 |
| Kevin MacKenzie |
IRVINE, CA – HFF announced today that it has arranged
$110.64 million in financing for a five-property office and industrial
portfolio totaling 889,805 square feet in New Jersey, North Carolina, Ohio,
Texas, and Arizona.
HFF
worked exclusively on behalf of Griffin Capital Corporation and five
single-purpose borrowing entities, wholly owned by the operating partnership of
Griffin Capital Essential Asset REIT, Inc., to arrange the 15-year, 4.96
percent, non-recourse, fixed-rate loan through two life companies.
Loan proceeds were used to pay down an existing credit
facility and secure long-term fixed-rate financing at approximately 60 percent
loan-to-value.
The portfolio is cross-collateralized, cross-defaulted, and
substantially leased to investment-grade or investment-grade quality tenants
with staggered lease expirations.
Individual property details are listed below:
 |
| John Chun |
Name Tenant Location Size
Verizon Building Cellco Partnership
(dba Warren, NJ 210,524 SF Verizon
Wireless)
UTC Building United Technologies
Corp. Charlotte, NC 198,898 SF
Northrop Building Northrop
Grumman Systems Corp. Beavercreek, OH 99,246
SF
Schlumberger
Building Schlumberger Technology Corp. Houston, TX
149,683 SF
 |
| Stephen Skok |
Avnet Building Avnet,
Inc. Chandler, AZ 231,454 SF
The
HFF team representing the borrower was led by senior managing director Kevin
MacKenzie and director John Chun, along with regional support from
managing directors Stephen Skok and Tucker Knight and director Michael
Klein.
“The
strong sponsorship, quality of the assets, and the credit of the tenants made
this an attractive opportunity to the debt markets.
 |
| Tucker Knight |
“By utilizing these merits through an extensive marketing
process, we were able to identify the best solution for the portfolio including
the necessary flexibility to achieve Griffin’s business plan,” said MacKenzie.
“We are pleased to have completed this long-term, fixed-rate
secured debt transaction with the lender,” said Joseph E. Miller, chief
financial officer of Griffin Capital Corporation, the sponsor of Griffin
Capital Essential Asset REIT, Inc.
 |
| Michael KLein |
“With this financing
transaction, we reduced our short-term, secured debt obligations and lengthened
our debt maturities to more closely align with our weighted average lease
duration.”
Griffin Capital Corporation ("Griffin Capital") is
a privately‐owned real estate investment company headquartered in Los Angeles.
 |
| Joseph E. Miller |
Led by senior executives, each with more than two decades of
real estate experience collectively encompassing more than $16 billion of
transaction value and more than 650 transactions, Griffin Capital and its
affiliates have acquired or constructed more than 28 million square feet of space since 1995.
Griffin Capital and its affiliates currently own, manage,
sponsor and/or co-sponsor a portfolio consisting of more than 26 million square
feet of space, located in 32 states and representing approximately $4.7 billion
in asset value.
Additional information about Griffin Capital is available at
www.griffincapital.com.
For a complete
copy of the company’s news release, please contact:
Kristen
M. Murphy
Associate
Director
HFF |
One Post Office Square, Suite 3500 | Boston, MA 02109
tel
(main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com
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