Griffin Capital Essential Asset® REIT Acquires Industrial Building in Winston-Salem, North Carolina for $34.9 Million
Property serves as a distribution center for PepsiCo products and a production facility for Aquafina water.
Griffin Capital Essential Asset REIT, Inc. (the “REIT”) announced the acquisition of a 526,320-square-foot industrial property, fully occupied by Pepsi Bottling Ventures (“PBV”) and located at 390 Business Park Drive, Winston-Salem, North Carolina (the “Property”). PBV, a joint venture between Suntory Beverage & Food, Ltd. and PepsiCo, Inc., occupies the Property under a net lease with 12.5 years remaining. The REIT purchased the Property for approximately $34.9 million as part of a 1031 exchange associated with the recent sale of a property located in West Jefferson, Ohio.
Known within PBV as their Western Optimized Warehouse, the Property is the largest facility in the PBV network. It serves as both a distribution center for PepsiCo products and a production facility for Aquafina purified bottled water products.
Michael Escalante, Chief Executive Officer of the REIT stated, “We are delighted to add this fully-occupied, long-term net-leased industrial asset with a solid credit-quality corporate tenant to our REIT portfolio. The Property includes multiple positive characteristics consistent with our real estate acquisitions strategy. We believe that those elements can generate attractive cash-flow and long-term value for our investors.”
The seller of the Property, PBV Logistics Center, LLC, is a wholly-owned subsidiary of Tratt Properties, LLC, a developer and operator of logistics and e-Commerce industrial properties nationwide with headquarters based in Phoenix, Arizona.
About Griffin Capital Essential Asset REIT
Griffin Capital Essential Asset REIT, Inc. is a self-managed, publicly registered, non-traded REIT with a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. Griffin Capital Essential Asset REIT, Inc.’s portfolio, as of December 31, 2019, consists of 122 buildings, both office and industrial, totaling approximately 27 million rentable square feet, located in 25 states, and representing a total REIT enterprise value of approximately $4.7 billion.
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