Griffin Acquires Large Shaw Asset, Replaces DreamWorks Disposition
May 7, 2018 | Beth Glavosek | Blue Vault
On May 7, Griffin Capital Essential Asset REIT, Inc. announced its acquisition of the Shaw Distribution Center – Northport Building C located in Savannah, Georgia for $56.5 million. The property is leased entirely to Shaw Industries, Inc., the largest flooring company in the United States. Its products include carpet, hardwood, laminate, tile, stone flooring products and synthetic turf for residential and commercial markets worldwide. Completed as a build-to-suit in March 2018, this single-story, 1 million-square-foot, Class A distribution facility, “is strategically located near the Port of Savannah, one of the fastest growing ports and fourth largest in the country. The combined factors of the long lease commitment, solid tenant credit characteristics, and the fact that Savannah is the sole point of entry for the tenant on the East Coast, made this an attractive investment for the REIT and its shareholders,” says Eric Kaplan, Griffin Capital’s Managing Director of Acquisitions.
The acquisition was consummated under a Section 1031 Exchange with proceeds related to the REIT’s recent sale of DreamWorks Animation’s Headquarters and Studio Campus for $290 million.
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