Griffin Announces Fiscal 2018 Fourth Quarter Leasing
December 04 2018 - 5:01PM
Griffin Industrial Realty, Inc. (Nasdaq: GRIF)
(“Griffin”) announced that in the three months ended
November 30, 2018 (the “2018 fourth quarter”) it leased
approximately 75,000 square feet of industrial/warehouse space and
renewed leases of approximately 149,000 square feet of
industrial/warehouse space. The new leases included an approximate
63,000 square foot lease in 330 Stone Road, the approximately
137,000 square foot industrial/warehouse building in New England
Tradeport (“NE Tradeport”), Griffin’s industrial park located in
Windsor and East Granby, Connecticut, that was built on speculation
and placed in service just prior to the end of fiscal 2017. 330
Stone Road is now fully leased.
In the 2018 fourth quarter, Griffin renewed several leases
aggregating approximately 149,000 square feet of
industrial/warehouse space in NE Tradeport, including a three year
extension of a full building lease of approximately 127,000 square
feet that was scheduled to expire on February 28, 2019.
Additionally, as previously announced, in the 2018 fourth quarter
Griffin added two newly completed industrial/warehouse buildings to
its portfolio, an approximately 234,000 square foot build-to-suit
industrial/warehouse building (“220 Tradeport”) in NE Tradeport and
an approximately 134,000 square foot industrial/warehouse building
(“6975 Ambassador”) that was built on speculation in the Lehigh
Valley of Pennsylvania. A full building lease for twelve years and
six months with an investment grade company at 220 Tradeport
commenced on September 5, 2018. 6975 Ambassador is not yet
leased.
As of November 30, 2018, Griffin’s approximately 3,645,000
square foot industrial/warehouse portfolio, comprised of
approximately 2,051,000 square feet in the Hartford, Connecticut
area, 1,317,000 square feet in the Lehigh Valley and 277,000 square
feet in the Charlotte, North Carolina area, was 95% leased (99%
leased excluding 6975 Ambassador). Griffin’s office/flex portfolio
of approximately 433,000 square feet (11% of Griffin’s total
portfolio) was 72% leased as of November 30, 2018. Griffin’s total
real estate portfolio of approximately 4,078,000 square feet was
93% leased as of November 30, 2018 (96% leased excluding 6975
Ambassador).
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
Griffin Industrial Realty (NASDAQ:GRIF)
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