Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded daily NAV real estate investment trust, has sold a 160,410-square-foot truck terminal located in West Jefferson, Ohio for $30.3 million.
The Class A industrial property is occupied by FedEx Freight and was initially purchased by the REIT in July 2015 for $28 million. The property is situated 21 miles west of Columbus, Ohio and functions as a regional hub for both FedEx Freight Priority service and FedEx Freight Economy service.
“Well located, state-of-the-art logistics assets like 10 Commerce Highway continue to be highly sought after in the current industrial market,” said Michael Escalante, Griffin Capital Essential Asset REIT’s chief executive officer.
In other company news, the REIT recently purchased McKesson III located in Scottsdale, Arizona for $37.7 million from Ryan Companies US Inc., the property’s general contractor and developer.
Griffin Capital Essential Asset REIT owns 101 properties totaling 27.2 million in rentable square feet, representing a total REIT capitalization of $4.7 billion. as of June 30, 2019. Its portfolio of net-lease assets consists of single-tenant, business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration.