Piedmont Office Realty Trust has sold a Houston office for $48.75 million to Griffin Capital. Griffin acquired the 149,683-square-foot building, which is 100% leased, on behalf of Griffin Capital Essential Asset REIT.
The fundamentals in the commercial real estate space have never been better, and that is doubly true in the retail space, says Milton Cooper, co-founder and co-chairman of Kimco Realty Trust. "There hasn’t been new development for a long time and there isn’t that much space." Retailers, however, need to expand to grow their business.