Source: Atlanta Business Chronicle
Canada’s Granite Real Estate Investment Trust is buying a big new Atlanta distribution center for $80 million.
Toronto-based Granite (NYSE: GRP.U) reported it has agreed to acquire 8500 Tatum Road, a 1 million-square-foot modern warehouse distribution facility situated on 83.5 acres in Palmetto, about 30 minutes south of downtown Atlanta.
The state-of-the-art facility was completed in 2019 and is leased to PVH Corp., serving as PVH Corp.’s primary e-commerce distribution facility. PVH has a remaining lease term of 15 years.
PVH, formerly known by the brand Phillips-Van Heusen, owns the Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Speedo, Warner’s, Olga and Geoffrey Beene brands, as well as the digital-centric True & Co. intimates brand, and markets a variety of goods under these and other nationally and internationally known owned and licensed brands.
Atlanta Business Chronicle previously reported that the distribution center is part of an industrial real estate project along Interstate 85 just south of Atlanta called Shugart Farms. Red Rock Developments partnered on the Shugart Farms project with a division of New York-based Wharton Equity Partners and an affiliate of Starwood Capital Group.
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