Griffin Capital Essential Asset® REIT Sells Industrial Building in Ohio for $30.3 Million
October 18, 2019 | Griffin Capital Essential Asset REIT, Inc.
Griffin Capital Essential Asset REIT, Inc. (the “REIT”) announced the sale of a 160,410 square foot, Class “A”, truck terminal located at 10 Commerce Parkway, West Jefferson, Ohio (“Property”) for $30.3 million. The Property, occupied by FedEx Freight, was initially purchased by the REIT in July 2015. The Property, situated 21 miles west of Columbus, Ohio, functions as a regional hub for both FedEx Freight Priority service and FedEx Freight Economy service.
Michael Escalante, Griffin Capital Essential Asset REIT, Inc’s Chief Executive Officer, said, “Well located, state-of-the-art logistics assets like 10 Commerce Highway continue to be highly sought after in the current industrial market. We were pleased to exceed our return expectations through the sale of the property. This positive full-cycle execution demonstrates the success of our active approach to the management of the REIT portfolio.”
Mr. Escalante further stated, “We are extremely gratified by how well this transaction aligns with the REIT’s strategic goals and objectives. It exemplifies our team’s ability to execute on our main objective of maximizing investor returns.”
About Griffin Capital Essential Asset REIT
Griffin Capital Essential Asset REIT, Inc., is a self-managed, publicly registered, non-listed Real Estate Investment Trust (REIT) that reports its Net Asset Value (NAV) daily. Its portfolio of net-lease assets consists of single-tenant, business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of June 30, 2019, Griffin Capital Essential Asset REIT owns 101 properties located in 25 states totaling 27.2 million in rentable square feet, representing a total REIT capitalization of $4.7 billion. Griffin Capital Securities, LLC, Member FINRA/SIPC, is the dealer manager for Griffin Capital Essential Asset REIT.
Additional information is available at www.gcear.com.
Source: SEC
