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Griffin Capital Essential Asset REIT II pays $131.6M for 2 Ala. buildings

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Griffin Capital Essential Asset REIT II pays $131.6M for 2 Ala. buildings

Griffin Capital Essential Asset REIT II Inc. purchased a two-building property encompassing 669,440 square feet on 19.8 acres in Birmingham, Ala., for about $131.6 million.

The property, which is fully leased to Southern Co. Services Inc., comprises an approximately 410,480-square-foot nine-story office building and a 258,960-square-foot seven-story office building. The Southern Co. lease is an absolute triple-net lease with a 27.3-year remaining term upon Griffin Capital's acquisition, expiring in March 2044.

The company used proceeds from its public offering and a draw of $85 million pursuant to its revolving credit facility to fund the acquisition.