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1/29/13
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Griffin Capital Corporation purchased a 157k sf, Class A office building in Greenwood, CO on behalf of Griffin Capital Net Lease REIT Inc. The building, 100% leased to Comcast Cable Holdings LLC, sold for $27 mil ($172/sf). Comcast Cable Holdings, a wholly-owned subsidiary of Comcast Corporation (the lease guarantor) is on a NNN lease with roughly nine years remaining.
Situated adjacent to the Denver Technological Center, the property was originally developed in 1980 and substantially renovated in 1998. The extensive renovation features many specialized and above-standard improvements including redundant back-up power systems and HVAC equipment, as well as a five-level, 550-stall shared parking structure.
The parking garage is located on an adjacent parcel that was sold separately and simultaneously with another office building. To ensure the right to use the parking facility in perpetuity, Griffin Capital negotiated and executed a reciprocal parking easement allowing for the use of approximately one-half of the stalls in the parking garage.
Griffin was represented in the acquisition by the Winn Richey team of Cushman & Wakefield. With this acquisition, Griffin’s second in the Denver market over the past six months, the Griffin Capital Net Lease REIT now has a total capitalization approaching $400 mil and approximately 72% of its net operating income derived from or guaranteed by investment-grade rated entities.
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