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Griffin Capital Essential Asset REIT II Buys Nike Office Campus for $45.5 Million

June 23, 2016

 

 


Griffin Capital Essential Asset REIT II Buys Nike Office Campus for $45.5 Million

Jun 23 2016 | by DI Wire

Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased a four-building, class B office campus, in the Portland suburb of Hillsboro, Oregon for $45.5 million, plus closing costs. The property is leased in its entirety to Nike Inc., a designer and seller of athletic footwear, apparel, equipment and services.

The Nike property consists of three one-story buildings and one two-story building totaling approximately 266,840 square feet on nearly 23 acres of land. It is located 13 miles west of Portland and 5 miles northwest of Nike’s World Headquarters Campus in Beaverton, Oregon.

Nike utilizes the property as a technology campus, housing employees focused on a variety of technology-related functions. They have occupied the property since 2008 and has invested significant capital towards improvements. Nike’s lease is triple net with a remaining term of 4.6 years.

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Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.