OH			1,787,500				4.29	%			12/11/2008				—				N/A				N/A				1,787,500
Walgreens — Akron, OH			—				N/A				N/A				1,900,000			LIBOR + 2.0%					6/6/2009				1,900,000
Walgreens — Seattle, WA			3,349,500				4.29	%			12/11/2008				—				N/A				N/A				3,349,500
Walgreens — LaMarque, TX			2,277,000				4.29	%			12/11/2008				—				N/A				N/A				2,277,000
CVS — Mechanicville, NY			1,290,000				4.29	%			12/11/2008				—				N/A				N/A				1,290,000
Office Depot — Laurel, MS			1,270,000				4.29	%			12/11/2008				—				N/A				N/A				1,270,000
Home Depot — Colma, CA			21,613,000				4.80	%			4/11/2009				—				N/A				N/A				21,613,000
Walgreens — Saginaw, MI			2,282,500				4.29	%			12/11/2008				—				N/A				N/A				2,282,500
Walgreens — Tulsa, OK			1,215,500				4.29	%			12/11/2008				—				N/A				N/A				1,215,500
Walgreens — Broken Arrow, OK			1,127,500				4.29	%			12/11/2008				—				N/A				N/A				1,127,500
Office Depot — London, KY			1,680,000				4.29	%			12/11/2008				—				N/A				N/A				1,680,000
Best Buy — Las Cruces, NM			3,809,000				4.46	%			5/11/2011				—				N/A				N/A				3,809,000
Staples — Angola, IN			1,999,000				4.46	%			5/11/2011				—				N/A				N/A				1,999,000
TJ Maxx — Staunton, VA			3,116,000				4.46	%			5/11/2011				—				N/A				N/A				3,116,000
AT&T Wireless — Santa Clara, CA			6,032,000				4.46	%			5/11/2011				—				N/A				N/A				6,032,000
Walgreens — Tulsa, OK			1,926,000				4.46	%			5/11/2011				—				N/A				N/A				1,926,000
Walgreens — Crossville, TN			2,753,000				4.46	%			5/11/2011				—				N/A				N/A				2,753,000
CVS — Columbia, TN (Nashville)			1,715,000				6.44	%			6/11/2011				—				N/A				N/A				1,715,000
CVS — Columbia, TN (James Campbell)			1,735,000				6.44	%			6/11/2011				—				N/A				N/A				1,735,000
Walgreens — Newton, IA			2,393,000				5.06	%			10/11/2009				—				N/A				N/A				2,393,000
Winter Garden — Winter Garden, FL			105,700,000				6.10	%			10/1/2015				—				N/A				N/A				105,700,000
Tractor Supply — Baldwinsville, NY			2,200,000				6.00	%			12/1/2025				—				N/A				N/A				2,200,000
		$	249,691,250											$	31,501,033											$	281,192,283