Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust sponsored by Griffin Capital Corp., has completed the acquisition of two properties for an aggregate total of $115.7 million.
The first acquisition is a three-story 203,500-square-foot Class A office building located on the Mack-Cali Business Campus in Parsippany, NJ. The property, which is 100 percent leased to Wyndham Worldwide Operations, a global hospitality firm, was completed in 2013 as a build-to-suit to serve as an expansion for the company’s corporate headquarters campus. The purchase price for the property was $81.4 million, plus closing costs, with a capitalization rate of approximately 6.24 percent.
Wyndham will continue to manage the property under a triple net lease with a remaining term of approximately 14 years, subject to annual rent increases of 1.75 percent.
The second acquisition consists of two Class A industrial properties totaling approximately 515,500 square feet located in Hampton, VA. The portfolio, which is leased to Huntington Ingalls Inc., an American shipbuilding company, was purchased for $34.3 million, plus closing costs. The leases are triple-net with remaining terms of approximately 12.5 years, expiring in December 2027.
Earlier this month, The DI Wire reported that Griffin Capital Essential Asset REIT II (GCEAR II) purchased the American Showa Assembly & Distribution Facility in Columbus, Ohio for $17.2 million.
Griffin Capital Essential Asset REIT II Inc. is a publicly registered non-traded REIT with a portfolio that currently includes 10 office properties totaling approximately 2.0 million rentable square feet with an asset value of more than $328 million.