Monday August 23, 2021

Al. Neyer Closes on Murfreesboro Industrial Property Sale to Canadian-Base REIT

AL. NEYER CLOSES ON INDUSTRIAL PROPERTY SALE TO GRANITE REIT

Al. Neyer has closed on the forward sale of a 844,480 SF, Class A distribution facility to Granite REIT, a Canadian-based real estate investment trust engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite closed on the purchase of the Murfreesboro, Tennessee land site in June and expects to complete construction of the building in Q3 of 2022.

The first partnership between Granite and Al. Neyer, this transaction marries Granite’s long-term strategy in owning institutional quality real estate and Al. Neyer’s ability to serve as developer and design-builder for a project on a speculative basis. This project will utilize our integrated approach which offers our partners a streamlined process with a strong focus on efficiency, delivery, and budget.

Jon Sorg, Senior Vice President, Head of U.S. of Granite said, “We are delighted to work with a seasoned team of professionals at Al. Neyer to transform this development into a high quality state-of-the-art facility to serve the Nashville market, while continuing to generate value for our investors and stakeholders.”

With strong demand and limited supply in the Nashville market, Al. Neyer continues to look for compelling opportunities to develop, design, and build best-in-class industrial space.

While this is Al. Neyer’s first project in Murfreesboro, Tennessee, the Nashville market pipeline currently includes plans to develop 3.3 million total square feet of industrial product in the region. Recent projects include a two-building last-mile facility in Antioch, Tennessee and a massive 902,000 SF warehouse at Cedar Farms in Lebanon, Tennessee, one of the largest speculative industrial parks in Greater Nashville. That facility sold to Rooms To Go in June of 2019.

Check out our mentions from the Nashville Business Journal and Nashville Post.

ABOUT GRANITE REIT

Granite REIT is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistic, warehouse and industrial properties in North America and Europe. Granite owns 118 investment properties representing approximately 51.3 million square feet of leasable area.

ABOUT AL. NEYER

For more than 125 years, Al. Neyer has offered a diverse set of real estate development and design-build construction solutions for commercial clients. Established in 1894 and employee-owned since 2014, the company specializes in build-to-suit and speculative commercial projects, including industrial facilities, office, and medical buildings, multi-unit residential, as well as urban mixed-use developments. Al. Neyer is continually recognized for its ability to collaborate and provide greater value, high-quality, and faster project delivery. Al. Neyer is headquartered in Cincinnati, has offices in Nashville, Pittsburgh, and Raleigh, and serves a local, regional, and national client base.

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