... 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.
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