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Granite REIT Acquires 3.8M-SF Ohio Portfolio for $233M
Toronto, Canada-based Granite Real Estate Investment Trust is acquiring a portfolio of four Class A, single-tenanted buildings totaling more than 3.8 million square feet on 78 acres of land near Columbus, OH for $232.5 million. The buildings are modern e-commerce distribution facilities with an average age of roughly seven years, and the single tenanted assets are currently 100% occupied.
Granite’s Michael Forsayeth says, “This acquisition will be immediately accretive to funds from operations and adjusted funds from operations, and is another strategic milestone in Granite’s transformation from a largely single tenanted REIT to a broadly-tenanted, globally-diversified industrial real estate business.”
The properties are located in West Jefferson, which is roughly 20 miles west of Columbus and include:
– 15 Commerce Parkway, 1.3 million square feet
– 100 Enterprise Parkway (pictured), 1.2 million square feet
– 115 Enterprise Parkway, 743,600 square feet
– 10 Enterprise Parkway, 534,040 square feet
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
