CHARLOTTE, NC—Los Angeles-based Griffin Capital Corp., on behalf of its Griffin Capital Essential Asset REIT, announced the acquisition of a total of two Class A office properties in Charlotte and Largo, FL.
In Charlotte, Griffin acquired The Vanguard Group Southeast Regional Headquarters property, a two-building, approximately 225,000 square foot asset leased for a remaining 10.5-year term to retail mutual fund manager The Vanguard Group.
In Largo, Griffin acquired the Parallon Business Performance Group Operations Center, a recently completed 83,200 square foot office building leased for a remaining 10.5-year term to a subsidiary of healthcare provider HCA Holdings, Inc.
The two acquisitions add to the Griffin Capital Essential Asset REIT’s other Southeastern U.S. properties, including three assets in Atlanta, two in Nashville, and one each in North Carolina and South Carolina.
Griffin Capital’s Managing Director of Acquisitions Don Pescara says, “We have owned properties in the Southeast for decades, but have recently increased our focus on the region due to its attractive pricing relative to coastal gateway cities, its pro-growth business climate, and the attractive prospects for future prosperity. The Parallon acquisition is our first in Florida, and, given the long-term lease, is consistent with our strategy of generating stable cash flow and long-term value from our properties.”
Shawn Carstens, Griffin Capital’s Vice President of Acquisitions, says of the Vanguard Southeastern headquarters purchase, “We are pleased to acquire this well-located, high-quality asset. We love Charlotte–we own United Technologies’ Aerospace division headquarters across the street from the Vanguard building, and may look to buy others in the future if we can find the nexus of value, asset quality and blue chip tenancy that we seek.”
Griffin acquired the Parallon property from Harrod Properties, which was represented by the CBRE Advisory Group in Dallas led by Gary Carr and Eric Mackey. No broker was involved on the Vanguard headquarters as Griffin acquired the property directly from the seller in an off-market transaction.