Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a 526,320-square-foot industrial property located in Winston-Salem, North Carolina for approximately $34.9 million.
The property was purchased by the REIT as part of a 1031 exchange associated with the October 2019 sale of an industrial property located in West Jefferson, Ohio that sold for $30.3 million.
The North Carolina property is fully occupied by Pepsi Bottling Ventures, a joint venture between Suntory Beverage & Food Ltd. and PepsiCo Inc., under a net lease with 12.5 years remaining.
The property is the largest facility in the Pepsi Bottling Ventures network and serves as both a distribution center for PepsiCo products and a production facility for Aquafina purified bottled water products.
The seller of the property, PBV Logistics Center LLC, is a wholly-owned subsidiary of Tratt Properties LLC, a developer and operator of logistics and e-Commerce industrial properties nationwide with headquarters based in Phoenix, Arizona.
Griffin Capital Essential Asset REIT is a self-managed REIT with a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of the fourth quarter of 2019, the REIT owned 122 office and industrial buildings valued at approximately $4.7 billion.