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Granite Acquires U.S. Portfolio For $122.8M

Granite Acquires U.S. Portfolio For $122.8M
Cincinnati skyline

Toronto’s Granite Real Estate Investment Trust has acquired a U.S. portfolio consisting of three industrial warehouse properties totaling 2.2M SF for US$122.8M. 

Two of the properties are in Monroe, Ohio, about 30 miles north of Cincinnati. Those properties build on Granite's presence in that region's fast-growing e-commerce sector. The third property is in Olive Branch, Mississippi, 27 miles southeast of Memphis. 

The properties, with an average age of less than six years, are 100% occupied, have a flexible design and multiple enhanced features, including excess truck and trailer storage, cross-dock capabilities and 32-foot clear heights.

“Granite has recently increased its focus to thoughtfully deploy its balance sheet and recycle its property portfolio,” Granite CEO Michael Forsayeth said. 

“The acquisition of this U.S. portfolio is a significant step that is consistent with Granite’s strategy to accelerate growth and diversity.”

Closing of the acquisition is expected to take place in October.