Rapiscan Systems | Office/R&D Building

Property Description

Rapiscan Systems, Inc. (“Rapiscan” or “Tenant”) leases 100% of the 64,200-square-foot, two-story office/R&D building (the “Property”) located in Andover, Massachusetts approximately 20 miles northwest of Boston. The Tenant develops and manufactures security screening and threat detection solutions for aviation, critical infrastructure, customs and border protection, defense, event security, ports, and law enforcement markets. Rapiscan is a wholly-owned subsidiary of OSI Systems, Inc. – the parent company and guarantor of the lease. Headquartered in Hawthorne, California, OSI Systems, Inc. is a global developer, manufacturer and seller of security and inspection products, medical devices, and optoelectronic-based components, and is also a provider of engineering and manufacturing services. Per the terms of the lease, the Tenant reimburses all operating expenses and the annual amortized costs of any capital expenditure over the respective useful life of the expenditure in accordance with GAAP.

Business Essential Attributes

This is an essential facility for the Tenant as it is a key location for the assembly, testing and shipment of trace products, which are used to detect small amounts of chemicals (explosives/drugs) at airports and other security-critical facilities (e.g. nuclear power plants). The R&D/flexible nature of the Property coupled with dock access on both floors provide the Tenant ample flexibility to perform numerous functions on-site and on each floor. These functions include testing, research, shipment, design and collaboration, among others. The impetus for being located at the Property is the Tenant’s need and desire to maintain its skilled employees (60-70% of current employees are scientists and engineers which are key intellectual capital for the Tenant’s business) and stay connected to the robust talent pool in the area.

Additional Property Information

The Property’s location along over 300 feet of frontage on Interstate 93 provides for great visibility, signage and access. The Property is within close proximity to major highways and primary thoroughfares, including the I-495/I-93 interchange, the I-93/Route 128 interchange, as well as Routes 133 and 28. This highway proximity provides the Tenant access to skilled labor pools in both Massachusetts and New Hampshire. Other corporations, also attracted to this labor pool, who have located near the Property, include Raytheon, Compaq, Procter & Gamble, Mayo Medical and more.

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Rapiscan Systems | Office/R&D Building

Andover, MA

PROPERTY AT A GLANCE

Property Profile
Property Type:
Two-Story Office/R&D
Square Footage: 64,200
Leased: 100%
Lease Expiration: May 31, 2027
Renewal Option(s): 
Two (2), five (5)-year options at the greater of fair market value and rent during the last year of the initial term
AVG. Rent Increase(s): 2.5% per annum
Tenant: Rapiscan Systems
Parent/Guarantor: OSI Systems, Inc. (Nasdaq: OSIS)
Website: www.rapiscansystems.com

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THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT II, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we must depend on our advisor to conduct our operations; we will pay substantial fees and expenses to our advisor; there are substantial conflicts of interest among us and our sponsor, advisor, dealer manager and property manager; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital. 

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Please Accept

The Griffin Capital Essential Asset REIT II, Inc. website is available for use subject to its Terms and Conditions and our Privacy Policy. Please click on the highlighted terms to review these. To review a summary of the risk factors related to an investment in the Griffin Capital Essential Asset REIT II, Inc. program  click here.

This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT II, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we must depend on our advisor to conduct our operations; we will pay substantial fees and expenses to our advisor; there are substantial conflicts of interest among us and our sponsor, advisor, dealer manager and property manager; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital.