News
Comcast Bought NBC... But Look Who Bought Comcast
January 24, 2013
... well, Comcast's building, at least. California CRE investor Griffin Capital Corp has snapped uptheDenver office of Comcast Cable Holdings.
Griffin paid $27M forthe 157k SF office building at 5800 S Quebec St in Greenwood Village,via its Griffin Capital Net Lease REIT. That's a hefty $172/SF but could be a steal for Griffin, since Comcast has it fully leased through 2021 (with the right to extend for another 10 years). Griffin picked up the property at an 8.06% cap rate. SEC documents show 3.3% average annual net rental rate increases andComcast's rents rising from $14 this year to $17.50 at the end of its lease. Griffin drew down $16.2M in debt with KeyBank National Association to help fund the purchase.
