October 15, 2019 Comments Off on Griffin Divests FedEx Truck Terminal in Ohio Views: 291 Chicago News, Midwest News

Griffin Divests FedEx Truck Terminal in Ohio

Griffin Capital Essential Asset REIT sold a 160,410-square-foot truck terminal at 10 Commerce Pkwy., West Jefferson, OH for $30.3 million. The REIT didn’t identify the buyer. Separately, Sealy & Company said it acquired the property, occupied by FedEx Freight, in an off-market transaction.

Michael Escalante, Griffin Capital Essential Asset REIT’s CEO, said, “Well-located, state-of-the-art logistics assets like 10 Commerce Pkwy. continue to be highly sought after in the current industrial market. We were pleased to exceed our return expectations through the sale of the property.” The REIT acquired the property in 2015. At 252 doors, it is one of the nation’s largest truck terminals.

At Sealy, CIO Scott Sealy Jr. said, “The scale of this facility is truly one of a kind, and our investment at 10 Commerce will provide our investors with long-term stable cashflow that is backed by investment-grade credit and pairs well with many of our recent acquisitions.”

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