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More on the WM Deal

More on the WM Deal

Cali-based Griffin Capital Essential Asset REIT has offered a little more detail on its January acquisition of the Waste Management office building in Northgate Corporate Centre. The REIT purchased the 132k SF property—leased entirely to waste disposal and recycling company—for nearly $23M and at a nearly 9% cap, according to SEC filings. What's more: Waste Management drafted a 10-year lease with Griffin (expiring in 2023), paying almost $2.9M in rent annually. (We wonder how much of that is paid by money we've accidentally thrown out with the kitchen trash.)