ROCKY HILL, CT and WEST HEMPSTEAD, NY – January 20, 2015 – GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, announced today that it has acquired a single story industrial building in Rocky Hill, CT. The facility is currently leased and occupied by the Connecticut Lottery Corporation for a term that expires June 2023.
Terms of the transaction were not disclosed.
The property is a 92,500 square foot single-story specialty office/flex/warehouse building located on 12 acres of land in Rocky Hill, CT, situated in the Hartford South submarket. The building was retrofitted and renovated in 2008.
This is GTJ’s first acquisition of 2015 and follows a very strong 2014, where the firm completed five transactions across the tri-state area. GTJ’s transactions in 2014 included the acquisition of an industrial property leased and occupied by Ford Motor Company, in Windsor Locks, CT and adjoining land; the acquisition of an industrial flex property in Parsippany, NJ; the acquisition of a parking lot in Long Island City, NY leased to FedEx Ground, an industrial property in Norwalk, CT leased to FedEx Corporation and an industrial building in Shelton, CT leased to Sikorsky Aircraft. GTJ now owns 39 properties consisting of more than 4 million square feet on approximately 440 acres of land.
Paul Cooper, CEO of GTJ, commented, “We are building upon the positive deal momentum we saw in 2014. We continue to see attractive investment opportunities in the Northeast region and are delighted to expand our Connecticut portfolio into Rocky Hill. We believe the property’s location off of Interstate 91, combined with its recent operational and structural improvements, make this an appealing investment.”
Louis Sheinker, President and COO of GTJ added, “We continue to work with our network of industry contacts – many we have known for decades – to source potential investments. We are excited about this entry into the Rocky Hill market and will look for similar investments to further bolster the returns in our portfolio.”
About GTJ REIT
GTJ REIT is a fully integrated, self-administered and self-managed, public, non-listed REIT engaged in the acquisition, ownership, and management of commercial real estate in the Northeast and Mid-Atlantic areas. For more information, please see www.gtjreit.com.
Ben Zimmerman, GTJ REIT
Melissa Sheer, Kent Place Communications (917) 690-2199