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Griffin Trust Buys Two Midwest Offices for $33 Million

BEAVERCREEK, OH-Griffin Capital Net Lease REIT Inc. has purchased two office buildings in the Midwest for $32.6 million.

The trust bought a recently built three-story office building here that is currently leased to Northrop Grumman Systems Corp. for $17 million. The tenant consolidated three existing facilities into the complex. The property is next to Wright-Patterson Air Force Base, the largest Air Force Base in the United States and the largest single-site employer in the state of

The Griffin trust also purchased the North American corporate headquarters of Zeller Plastik USA in Libertyville, Ill. for $15.6 million. The Plastik property is a 194,000-square-foot single-story manufacturing and warehouse facility leased to Zeller, a producer of plastic closures and packaging components for food, beauty and beverage products for companies such as PepsiCo, Proctor & Gamble and Clorox. The complex is within the Lincoln Commerce Center business park.

David Rupert, president of the trust, said Griffin likes to buy properties, in the Midwest “due to the broadly diversified economy, strong manufacturing base and distribution warehouse infrastructure, but what really attracted us to these two opportunities is the strength of the tenants and how essential the properties are to each tenant's businesses."

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