Friday, April 13, 2018

Granite Pays $34.8M for 432,000-SF Greencastle Warehouse

Toronto-based Granite REIT (NYSE: GRP.U) acquired a 432,000-square-foot warehouse in Greencastle, PA from a joint venture between Chesapeake Real Estate Group and Atapco Properties. The complex traded for $34.8 million, or about $81 per square foot.

Located within the Antrim Commons Business Park at 181 Antrim Commons Dr., the industrial building was constructed in 2017 and is fully leased to Eldorado Stone for 15 years. The facility also has direct access to the Norfolk Southern rail line and boasts 36-foot clear heights, according to CoStar data.

Recently, Granite also acquired a 597,000-square-foot warehouse in the Indianapolis suburbs for $39.3 million, or about $66 per square foot. Similar to the Greencastle warehouse, the Plainfield, IN facility was built last year and is fully occupied by a single tenant, Geodis.

Granite’s international portfolio consists of more than 30 million square feet of warehouse and logistics space in North American and Europe, according to the REIT’s website.

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