Los Angeles-based Griffin Capital recently purchased the DPR Construction Inc. headquarters building in Redwood City, Calif., for $24 million.
DPR’s founding shareholders sold the three-story, 53,000-square-foot property, located at 1450 Veterans Blvd., and leased back the space on a long-term, triple-net lease.
Griffin Capital acquired the asset on behalf of 27 individual tenant-in-common investors, all of whom were completing an I.R.S. 1031 tax-deferred exchange.
DPR constructed the building in 2000.