Investment firm pays $34M for Greencastle building

Granite Real Estate Investment Trust announced the recent acquisition of two properties in the United States consisting of approximately 1 million square feet of gross leasable area for a total purchase price of $74.1 million.

The acquisitions build on Granite’s presence in two strong, central U.S. logistic markets.

One of the properties is at 181 Antrim Commons Drive, Greencastle, Pa.

Granite REIT, based in Ontario, Canada, acquired the 432,000-square-foot modern industrial building for $34.8 million.

The building, built in 2017, is 100 percent occupied. The tenant has a remaining term of 14.5 years on the lease, Granite reported.

The Greencastle property is approximately 100 miles from Granite’s existing facility in Bethel, Pa.

The other property is a 597,025-square-foot modern bulk industrial facility in the Indianapolis area. The building was acquired for a total purchase price of $39.3 million.