FAIRFIELD (dpa-AFX) - Griffin Capital Corp., on behalf of Griffin Capital Net Lease REIT, said Tuesday they are purchasing a manufacturing facility that is fully leased to GE Aviation Systems, part of General Electric Co. (GE). Griffin will acquire the property in the first quarter 2012 for $13.00 million.
The 114,265 square foot property leased to GE Aviation Systems is under a long term triple-net lease guaranteed by GE. The Facility is located in Whippany, New Jersey.
'The acquisition of the GE Aviation Systems Building represents our first major acquisition in the Northeast US, a market we have been targeting for some time for the diversity and resilience of the regional economy,' said Don Pescara, Griffin's Managing Director of Acquisitions.
'This transaction is particularly attractive due to the institutional quality of the building, the amenity-rich neighborhood, and GE's superior tenant credit quality, all in one of the largest metropolitan markets in the country...,' added Pescara.
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