Chandler – Griffin Capital Essential Asset REIT in El Segundo, Calif. (Kevin Shields, CEO) has expanded into the Valley by investing $31.5 million ($138.11 per foot) to acquire a 228,086-square-foot industrial-office building in Chandler that is fully leased to Avnet Inc. (NYSE:AVT) for its headquarters. The two-story project, located south of the 202 Freeway and east of 56th Street, is within the Chandler Freeways Business Park at 6700 W. Morelos Place. The seller was FPRO-1201 LLC, a company formed by Fort Properties Inc. in Los Angeles, Calif. (Duke Runnels, pres.). The GC Net Lease (Phoenix-Chandler) Investors LLC (Griffin Capital entity) acquired the property by using a $200 million credit line from KeyBank. The investment is the first in the Valley for Griffin Capital, a privately-held real estate investment company that specializes in the acquisition, financing and management of institutional-quality properties. The company buys real estate for its own account, in joint ventures with institutional and individual investors and tenant-in-common (TIC) groups. Continue reading:
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