Griffin Capital Corporation said on Monday that it has acquired a Tucson facility, currently leased by Aetna Life Insurance Company, from an Aetna subsidiary on behalf of Griffin Capital Essential Asset REIT II, Inc.
The 100,273-square-foot property, which is 100 percent leased to Aetna Life Insurance Company, will be acquired through a sale-leaseback transaction. Terms included the execution of a new 10-year lease on the property, with annual base rental rate increases of 3.0 percent and no termination or contraction options.
The tenant and its affiliates have occupied the property since it was constructed as a build-to-suit in 2001.
"Given the tenant's historic occupancy of and its capital investment into the property …we believe Aetna will continue to find the property and market attractive well into the future," Louis Sohn, Griffin Capital's director of acquisitions, said.
Cushman & Wakefield's Boston office represented the seller, with local support from Cushman's Tucson affiliate, Picor Commercial Real Estate Services.
“This acquisition is an excellent addition to our REIT's institutional-quality portfolio," Griffin Capital Chief Investment Officer Michael Escalante said.
Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio of approximately 26.7 million square feet of space across 29 states, representing approximately $4.6 billion in asset value.