EL SEGUNDO, Calif., Jan. 26, 2016 (GLOBE NEWSWIRE) -- Griffin Capital Corporation (“Griffin Capital”), the sponsor of several REIT platforms, proudly announces the acquisition of 37 properties totaling nearly $1.7 billion in purchase price for 2015, including 27 office assets, 9 industrial assets and one data center property. Diversified across 17 states with a weighted average remaining lease duration of 9.3 years, the acquisitions were consistent with the REIT's business plans of acquiring long-term leased, business essential facilities critical to the underlying tenants’ business operations. In addition to closing multiple single-asset and portfolio purchases, one of Griffin Capital’s sponsored REITs completed a $100 million joint-venture development and consummated a $607 million merger with an unaffiliated REIT during the year.
“2015 was a landmark year for our real estate platform which has experienced tremendous growth over the past three years, including the acquisition of 83 business essential, single-tenant properties totaling over $3.3 billion in purchase price over that time period,” said Michael Escalante, President of Griffin Capital Real Estate Company, a subsidiary of Griffin Capital. “In our experience, buying institutional-quality office and industrial buildings net-leased to investment-grade rated and quality credit tenants has been a predictable way to generate attractive income through all market cycles. I am proud of our team’s ability to achieve this milestone and expect to keep this momentum going through 2016 and 2017 with an additional $1 billion in annual single-tenant office and industrial property acquisitions, assuming we are able to find a sufficient number of properties that meet our quality and risk-adjusted return thresholds.”
About Griffin Capital Corporation Griffin Capital Corporation ("Griffin Capital"), is a privately-held, Los Angeles headquartered investment and asset management company with a 21-year track record sponsoring real estate investment vehicles and managing institutional capital. Led by senior executives with more than two decades of real estate experience who have collectively closed transactions representing over $22.0 billion in value, Griffin Capital and its affiliates have acquired or constructed approximately 53.5 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 36.6* million square feet of space, located in 29 states, and 0.1 million square feet in the United Kingdom, representing approximately $6.3* billion in asset value, based on purchase price. Additional information about Griffin Capital is available at www.griffincapital.com .
*Includes the property information related to a joint venture with affiliates of Digital Realty Trust, L.P. and a joint venture in which Griffin-American Healthcare REIT III holds a majority interest.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors. This is neither an offer nor a solicitation to purchase securities.
Jennifer Nahas Vice President, Marketing Griffin Capital Corporation jnahas@griffincapital.com Office Phone: 949-270-9332 Cell Phone: 949-433-6860
