Stan Johnson Co. Arranges $21.3M Sale of Industrial Facility in Grenada, Mississippi
GRENADA, MISS. — Stan Johnson Co. has arranged the sale of a single-tenant, 288,000-square-foot industrial facility in Grenada. Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, an Illinois-based industrial developer, Agracel Inc. The buyer, a Dallas, Texas-based REIT, purchased the property for approximately $21.3 million.
The property is leased to Advanced Distributors Products (ADP), a producer of residential evaporator coils. The industrial facility serves as the distribution center for the tenant’s manufacturing plant, which is located less than one mile east of the property. Originally built in 2017 as an 84,000-square-foot warehouse, the property was expanded by 70 percent to its current size. Prior to leasing the property, ADP was using part of its neighboring 379,000-square-foot manufacturing facility for warehouse and distribution space. The tenant spent approximately $20 million moving into the new distribution center and repurposing the existing facility into a full manufacturing plant.
Adjacent industrial park tenants include Novipax, Resolute Forest Products, Ice Industries and Averitt. Located at 445 American Way, the property has access to Interstate 55, the Grenada Municipal Airport and the Grenada Railroad.