NORWALK, CT and WEST HEMPSTEAD, NY – September 11, 2014 – GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, announced today that it has acquired a one story industrial building in Norwalk, CT. The facility is currently leased and occupied by FedEx Corporation (FedEx).
The 50,000 square foot industrial building has an 18 foot clear height on 2.87 acres of land in Norwalk, CT. The property is considered a “best in class” building, with a desirable location that conveniently services the Fairfield County market via I-95, the Merritt Parkway and Route 7, which feeds Route 84. The building also carries a desirable “I-1” zoning designation in the Norwalk submarket.
GTJ’s prior transactions this year have included the acquisition of an industrial property leased and occupied by Ford Motor Company, located in Windsor Locks, CT; the acquisition of an industrial flex property in Parsippany, NJ; and the acquisition of a parking lot in Long Island City. In total, GTJ now owns 36 properties consisting of more than 4 million square feet on approximately 240 acres of land.
Paul Cooper, CEO of GTJ, commented, “With this transaction, our second in Connecticut this year, we continue to expand our portfolio footprint in the Northeast region. We intend to invest in improvements to this property. This building, due to its superior location, on-site parking and access to various interstate thoroughfares, will no doubt appeal to many tenants, making it a very attractive investment for us long-term.”
Louis Sheinker, President and COO of GTJ added, “We continue to look for opportunistic acquisitions in our preferred target markets, and are excited about this entry into the Norwalk market. We are excited by the long-term prospects of this property and will look for similar investments to enhance 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