Griffin Announces Closings on Land Purchases
July 22 2019 - 9:00AM
Griffin Industrial Realty, Inc. (Nasdaq:
GRIF) (“Griffin”) today announced that it closed on the
purchases of two adjoining parcels of undeveloped land aggregating
approximately 44 acres (the “Mecklenburg Land”) in Mecklenburg
County, North Carolina, located in the greater Charlotte area.
Griffin paid cash of approximately $5.6 million for the
Mecklenburg Land using a portion of the proceeds from the
$7.7 million sale in May 2019 of approximately 280 acres of
undeveloped land that were being held in escrow for a like-kind
exchange under Section 1031 of the Internal Revenue Code of 1986,
as amended. Griffin has obtained most of the governmental approvals
required for its planned construction of three industrial/warehouse
buildings aggregating approximately 500,000 square feet on the
Mecklenburg Land and anticipates obtaining the remaining approvals
in the near future. Griffin expects to begin sitework, on
speculation, for its planned development of the Mecklenburg Land
within the next twelve months.
Griffin is currently building two
industrial/warehouse buildings (“160 and 180 International”)
aggregating approximately 283,000 square feet in Concord, North
Carolina in the greater Charlotte area. Upon completion of 160 and
180 International, expected within the next two months, Griffin
expects to have approximately 560,000 square feet of
industrial/warehouse space in the greater Charlotte area. When the
Mecklenburg Land is fully developed, Griffin expects to then have
over one million square feet of industrial/warehouse space in the
greater Charlotte area. Forward-Looking
Statements:
This Press Release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include statements
regarding Griffin's beliefs and expectations regarding Griffin’s
planned development and construction, including, without
limitation, obtaining the remaining government approvals and the
timing of beginning sitework on the Mecklenburg Land, the timing of
completion of construction of 160 and 180 International, and the
amount of square footage of industrial/warehouse space expected to
be owned in the greater Charlotte area after development of each of
160 and 180 International and the Mecklenburg Land, respectively.
Although Griffin believes that its plans, intentions and
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such plans, intentions or
expectations will be achieved. The projected information disclosed
herein is based on assumptions and estimates that, while considered
reasonable by Griffin as of the date hereof, are inherently subject
to significant business, economic, competitive and regulatory
uncertainties and contingencies, many of which are beyond the
control of Griffin and which could cause actual results and events
to differ materially from those expressed or implied in the
forward-looking statements. Other important factors that could
affect the outcome of the events set forth in these statements are
described in Griffin's Securities and Exchange Commission filings,
including the "Business," "Risk Factors" and "Forward-Looking
Statements" sections in Griffin's Annual Report on Form 10-K/A for
the fiscal year ended November 30, 2018. Griffin disclaims any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release except
as required by law.
CONTACT:Anthony
GaliciChief Financial
Officer
(860) 286-1307
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