Griffin Capital Essential Asset REIT Sells California Office Building Leased to BofA
Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has sold a 207,900-square-foot office property located in Simi Valley, California for $30 million.
Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has sold a 207,900-square-foot office property located in Simi Valley, California for $30 million. The property, located at 450 American Street, is 100 percent leased to Bank of America N.A through December 2025.
The REIT purchased 450 American Street in August 2015, along with a nearby property also leased to Bank of America, for a combined $57 million, plus closing costs. The other property, a 273,240-square-foot building located at 1800 Tapo Canyon Road, sold in June 2020 for $24.5 million.
“We are pleased with our execution on both of our Simi Valley properties, which generated strong cash flows for the company over our holding period,” said Michael Escalante, chief executive officer. “By selling these assets, we were able to lock-in attractive pricing and free up capital which we plan to use to enhance our balance sheet and fund accretive internal and external growth opportunities.”
In other company news, The DI Wire reported yesterday that the REIT’s chief legal officer and secretary, Howard Hirsch, has resigned from his positions, effective January 29, 2021, to rejoin Griffin Capital Company LLC.
Griffin Capital Essential Asset REIT Inc. is a self-managed non-traded REIT with a portfolio consisting primarily of single tenant business essential properties throughout the United States. As of September 30, 2020, the REIT’s portfolio consisted of 99 (122 buildings), properties consisting substantially of office, warehouse, and manufacturing facilities and two land parcels held for future development with a combined acquisition value of approximately $4.2 billion.
As of the third quarter of 2020, the REIT had issued roughly 283.8 million shares (approximately $2.8 billion) of common stock since November 9, 2009 in various private offerings, public offerings, distribution reinvestment plan offerings and mergers.
Griffin Capital Essential Asset REIT became a self-managed REIT in December 2018, following the all-stock merger transaction with its affiliate, Griffin Capital Essential Asset REIT II Inc.
