Colliers’ Midwest Industrial Investment team, comprised of Jeff Devine, Steve Disse, Tyler Ziebel and Alex Cantu, led the disposition efforts of a 2.4 million square foot, four building industrial portfolio on behalf of IDI, supported by Colliers regional experts Logistics. The portfolio was acquired by the Canadian Granite REIT.
Jon Sorg, Senior Vice President and Head of US at Granite, said, “These high quality assets are a strategic fit for our business and will create value for our investors and stakeholders.”
The four locations are in Chicago, Memphis and Cincinnati – three of the strongest macro logistics locations in the center of the USA.
“All four facilities are located in some of the best industrial submarkets in these dynamic metropolitan areas,” said Devine, principal at Colliers Chicago. âThey were all developed by IDI in world-class, master-planned business parks. With all facilities fully rented, there was a rare opportunity to acquire some of the highest quality logistics facilities in a prime location in the center of the United States. “
The Chicago area facility in Antioch, IL is a 454,276 square foot Class A facility that was built in 2015. It has a clear ceiling height of 36 feet, parking space for 139 cars and 136 trailers. The building is 100% rented to two tenants.
The Memphis area’s two assets are located just across the border in Olive Branch, MS, the premier distribution hub in the Memphis market, offering tremendous access to labor and favorable tax treatment. 12577 Stateline Road. is a 408,197 square meter Class A facility built in 2016 with a ceiling height of 32 feet. The building is 100% rented. 8740 South Crossroads Dr. is an 861,252 square meter Class A facility built in 2014 with a 32-foot ceiling clearance. The building is fully let to three tenants.
Since Olive Branch quickly runs out of developable locations, these locations are now very sought-after infill distribution locations.
The Cincinnati area facility is a 678,363 square foot Class A facility that was built in 2007 and has 32 feet headroom 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 US Air Hub, and serves as a strategic logistics location for the entire Ohio-Kentucky-Indiana region. The building is fully rented.