Griffin Capital Essential Asset REIT II Makes First Acquisition in Denver Metropolitan Area
Lone Tree, CO — Griffin Capital Corporation (“Griffin Capital”) recently announced, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the first acquisition by the REIT in the Greater Denver metropolitan area. The REIT has acquired a Class A office complex with three-stories encompassing 70,273 square-feet in total that is fully leased to Allstate Insurance Company for approximately 10 more years.
In Lone Tree, Colorado, the property was developed in 2000 as a build-to-suit for Sprint/Nextel, which occupied the building for approximately 15 years, prior to being fully leased by Allstate, with extensive interior renovations undertaken in 2015.
Commenting on the acquisition, Michael Escalante, Griffin Capital’s Chief Investment Officer and President of the REIT, said, “The Denver metropolitan area has been of increasing interest to leading real estate investors and operators across the country over the past several years in particular. We’re excited for the REIT to enter this rapidly growing market for the first time through the acquisition of an institutional-grade asset with the key features necessary to generate value for our investors. The property’s location and its status as a fully leased facility under a long-term agreement with a nationally-recognized, Fortune 500 tenant speak for themselves.”
Louis Sohn, Griffin Capital’s Director of Acquisitions, added, “In an environment characterized by intense competition for the acquisition of high quality, income-generating commercial properties, we’re delighted that our expertise as both a real estate investor and operator have enabled us to identify and acquire a top tier asset in a fast-growing community with potential for both income generation and long-term capital appreciation. We look forward to deploying our managerial and operational expertise into this newest asset in our growing REIT.”
The REIT purchased the Property from Farmers New World Life Insurance Company, which was represented by CBRE.
Image courtesy of Griffin Capital