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8/07/15
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Griffin Capital Essential Asset REIT II Inc recently acquired a 100.3k sf facility in Tucso, AZ that is fully leased by Aetna Life Insurance Company in a sale/leaseback deal with Aetna. Aetna has an investment-grade credit rating of 'AA-' from S&P and is an affiliate of one of the nation's leading diversified health care benefits companies.
As part of the transaction, Aetna executed a new 10-year lease at the property with annual base rental rate increases of 3.0% and no termination or contraction options. The tenant and its affiliates have been an occupant at the property since it was constructed as a build-to-suit in 2001.
The seller was represented by Cushman & Wakefield's Boston office with local support from Cushman & Wakefield's Tucson affiliate, Picor Commercial Real Estate Services. The price was not disclosed.
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