Griffin Capital Nabs 3M Distribution Center in DeKalb
October 28, 2016 | by Ioana Neamt | Commercial Property Executive
Chicago—Griffin Capital Corp. recently shelled out $69.4 million to acquire the 3M Co. Distribution Facility in DeKalb, Ill., on behalf of Griffin Capital Essential Asset REIT II Inc. The REIT purchased the asset from Park 88 Group LLC, a joint venture between Clayco and Venture One Real Estate.
The single-story, 978,000-square-foot distribution warehouse is situated on a 49.7-acre site within Park 88 Business Park. Completed in August 2016, the property is fully leased to 3M Co. for an initial term of 122 months, and serves as a regional distribution center for the company, which has been operating in DeKalb since 1985. The asset is 3M’s largest distribution facility in DeKalb and one of its largest in the U.S.
The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.