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Griffin Capital pays $60M to acquire Lakeland, Fla., distribution warehouse

Office-focused real estate investment trust Griffin Capital Essential Asset REIT Inc. bought a single-story, class A distribution warehouse in Lakeland, Fla., for $59.6 million, plus closing costs.

The asset has a 4.85% initial capitalization rate on its year-one income.

The deal was carried out, as part of a 1031 Exchange, through proceeds from the $290 million sale of the DreamWorks Animation's Headquarters and Studio Campus in Glendale, Calif.

PepsiCo Inc. unit Quaker Sales & Distribution Inc. fully occupies the 605,412-square-foot property that is within the 112-acre CenterState Logistics Park.

Griffin also noted that Quaker, which has approximately 10.4 years remaining on its triple-net lease ending July 31, 2028, has a one-time option to request Griffin Capital to construct a roughly 120,000-square-foot expansion of the property.

The lease agreement further entails annual base rental rate increases of 2.25% for the remainder of the contract, along with two five-year renewal options.