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Granite Announces Three Acquisitions in the United States
Granite Announces Three Acquisitions in the United States Canada NewsWire TORONT...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Announces Three Acquisitions in the United States\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 6, 2019\n\n\n\nTORONTO, Feb. 6, 2019 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has agreed to acquire two properties and has acquired a third property in the United States collectively comprising approximately 1.7 million square feet (\"SF\") at a purchase price of USD 173.3 million, representing a current in-going yield of approximately 6.0% (the \"Acquisitions\"). The properties are located in key logistics markets and are 100% leased to creditworthy tenants with a weighted average lease term of 7.7 years.\nLouisville Acquisition \nGranite acquired 120 Velocity Way, a 721,050 SF, 36-foot clear height e-commerce fulfillment centre situated on 41.6 acres of land in Shepherdsville, Kentucky. The state-of-the-art facility was completed in 2018 and is 100% leased to Jet.com, a Walmart e-commerce subsidiary, for a remaining lease term of 4.8 years. This acquisition closed on December 3, 2018. \nThe property is well located within the Bullitt County submarket of Louisville, providing access to approximately 65% of the US population within a day's drive. The property offers exceptional access to Interstate 65 and proximity to the Louisville International Airport and Worldport, UPS' largest worldwide air hub.\n\n\nDallas Acquisitions \n201 Sunridge BoulevardGranite has agreed to acquire 201 Sunridge Blvd., an 822,550 SF, 30-foot clear height distribution centre situated on 53.4 acres of land in Wilmer, Texas. Constructed in 2008, the property is 100% leased to a subsidiary of Unilever for a remaining lease term of 9.5 years. The acquisition is subject to customary closing conditions and is expected to close in the first quarter of 2019.\nThe property is located within the southeast Dallas-Fort Worth industrial market, less than 15 miles from downtown Dallas and approximately three miles from the Union Pacific Dallas Intermodal Terminal.  The excess lan...