(News release)
EL SEGUNDO, Jun 24, 2013 (Menafn – GLOBE NEWSWIRE via COMTEX) –Griffin Capital Corporation (“Griffin Capital”) announced today, on behalf of Griffin Capital Essential Asset REIT, Inc. (the “REIT”), the acquisition of a 232,600 square-foot, Class A, two building office campus (the “Property”) located in Phoenix, Arizona. The Property is fully leased to a Fortune 500 company (the “Tenant”) through July 2023 on a triple-net basis. The Tenant is a global health services company with an investment-grade credit rating. The Property serves as a regional operations hub for the Tenant in the Arizona market, which is the only state where the Tenant operates a full-service, staff-model medical group.
The Property is located north of Downtown Phoenix in the Deer Valley Submarket which is home to more Fortune 500 companies than any other submarket in the Greater Phoenix Area. Situated within a 128-acre master plan, adjacent to the USAA Phoenix Campus, the Property enjoys excellent access and visibility from Interstate 17, the Phoenix area’s primary north-south freeway accommodating over 90,000 vehicles per day. The location also benefits from a deep retail, entertainment and dining amenity base in the neighborhood including the Shops at Norterra and Happy Valley Towne Center regional lifestyle centers located immediately south of the Property.
