Griffin Capital has acquired North Mankato, Minnesota-based 3M‘s DeKalb, Ill., distribution facility for $69.4 million from Park 88 Group LLC, according to a press release.
3M leased the 978,000 square foot facility in August for 122 months.
“We are excited to acquire a new, state-of-the-art, class-A logistics facility that serves as a primary distribution center for 3M’s extensive products that are used by business and households on a routine basis throughout the world,” Shawn Carsetens, vice president of acquisitions for Griffin Capital, said in the press release. “Our acquisition of this property reinforces our [real estate investment trust’s] focus on driving shareholder value by investing in income-generating properties leased to well-established corporate tenants on a long-term basis, while utilizing our skills as experienced operators of large commercial properties to maximize returns on each investment.”
For more information on 3M, visit www.3m.com/promote.
