– Enhance portfolio with acquisitions in East New York, Brooklyn, and Newark, Delaware –
West Hempstead, NY – June 9, 2016 – GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, announced today that it has acquired two industrial properties in separate transactions. One facility is located in East New York, Brooklyn, and is currently leased to The City of New York for the Department of Sanitation (DOS); the second property is located in Newark, Delaware, and is currently leased to Valassis Communications, Inc. (VCI). No contract terms were disclosed.
The East New York property is a 58,000 square foot warehouse/garage situated on 1.27 acres, originally built for the DOS’s occupancy. The property has been 100% leased since the DOS’ original occupancy in 1969 and is used primarily for parking and storage of sanitation vehicles that service the south Brooklyn neighborhood. The building is leased through 2025.
The Newark, Delaware property is a 208,000 square foot warehouse distribution facility on 12.4 acres, currently leased to VCI. The building, built in 1999, has been 100% leased since its construction and is used by VCI to sort and then distribute print ad materials from Maine to Northern Virginia on behalf of its customers. The building is leased through 2025.
With these two acquisitions, GTJ now owns 47 properties, consisting of close to 5.5 million square feet on approximately 350 acres of land.
Louis Sheinker, President and COO of GTJ, commented, “We are very pleased to add these two industrial properties to our growing portfolio. Both buildings are 100% leased, in excellent operating condition, and in core target markets in the Northeast U.S. The East New York property is adjacent to another facility we already own on Wortman Avenue in Brooklyn. The Delaware facility is considered “best in class”, located immediately off I-95 with exits available in Delaware and in Maryland, both serving the property.”
Paul Cooper, CEO of GTJ affirmed that “These transactions underscore our long-term commitment to expanding our footprint in the Northeast region. The quality of tenants, the longevity of the guaranteed leases, and the tight submarkets where each of these properties are located make these acquisitions compelling investment opportunities as we strive to increase value for our shareholders.”
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