Granite REIT Nabs South Dallas Industrial Portfolio

Granite Real Estate Investment Trust — Granite REIT — has plans to acquire two industrial assets in Dallas’ southern sector. When the deal with Blackstone Real Estate Partners VIII LP (formerly Grammercy Property Trust) closes in Q1 2019, the Canadian buyer will own two assets totaling just over one million square feet.

201 Sunridge Blvd. in Wilmer, TX, is 100% leased to Unilever, which has a remaining lease term of 9.5 years. The 822,550-square-foot property delivered in 2008, and is situated on 53.4 acres. Additional land can support expansion of up to 250,000 square feet.

The REIT also acquired a three-building, 196,366-square-foot property at 3501 N. Lancaster Hutchins Rd. in Hutchins, TX. The buildings are leased to auto auction company ADESA, which has a remaining lease term of 10.4 years.

Outside of Texas, the buyer recently closed on 120 Velocity Way, a 721,050-square-foot e-commerce center in Shepherdsville, KY. The REIT, headquartered in Toronto, paid $173.3 million for all three properties.

Pictured: 201 Sunridge Blvd., Wilmer, TX

Connect Houston is just around the corner! For more information — or to attend — click here.

For comments, questions or concerns, please contact Amy Sorter