July 30, 2013
On July 30, 2013, Granite announced its agreement to acquire an income producing property located in West Chester, Ohio. Granite’s funding for this acquisition will be from a combination of its existing line of credit and cash on hand.
Details about the property are set out below:
8741 Jacquemin Drive – West Chester, OH is a 601,065 square foot Class “A” single-tenant logistics / warehouse facility constructed in 2001. The property will be acquired at a total cost of approximately US$21 million before transaction costs. The acquisition is scheduled to close on or about August 20, 2013, subject to customary closing conditions.
The property is well located within the Cincinnati, OH submarket of West Chester, 50km North-East of the Cincinnati International Airport and 30km North-East from the downtown Cincinnati core. The property is within close proximity to major arterial interstate routes (I-71 East-West, I-74 East-West, and I-75 North-South) and a two hour drive from Louisville, Lexington, Columbus, and Indianapolis. I-75 is a main North-South route from Canada to Florida, connecting Detroit, Cincinnati, Knoxville, Atlanta and Tampa.
- Square feet: 601,065
- Occupancy: 100%
- Age: 12 years
- Clear heights: 38’6”
- Loading type: front-loading
- Dock doors: 42 + 1 Drive in
- Parking spaces: 450 employee + 87 trailer drops
The property is 100% leased to one tenant with a lease term of 10 years.
Granite is not responsible for the contents of this separate linked website.
- Purchase price: approximately US$21 million before transaction costs
- In-going cap rate: 8.00%