Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased the 3M Company Distribution Facility in DeKalb, Illinois for approximately $69.4 million. The seller, Park 88 Group LLC, is a joint-venture between Clayco and Venture One Real Estate.
The 978,000-square-foot 3M Company Distribution Facility is a class A, single-story distribution warehouse situated on a 49.71-acre site within the Park 88 Business Park. The property was completed in August 2016 and is leased in its entirety to 3M Company for an initial term of 122 months, which commenced in August 2016. The property is a regional distribution facility for 3M, which has expanded and consolidated its distribution footprint in DeKalb.
“We are excited to acquire a new, state-of-the-art, class A logistics facility that serves as a primary distribution center for 3M Company’s extensive products that are used by businesses and households on a routine basis throughout the world,” said Shawn Carstens, Griffin Capital’s vice president of acquisitions. “Our acquisition of this property reinforces our REIT’s focus on driving shareholder value by investing in income-generating properties leased to well-established corporate tenants on a long term basis.”
3M (NYSE: MMM) is a diversified technology company headquartered in St. Paul, Minnesota with operations in 70 countries.
Griffin Capital Essential Asset REIT II focuses on acquiring single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type and lease duration. The REIT commenced its $2 billion initial public offering in July 2014 has raised $600 million in investor equity since inception. The company’s portfolio is comprised of 29 office and industrial buildings totaling approximately 5.5 million rentable square feet and asset value of approximately $814.4 million.