December 22, 2014

On December 22, 2014, Granite announced its agreement to acquire two income producing properties, and a land parcel for future development, located in Plainfield, Indiana, for US$68.75 million. Granite’s funding for this acquisition will be from a combination of its existing line of credit and cash on hand.

Details about these properties are set out below:

  • 501 Airtech Parkway is a 500,000 square foot Class “A” single-tenant logistics warehouse facility built in 1999
  • 1451 Allpoints Court is a 533,520 square foot Class “A” single-tenant logistics warehouse facility built in 2009
  • Development land parcel is a 29.8 acre site adjacent to 1451 Allpoints Court, and can accommodate an expansion project of up to 585,000 square feet of GLA

All three properties are scheduled to close simultaneously on or about December 30, 2014, subject to customary closing conditions.

Location

These properties are all located in the Plainfield submarket of the greater Indianapolis industrial market, immediately adjacent to the Indianapolis International Airport, and 15km west of the downtown core of Indianapolis.

The City of Indianapolis is:

  • the  12th largest industrial market in the U.S.;
  • the 9th largest market for logistics uses;
  • strategically located for distribution throughout the US, within 1 day’s drive of 80% of the population in North America.

Indianapolis

Property Profiles

 

501 Airtech Parkway

1451 Allpoints Court

Development Land

Year Built

1999

2009

GLA (SqFt)

500,000

533,520

Office % of GLA

21%

7%

Occupancy

100%

100%

Clear Heights

28’

32’

Loading Type

Cross-dock

Cross-dock

Dock Doors

25

54 + 2 drive-in

Parking Spaces

678 car / 8 trailer

357 car / 54 trailer

Site Area

34.9ac

35.8ac

29.8ac

 

Leasing

The two income-producing properties are 100% leased to Ingram Micro (Moody’s rating Baa3) for a lease term of 10 years.
Granite is not responsible for the contents of this separate linked website:

Portfolio Purchase Price: US$68.75 million before transaction costs

Initial Cap Rate on Income-Producing Properties: 6.5%

Plainfield