GCEAR II Acquires the MGM Corporate Center in Vegas

Announced today, Griffin Capital Essential Asset REIT II, Inc. (GCEAR II), a public non-traded real estate investment trust (REIT), purchased the MGM Corporate Center facility in Las Vegas, Nevada for $30.3 million. The property consists of three fully renovated, 100 percent occupied buildings with about 168,250 square feet.

MGM Resorts International, Inc. leases the space with over nine years remaining on the term and no option to cancel. It’s located in the Hughes Airport Center which sits next to McCarran International Airport.

“We are particularly excited about this asset given the ideal in-fill location adjacent to the Las Vegas Strip, and the MGM tenancy, an iconic brand name that is synonymous with Las Vegas,” said Michael Escalante, Griffin Capital’s Chief Investment Officer and President of GCEAR II.

“Given the tenant’s recent long-term commitment to the location coupled with the ready accessibility to many of their key resort properties, we believe MGM Resorts International will continue to find the property attractive as a key operating facility for many years to come,” commented Louis Sohn, Griffin Capital’s Director, Acquisitions.

Escalante added, “This acquisition pushes the total capitalization in the REIT over the $200 million mark, which includes acquisitions through May 28, 2015.”

GCEAR II’s portfolio consists of 7 office properties with about 1.3 million rentable square feet.