Granite acquired two modern distribution buildings totaling 2 million square feet situated on approximately 200 acres in Northeastern Pennsylvania for $194.6 million, reported in its fourth quarter and year-end results for 2020.
Constructed in 2019, the properties are 100 percent leased to True Value Company and Spreetail for a remaining weighted average lease term of 15.8 years. The properties are located at 12 Tradeport Road, Hanover Township and 250 Tradeport Road, Nanticoke, Penn.
The properties, which benefit from modern distribution features and significant tenant investment in the facilities, are being acquired at a stabilized yield, net of free rent, of 5.1 percent. The assets are well positioned along the I-81/I-78 Corridor, which is one of the most active and fastest-growing distribution nodes in the Northeastern United States and in close proximity to the population centers of the East Coast.
Overall, the firm in 2020 acquired six income-producing pro
