EL SEGUNDO, Calif., April 26, 2017 (GLOBE NEWSWIRE) -- Griffin Capital Company, LLC, (“Griffin Capital”) sponsor of the tenant-in-common (“TIC”) ownership platform of 1450 Veterans Boulevard (“1450 Veterans”) in Redwood City, California, announced its sale to Rees Properties for approximately $32 million. 1450 Veterans serves as headquarters for the prominent global design-build firm, DPR Construction. The investment's 10.63% internal rate of return exceeded Griffin Capital's projections submitted to investors in the original underwriting.
Michael Escalante, Chief Investment Officer at Griffin Capital Company, said, “The success of our investment in 1450 Veterans Boulevard demonstrates our industry-leading capabilities to acquire, operate and selectively divest real estate assets to maximize investor returns. Many properties acquired in the 2006-2007 timeframe, before the global financial crisis, faced challenges, but we are pleased that a combination of our high quality tenancy, building quality and desirable location in the robust San Francisco Peninsula market combined to generate a strong return for our investors. Given their scarcity, we were reluctant to sell such high quality property, but recognizing when to divest is part of being a disciplined investor, so we seized the opportunity.
Griffin Capital distributed over $15.5 million to the 28 TIC investors on their investment of approximately $11.4 million, resulting in over $4 million in profits.
About Griffin Capital Company, LLC
Griffin Capital Company, LLC (f/k/a Griffin Capital Corporation) (“Griffin Capital”), is a privately held, Los Angeles headquartered investment and asset management company with a 22-year track record sponsoring real estate investment vehicles and managing institutional capital. Led by senior executives each with over two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 58.4 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42 million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.8 billion* in asset value, based on purchase price, as of March 31, 2017. Additional information about Griffin Capital is available at www.griffincapital.com.
*Includes the property information related to interests held in certain joint ventures.
Jennifer Nahas Vice President, Marketing Griffin Capital Company, LLC 949-270-9332 firstname.lastname@example.org Matthew Griffes / Chris Clemens Haven Tower Group LLC 424 652 6520, ext. 103 / 424 652 6520, ext 102 email@example.com or firstname.lastname@example.org