Griffin Capital Essential Asset REIT Buys Distribution Center in Savannah, Georgia
Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has purchased the Shaw Distribution Center - Northport Building C located in Savannah, Georgia.
Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has purchased the Shaw Distribution Center – Northport Building C located in Savannah, Georgia for approximately $56.5 million.
The single-story, 1 million-square-foot Class A distribution facility is leased in its entirety to Shaw Industries Inc., a wholly-owned subsidiary of Shaw Industries Group Inc., which is a wholly-owned subsidiary of Berkshire Hathaway Inc. for an initial term of 180 months.
This build-to-suit property was completed in March 2018 for Shaw, the largest flooring company in the United States. Its products include carpet, hardwood, laminate, tile, stone flooring products and synthetic turf to residential and commercial markets worldwide.
“This property is strategically located near the Port of Savannah, one of the fastest growing ports and fourth largest in the country,” said Eric Kaplan, Griffin Capital’s managing director of acquisitions. “The combined factors of the long lease commitment, solid tenant credit characteristics, and the fact that Savannah is the sole point of entry for the tenant on the East Coast, made this an attractive investment for the REIT and its shareholders.”
Griffin Capital Essential Asset REIT oversees a portfolio of 73 office and industrial properties purchased for a total of $3.2 billion. The company’s initial public offering was declared effective by the U.S. Securities and Exchange Commission in November 2009. The REIT closed its follow-on offering in April 2014 after raising a total of approximately $1.5 billion in investor equity, according to Summit Investment Research. Griffin Capital Essential Asset REIT is one of several REITs sponsored or co-sponsored by Griffin Capital.
