Granite Buys 1 MSF Greater Atlanta-Area Industrial Facility
The REIT also upsized its credit facility to $1 billion and extended its maturity date by five years.
3090 State Highway 42. Image courtesy of Granite Real Estate Investment Trust
Granite Real Estate Investment Trust has acquired a 1 million-square-foot industrial facility in Locust Grove, Ga., for roughly $68.5 million and at an in-going yield of 3.8 percent. CommercialEdge data shows the property was, until recently, owned by an entity affiliated with Scannell Properties.
Located at 3090 State Highway 42 on an 85.6-acre site, the asset is adjacent to Interstate 75, less than 30 miles from Hartsfield-Jackson Atlanta International Airport and a little over 40 miles from Norfolk Southern Intermodal Yard. Completed last year, the property is 75 percent leased to Radial Inc., a company that has a remaining lease term of 7.6 years, subject to contractual annual rent increases. The facility features 40-foot clear heights and has excess land that can accommodate an expansion of roughly 300,000 square feet.
In addition, Granite has also amended its unsecured revolving credit facility to extend the maturity date to end of March 2026 and doubled the limit to $1 billion. Granit is just one of several industrial REITs that have increased their liquidity through the refinancing of credit facilities since the onset of the pandemic. Both Duke Realty and First Industrial Realty expanded their borrowing capabilities to better manage and grow their portfolios.
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