Las Vegas –Colliers International Las Vegas represented Panattoni Development Company on a $66.5 million office facility sale to Griffin Capital Essential Asset REIT II, Inc. The Class “A”, three-story, 222,268 square-foot office property is fully leased to IGT and guaranteed by the tenant’s parent company, International Game Technology PLC. IGT has occupied the facility since it was constructed as a build-to-suit in 2008. The sale was represented by Susan Borst, CCIM, SIOR, Dan Doherty, SIOR, Taber Thill, SIOR, Ryan Martin, CCIM, SIOR, Patti Dillon, Chris Lane, and Jerry Doty of Colliers International. In November 2015, the Colliers team represented both IGT and Panattoni Development Company on a 15-year triple net lease of the asset. The team continues to hold the listing for the lease of the remaining available industrial and office space on the campus (±378,610 square feet).
Commenting on the acquisition, Michael Escalante, Griffin Capital’s Chief Investment Officer and President of the REIT, said, “The IGT asset meets the REIT’s criteria of investing in business essential, institutional-quality properties leased to corporate tenants with healthy credit dynamics on a long-term basis. Given those characteristics, this acquisition is an excellent addition to our REIT’s portfolio and we are pleased to welcome this market leader in the gaming machine industry to our roster of tenants.”
According to Susan Borst of the Colliers’ team, “The sale of the IGT building was a great opportunity for all parties involved. Griffin Capital made a great strategic move by acquiring this trophy asset, particularly given its premier location and high-image tenant in IGT.”
Doug Roberts, President of Panattoni Development says of the sale, “This transaction will serve both Panattoni Development and Griffin Capital well. The property is a great fit for a long term investor’s portfolio. We will continue work on the remaining portion of the property including more than 370,000 square feet of industrial and office product and look forward to working toward the continued progression of a great project.”
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