Griffin Capital Corp. has acquired the 3M Company distribution facility located within the Park 88 Business Park in DeKalb, Illinois, on behalf of Griffin Capital Essential Asset REIT II, Inc.
The 978,000-square-foot, Class A distribution warehouse, which sits on a 49.7-acre site, was completed in August 2016 and is leased in its entirety to 3M Company for an initial term of 122 months.
The Property serves as a regional distribution facility for 3M, which has expanded and consolidated its distribution footprint in DeKalb. 3M has been operating in DeKalb since 1985 and this facility will become 3M’s largest distribution center in DeKalb, and among its largest distribution centers nationally. The REIT purchased the Property for approximately $69.4 million from Park 88 Group LLC, which is a joint-venture between Clayco and Venture One Real Estate.
