Griffin Capital Essential Asset REIT II Buys Nike Office Campus for $45.5 Million
Jun 23 2016 | by DI Wire
Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a four-building, class B office campus, in the Portland suburb of Hillsboro, Oregon for $45.5 million, plus closing costs. The property is leased in its entirety to Nike Inc., a designer and seller of athletic footwear, apparel, equipment and services.
The Nike property consists of three one-story buildings and one two-story building totaling approximately 266,840 square feet on nearly 23 acres of land. It is located 13 miles west of Portland and 5 miles northwest of Nike’s World Headquarters Campus in Beaverton, Oregon.
Nike utilizes the property as a technology campus, housing employees focused on a variety of technology-related functions. They have occupied the property since 2008 and has invested significant capital towards improvements. Nike’s lease is triple net with a remaining term of 4.6 years.
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