Colliers’ Midwest Industrial Investment team of Jeff Devine, Steve Disse, Tyler Ziebel and Alex Cantu, supported by regional Colliers professionals, led the disposition efforts of a 2.4-million-square-foot, four building industrial portfolio on behalf of IDI Logistics. The portfolio was acquired by Canadian-based Granite REIT.
Jon Sorg, senior vice president and head of U.S. at Granite said, “These high-quality assets are a strategic fit to our business and will generate value for our investors and stakeholders.”
The four assets are located in Chicago, Memphis and Cincinnati—three of the strongest macro logistics locations in the central United States.
“All four assets are located in some of the best industrial submarkets within these dynamic metro areas,” said Devine, a principal with Colliers Chicago. “They were all developed by IDI in best-in-class, master-planned business parks. With all facilities fully leased, this created a rare opportunity to acquire some of the highest quality, best located logistics facilities in the central United States.”
The Chicago-area asset, located in Antioch, IL, is a 454,276-square-foot, Class A facility built in 2015. It offers 36-foot clear ceiling height, parking for 139 cars and 136 trailers. The building is 100% leased to two tenants.
The two Memphis area assets are located just over the border in Olive Branch, MS, the premier distribution location in the Memphis market providing tremendous access to labor and favorable tax treatment. 12577 Stateline Rd. is a 408,197-square-foot, Class A facility built in 2016 featuring 32-foot clear ceiling heights. The building is 100% leased. 8740 South Crossroads Dr. is an 861,252-square-foot, Class A facility built in 2014 offering 32-foot clear ceiling height. The building is fully leased to three tenants.
As Olive Branch is quickly running out of developable sites, these locations are now considered highly desirable infill distribution sites.
The Cincinnati-area asset is a 678,363-square-foot, Class A facility built in 2007 offering 32-foot clear ceiling height and parking for 246 cars. It is strategically located 12 miles south of the Cincinnati/Northern Kentucky International Airport (CVG) and Amazon’s $1.5 billion Central U.S. Air Hub and operates as a strategic logistical location serving the entire Ohio-Kentucky-Indiana region. The building is fully leased.
