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.





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