{"id":1004519593,"date":"2021-04-01T04:12:06","date_gmt":"2021-04-01T12:12:06","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004519593"},"modified":"2021-08-31T01:43:01","modified_gmt":"2021-08-31T09:43:01","slug":"granite-buys-1-msf-greater-atlanta-area-industrial-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/granite-buys-1-msf-greater-atlanta-area-industrial-facility\/","title":{"rendered":"Granite Buys 1 MSF Greater Atlanta-Area Industrial Facility"},"content":{"rendered":"
\"\"<\/a>

3090 State Highway 42. Image courtesy of Granite Real Estate Investment Trust<\/em><\/p><\/div>\n

Granite Real Estate Investment Trust has acquired a 1 million-square-foot industrial facility in Locust Grove, Ga., for roughly $68.5 million and at an in-going yield of 3.8 percent. CommercialEdge data shows the property was, until recently, owned by an entity affiliated with Scannell Properties.<\/p>\n

Located at 3090 State Highway 42 on an 85.6-acre site, the asset is adjacent to Interstate 75, less than 30 miles from Hartsfield-Jackson Atlanta International Airport and a little over 40 miles from Norfolk Southern Intermodal Yard. Completed last year, the property is 75 percent leased to Radial Inc., a company that has a remaining lease term of 7.6 years, subject to contractual annual rent increases. The facility features 40-foot clear heights and has excess land that can accommodate an expansion of roughly 300,000 square feet.   <\/p>\n

In addition, Granite has also amended its unsecured revolving credit facility to extend the maturity date to end of March 2026 and doubled the limit to $1 billion. Granit is just one of several industrial REITs that have increased their liquidity through the refinancing of credit facilities since the onset of the pandemic. Both Duke Realty<\/a> and First Industrial Realty expanded their borrowing capabilities to better manage and grow their portfolios.       <\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT also upsized its credit facility to $1 billion and extended its maturity date by five years. <\/p>\n","protected":false},"author":748,"featured_media":1004528655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21825,21748,21783,21742],"tags":[40348,38524,38446],"class_list":["post-1004519593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-finance","category-industrial","category-investment","category-latest","tag-granite-real-estate-investment-trust","tag-hartsfield-jackson-atlanta-international-airport","tag-scannell-properties"],"acf":[],"yoast_head":"\nGranite Buys 1 MSF Greater Atlanta-Area Industrial Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/granite-buys-1-msf-greater-atlanta-area-industrial-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Granite Buys 1 MSF Greater Atlanta-Area Industrial Facility\" \/>\n<meta property=\"og:description\" content=\"The REIT also upsized its credit facility to $1 billion and extended its maturity date by five years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/granite-buys-1-msf-greater-atlanta-area-industrial-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-01T12:12:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-31T09:43:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/3090-State-Highway-42-e1617275013538.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"861\" \/>\n\t<meta property=\"og:image:height\" content=\"645\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/granite-buys-1-msf-greater-atlanta-area-industrial-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/granite-buys-1-msf-greater-atlanta-area-industrial-facility\/\",\"name\":\"Granite Buys 1 MSF Greater Atlanta-Area Industrial Facility - 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