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Granite REIT details C$393M worth of property acquisitions

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Granite REIT details C$393M worth of property acquisitions

Canada-based Granite REIT bought two properties in Indiana and Georgia and is acquiring one property in Dallas for a total of approximately C$393 million.

In Indiana, the company acquired a newly constructed, 496,416-square-foot distribution center at 831 N. Graham Rd. in Greenwood. The property is fully leased to Spreetail, a private e-commerce provider of home and garden consumer goods.

In Georgia, the real estate investment trust bought a 689,400-square-foot distribution center at 100 Clyde Alexander Lane in Savannah. The property is fully leased to Best Choice Products, an e-commerce provider targeting home furnishings, toys and appliances.

In Dallas, the company is acquiring a 2.3 million-square-foot, multi-level e-commerce fulfillment center at 1301 Chalk Hill Rd., with closing expected in the fourth quarter. The newly built property is fully leased to an e-commerce provider for an initial lease term of 20 years.

The REIT also extended and refinanced its US$185 million term loan to Dec. 19, 2024, and entered into a new cross-currency interest-rate swap resulting in Euro-denominated payments at a 0.522% fixed interest rate. The loan was originally scheduled to mature Dec. 19, 2022.

The company also appointed former Prologis Inc. executive Jon Sorg as head of U.S.