Granite Real Estate Investment Trust has completed its acquisition of a 3.8-million-square-foot portfolio of four warehouse and logistics properties near Columbus, OH at a purchase price of $232.5 million. The agreement to acquire the portfolio was revealed earlier this month.
In addition, Granite revealed that it would facilitate an intended expansion of approximately 300,000 square feet, Granite will invest an incremental $18.75 million covering all construction costs, leasing commissions and tenant incentives. The intended expansion would increase the overall portfolio weighted average lease term to 7.6 years.
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns 90 rental income properties representing approximately 34 million square feet of leasable area.
As The REIT Wire previously reported, the firm’s Michael Forsayeth, CEO, will retire effective September 30, 2018. Forsayeth will remain in his role as Chief Executive Officer until a successor is appointed and will remain with Granite through that date to ensure a smooth transition.
Additionally, the company’s board started a comprehensive search to identify a successor for Forsayeth who will lead the continued thoughtful deployment of Granite’s balance sheet to accelerate the growth and diversification of its investment property portfolio.