Griffin Capital Essential Asset REIT II Buys Las Vegas Office Property
Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a Las Vegas office property for $66.5 million.
Located within close proximity to the city’s major freeway network (215 Beltway and Interstate 15), the 222,300-square-foot class A facility is fully leased to International Game Technology and serves as its North American gaming and interactive headquarters. IGT has occupied the facility since it was constructed as a build-to-suit in 2008, and in November 2015, the firm executed a 15-year triple net lease at the property.
“The IGT asset meets the REIT’s criteria of investing in business essential, institutional-quality properties leased to corporate tenants with healthy credit dynamics on a long-term basis,” said Michael Escalante, Griffin Capital’s chief investment officer and president of the REIT. “Given those characteristics, this acquisition is an excellent addition to our REIT’s portfolio and we are pleased to welcome this market leader in the gaming machine industry to our roster of tenants.”
International Game Technology PLC is the world’s largest developer of technology-based products and services and associated content for worldwide gaming and lottery markets.
In other Griffin Capital Essential Asset REIT II news, last week the company announced that its board approved the close of the company’s primary offering effective January 20, 2017.
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 28 office and industrial buildings totaling approximately 4.5 million rentable square feet and asset value of approximately $745 million.
