670K-SF Southern Company Campus Sells

Griffin Capital Essential Asset REIT II Inc. acquired the Colonnade North and South, a two-building, 669,000-square-foot office campus in Birmingham, AL. The El Segundo, CA-based REIT acquired the campus, which is 100% leased to Southern Company Services Inc. (SCS), from Zurich Alternative Asset Management.

The sales price was undisclosed, but Jefferson County assessed the asset, located at 3525 Colonnade Pkwy., off U.S. 280, at $28.3 million. Guy Ponticiello and Bruce Westwood-Booth of CBRE represented the seller.

SCS signed a 28-year, triple-net lease in May 2016 as a consolidation move. As part of the lease, the tenant was allotted capital for tenant improvements. At this time, a renovation of the formerly long-vacant properties is underway, by local firm Hoar Construction.

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