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Granite REIT Completes Buy of $246M Portfolio in Midwest, Memphis
Toronto-based Granite Real Estate Investment Trust completed its acquisition of eight income-producing properties in three Midwestern markets and the Memphis area for approximately US$246.1 million. The REIT didn’t disclose the seller or sellers.
Located in the Cincinnati, Columbus and Indianapolis markets as well as Memphis, the eight distribution properties total four million square feet. They’re 100% leased to 11 tenants, with a weighted average lease term of 5.1 years. Seven of the properties closed on June 18 and the eighth acquisition closed on Wednesday.
The properties are located within established business parks and are strategically located near major e-commerce distribution infrastructure. All benefit from access to extensive highway and major air and rail systems, according to Granite.
Granite said the properties were being acquired at an in-going weighted average yield of approximately 5.5%.
Pictured: A property in West Chester, OH from the Granite acquisition.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
