Griffin Capital Pays $35M for North Carolina Asset

The Winston-Salem industrial property serves as a distribution facility for PepsiCo products.
390 Business Park Drive. Image courtesy of Griffin Capital Essential Asset REIT

Griffin Capital Essential Asset REIT has acquired a 526,320-square-foot industrial property in Winston-Salem, N.C., for $34.9 million. The REIT purchased the asset as part of a 1031 exchange from PBV Logistics Center LLC, a subsidiary of Phoenix-based Tratt Properties.

Located at 390 Business Park Drive, the facility is fully occupied by Pepsi Bottling Ventures, a joint venture between Suntory Beverage & Food Ltd. and PepsiCo Inc. The tenant has 12.5 years remaining on its net lease. The building serves as a distribution center for PepsiCo goods and a production center for Aquafina purified water products. The property is within 10 miles of downtown Winston-Salem and 20 miles of Piedmont Triad International Airport. 

In late 2019, GCEAR sold a 151,300-square-foot office building in El Segundo, Calif., for $63.5 million. The company had owned 2160 Grand since 2014 when it acquired the property from a foreign investor for $52.7 million. As of December 2019, the REIT’s portfolio consisted of 122 assets totaling some 27 million rentable square feet of office and industrial space, with a total REIT value of approximately $4.7 billion.