Los Angeles REIT Takes N.J. Property for $13M

NEW JERSEY—Los Angeles, Calif.-based Griffin Capital Net Lease REIT Inc. has purchased a 114,300-sq.-ft. assembly and manufacturing facility in Whippany.

The REIT, which is focused on acquiring institutional-quality, business essential, single-tenant, office and industrial properties net-leased to creditworthy corporate tenants, acquired the property for $13 million.

Currently 100 percent leased to and occupied by GE Aviation Systems LLC, the asset is stabilized by a long-term, triple-net lease guaranteed by GE Aviation's parent, General Electric Company.

Located with easy access to the industrial markets of Northern New Jersey and New York City, the property provides distribution accessibility on both a regional and local basis.

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