Granite REIT buys 454K warehouse as industrial demand surges

Deal for Antioch Corporate Center part of $195M portfolio purchase

Chicago /
Sep.September 29, 2021 10:06 AM

Granite REIT has acquired the 454,000-square-foot Antioch Corporate Center for its new warehouse (Granite REIT)

Chicago-area industrial real estate investors are clamoring for more distribution centers and warehouses, with demand fueled in large part by the continued strength of e-commerce.

In the latest deal, real estate investment trust Granite acquired a 454,000-square-foot facility in suburban Antioch as part of a $195 million, four-building portfolio purchase. Antioch Corporate Center is located at 1243 Gregory Drive.

Granite also acquired a 675,000-square-foot facility in Cincinnati and two complexes totaling 1.3 million square feet in Memphis, Tennessee.

The seller is IDI Logistics. All four properties are fully leased, according to Colliers, which represented IDI in the deal. IDI declined to comment and Granite did not respond to a request for comment.

Granite owns 84 industrial properties in the U.S., including five in Illinois, totaling 1.7 million square feet, according to the website. The firm acquires and develops industrial properties in North America and Europe.

In Chicago, industrial investment sales totaled $1.52 billion through June, on track to rocket past last year’s $2.13 billion in sales, according to data from Commercial Edge. Across the city, industrial tenants signed 173 leases for 15.4 million square feet between April and June, a quarterly record.





    Related Articles

    arrow_forward_ios
    Henry Kravis, co-founder and co-executive chairman, KKR (KKR); and Logistics Property In Suburban Chicago area (Crow Holdings)
    KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
    KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
    Duke Realty buys still more Chicago property, expanding to suburbs
    Duke Realty buys still more Chicago property, expanding to suburbs
    Duke Realty buys still more Chicago property, expanding to suburbs
    Tinley Park Corporate Center at 18801 Oak Park Avenue, Blackstone CEO Stephen Schwarzman and Exeter Property Group CEO Edward Fitzgerald (Lee & Associates, Getty, Ehlers-Danlos Society)
    Blackstone sells suburban Chicago industrial space
    Blackstone sells suburban Chicago industrial space
    (iStock)
    Chicago industrial rent at all-time high as vacancies drop
    Chicago industrial rent at all-time high as vacancies drop
    Investor duo snaps up eight-property industrial portfolio
    Investor duo snaps up eight-property industrial portfolio
    Investor duo snaps up eight-property industrial portfolio
    Amazon founder Jeff Bezos and an aerial of 1260 North Kostner Avenue (Getty, Google Maps)
    Amazon faces local opposition to warehouse in Chicago’s West Humboldt Park
    Amazon faces local opposition to warehouse in Chicago’s West Humboldt Park
    Blackstone gets $690M financing for 44 industrial properties
    Blackstone gets $690M financing for 44 industrial properties
    Blackstone gets $690M financing for 44 industrial properties
    Brookfield Properties buys two Chicago industrial buildings for $24.4M
    Brookfield Properties buys two Chicago industrial buildings for $24.4M
    Brookfield Properties buys two Chicago industrial buildings for $24.4M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...