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Los Angeles-based Griffin Capital Corp. entered into agreements to acquire two industrial assets in separate transactions for an aggregate purchase price of $34 million.
The planned acquisitions include a 120,000-square-foot office and research and development (R&D) build-to-suit within the Oakland Technology Park in Auburn Hills, MI, and a currently being developed 312,000-square-foot distribution warehouse located in the Groveport Commerce Center in Groveport, OH.
The Michigan facility will serve as the new North American headquarters for Atlas Copco Tools & Assembly Systems, a division of Atlas Copco AB, while the Columbus-area complex is being developed by Exel Real Estate and will be fully leased to Exel Inc., a wholly owned subsidiary of North American contract logistics provider Deutsche Post DHL. That project is slated to wrap up in May 2015.
Prior to the expected closing of these deals in 2015, Griffin Capital plans to assign the contracts to newly-formed Griffin Capital Essential Asset REIT II (GCEAR II), a publicly registered non-traded REIT that will focus on predominantly single-tenant net lease, office and industrial properties.
