{"id":1004157279,"date":"2016-10-28T05:20:09","date_gmt":"2016-10-28T13:20:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157279"},"modified":"2020-04-30T10:06:34","modified_gmt":"2020-04-30T18:06:34","slug":"griffin-capital-nabs-3m-distribution-center-in-dekalb","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/griffin-capital-nabs-3m-distribution-center-in-dekalb\/","title":{"rendered":"Griffin Capital Nabs 3M Distribution Center in DeKalb"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004157280\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004157280\" data-attachment-id=\"1004157280\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/griffin-capital-nabs-3m-distribution-center-in-dekalb\/3m\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg\" data-orig-size=\"600,344\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3M\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg?w=600\" class=\"wp-image-1004157280 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg\" alt=\"3M Co. distribution center in Dekalb, Ill.\" width=\"300\" height=\"172\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/3M.jpg?resize=300,172 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004157280\" class=\"wp-caption-text\">3M Co. distribution center in Dekalb, Ill.<\/p><\/div>\n<p><strong>Chicago<\/strong>\u2014<a href=\"https:\/\/www.griffincapital.com\/\" target=\"_blank\" rel=\"nofollow\">Griffin Capital Corp.<\/a>\u00a0recently shelled out $69.4 million to acquire the 3M Co. Distribution Facility in DeKalb, Ill., on behalf of Griffin Capital Essential Asset REIT II Inc. The REIT purchased the asset from Park 88 Group LLC, a joint venture between <a href=\"https:\/\/www.claycorp.com\/\" target=\"_blank\" rel=\"nofollow\">Clayco<\/a> and <a href=\"https:\/\/www.ventureonere.com\/\" target=\"_blank\" rel=\"nofollow\">Venture One Real Estate<\/a>.<\/p>\n<p>The single-story, 978,000-square-foot distribution warehouse is situated on a 49.7-acre site within Park 88 Business Park. Completed in August 2016, the property is fully leased to 3M Co. for an initial term of 122 months, and serves as a regional distribution center for the company, which has been operating in DeKalb since 1985. The asset is 3M\u2019s largest <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial\/\" target=\"_blank\">distribution facility<\/a> in DeKalb and one of its largest in the U.S.<\/p>\n<p>\u201cWe are excited to acquire a new, state-of-the-art, Class A logistics facility that serves as a primary distribution center for 3M Co.\u2019s extensive products that are used by businesses and households on a routine basis throughout the world,\u201d Shawn Carstens, Griffin Capital vice president of acquisitions, said in a statement.<\/p>\n<p>\u201cOur acquisition of this property reinforces our REIT\u2019s focus on driving shareholder value by investing in income-generating properties leased to well-established corporate tenants on a long term basis, while utilizing our skills as experienced operators of large commercial properties to maximize returns on each investment,\u201d he added.<\/p>\n<p><em>Image courtesy of Griffin Capital Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company paid $69.4 million to acquire the asset from Clayco and Venture One Real Estate.<\/p>\n","protected":false},"author":192,"featured_media":1004157280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21748,13,21742],"tags":[],"class_list":["post-1004157279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-industrial","category-midwest","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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