New Griffin REIT Grabs MGM Campus
- Jun 17, 2015
As Las Vegas’ residential market continues its climb from the recession, the city’s office market is also continuing to improve. Griffin Capital Essential Asset REIT II, launched last year by Griffin Capital Corp., recently completed the $30.3 million purchase of a fully leased office property in the Las Vegas market, the non-traded REIT’s seventh addition to its portfolio and its first in the state of Nevada.
Known as MGM Corporate Park, the three-building, 168,250-square-foot campus is fully occupied by MGM Resorts International under a long-term lease. According to Griffin Capital, MGM is committed to the property for the next nine years.
The property was previously owned by a venture between CIP Real Estate and funds managed by Oaktree Capital Management. It is located in the vicinity of the Hughes Airport Center and McCarran International Airport. The three buildings accommodate a number of corporate functions, including human resources and training, while the company maintains its executive offices at the Bellagio resort on the Las Vegas Strip.