Granite Real Estate Investment Trust announced this week that it had purchased a portfolio of three properties from subsidiaries of Ingram Micro Inc. for $68.75 million. While representation or full terms of the deals were not disclosed, Granite did note in a press release that the investment would be funded with the company's line of credit and cash on hand.
The portfolio consists of two logistics distribution facilities in Plainfield, Indiana wit a total of 1,033,520 square feet of space (533,520 and 500,000 respectively), including a total of approximately 140,000 square feet of finished office space; the buildings were constructed in 2009 and 1999. In addition to the two Plainfield buildings, Granite REIT also agreed to purchase 29 acres of adjacent expansion/development land in the AllPoints Midwest Business Park, which provides for up to 585,000 square feet of additional new logistics - industrial space.
"The Indianapolis industrial market is on an absolute tear," commented Jason Tolliver, regional vice president in Cassidy Turley's Indianapolis office. "The traditional drivers of industrial space like housing, manufacturing and warehousing are solid, but the new engine of e-commerce has shifted the market into another gear. As a result, Indianapolis has emerged as one of the strongest markets in the US with some of the largest e-commerce deals completed anywhere in the country."
For more news and information visit Blumberg Capital Partners.
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