Griffin Capital Essential Asset REIT (GCEAR) recently announced the completion of its previously announced merger with Cole Office & Industrial REIT Inc. (CCIT), whereby GCEAR acquired CCIT II in a stock-for-stock transaction valued at $1.2 billion.
The transaction combines two portfolios of corporate office and industrial properties. After completion of the merger, the company’s portfolio consists of 123 properties with a total asset value of $5.8 billion.
GCEAR recently announced its fourth quarter 2020 results, with total revenue of approximately $96.3 million, a decline of $13.5 million compared to the same quarter last year.
Michael J. Escalante, GCEAR’s CEO, stated, “We were pleased with our fourth-quarter and full-year results in light of the significant economic disruption caused by the COVID-19 pandemic. We collected nearly 100 percent of contractual rent due throughout the year, a testament to how our focus on high-quality tenants provides
