SYLMAR, CA-GC Net Lease REIT Inc., a non-traded REIT sponsored by El Segundo-based Griffin Capital Corp., has acquired a 35,785-square-foot office building at 12669 Encinitas Blvd. here that is fully leased by ITT Educational Services Inc. GC paid $7.8 million for the property and acquired it at a cap rate of 9.76%, according to public filings by the REIT.

Kevin Shields, president of GC Net Lease and CEO of Griffin Capital, says that the cap rate offers the REIT and its investors “a very competitive risk-adjusted return, especially for a property located in the highly liquid and dynamic Los Angeles marketplace.” Shields notes that the lease term extends 11 years, including a fixed-rate extension option, and the triple-net lease structure “provides the REIT a stable cash flow with a measure of inflation protection.”

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