Griffin Capital Essential Asset REIT II Buys Nike Office Campus for $45.5 Million
Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a four-building, class B office campus, in the Portland suburb of Hillsboro, Oregon for $45.5 million, plus closing costs. The property is leased in its entirety to Nike Inc., a designer and seller of athletic footwear, apparel, equipment and services.
The Nike property consists of three one-story buildings and one two-story building totaling approximately 266,840 square feet on nearly 23 acres of land. It is located 13 miles west of Portland and 5 miles northwest of Nike’s World Headquarters Campus in Beaverton, Oregon.
Nike utilizes the property as a technology campus, housing employees focused on a variety of technology-related functions. They have occupied the property since 2008 and has invested significant capital towards improvements. Nike’s lease is triple net with a remaining term of 4.6 years.
The going-in capitalization rate for the property is approximately 6.21 percent. The REIT’s advisor earned approximately $1.8 million in acquisition in connection with the purchase.
Griffin Capital Essential Asset REIT II’s portfolio consists 16 office, industrial, data center, and distribution properties totaling approximately 3.4 million rentable square feet with a total acquisition value of approximately $515 million. The company went effective in July 2014 and has raised $459.3 million in investor equity since inception.
