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Granite REIT buying 4-facility portfolio from Duke Realty for US$232.5M

Canada-based real estate investment trust Granite REIT agreed to acquire a four-building portfolio of single-tenant buildings near Columbus, Ohio, in a US$232.5 million deal.

According to a May 14 report from Columbus Business First, Duke Realty Corp., the developer, is selling the four properties. Duke Realty officials said they were not authorized to talk about the deal, the report noted.

The transaction, subject to customary closing conditions, reflects an in-going stabilized yield of roughly 6.0% and is expected to close in late May.

The modern e-commerce distribution facilities comprising the portfolio have a combined area of approximately 3.8 million square feet on 78 acres of land. The class A buildings are fully occupied, two of which have expansion options of at least 200,000 square feet. The industrial-focused REIT also noted that one of the tenants is in liquidation and may vacate a 743,600-square-foot building.

Granite said it intends to finance the planned purchase using a combination of cash on hand and funds drawn from its unsecured credit facility.