Griffin Capital Essential Asset REIT has sold a 206,917-square-foot office property located at 450 American St., Simi Valley, Calif., for $30 million.
The property is 100 percent leased to Bank of America (BofA).
Griffin Capital acquired the property in August 2015 along with a nearby property, also leased in its entirety to BofA, which was sold in June 2020 for $24.5 million.
Michael Escalante, CEO of Griffin Capital, stated, “We are pleased with our execution on both of our Simi Valley properties, which generated strong cash flows for the company over our holding period. By selling these assets, we were able to lock-in attractive pricing and free up capital which we plan to use to enhance our balance sheet and fund accretive internal and external growth opportunities.”
