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6/16/15
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Griffin Capital Essential Asset REIT II Inc acquired MGM Corporate Center facility in Las Vegas, NV for $30.3 mil. The property is comprised of three fully renovated, 100% occupied office buildings totaling 168.3k sf, which are leased to MGM Resorts International Inc under long-term, non-cancellable leases with over nine years of remaining duration.
The property is situated in the Hughes Airport Center immediately adjacent to McCarran International Airport, in the South Las Vegas Submarket within close proximity to MGM’s numerous resort properties along the Las Vegas Boulevard Strip. These include MGM’s executive offices situated within the Bellagio Resort. The property houses many of the company’s other essential corporate functions including human resources and training.
CBRE represented the seller, a partnership between funds managed by Oaktree Capital Management L.P. and CIP Real Estate.
Michael Escalante, Griffin Capital's Chief Investment Officer and President of GCEAR II, added, "This acquisition pushes the total capitalization in the REIT over the $200 million mark, which includes acquisitions through May 28, 2015. We are particularly excited about this asset given the ideal in-fill location adjacent to the Las Vegas Strip, and the MGM tenancy, an iconic brand name that is synonymous with Las Vegas."
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