GTJ REIT, Inc. Acquires Parking Facility Leased and Occupied by FedEx Corporation
WEST HEMPSTEAD, N.Y. & LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, announced today that it has acquired a parking lot at 28-20 Borden Avenue, Long Island City, Queens, NY. The facility is currently occupied by FedEx Ground (FedEx Ground) and guaranteed by FedEx Corporation (FedEx). Terms of the transaction were not disclosed.
“Our extensive network of industry contacts and relationships continues to help us source acquisitions in our target geographic areas. We look forward to growing our portfolio in these markets with both existing and new operator relationships.”
The 84,000 square foot parking lot provides off-site parking for a 143,000 square foot distribution facility built for FedEx Ground on an adjacent property. The initial term for the current lease expires on December 31, 2027. FedEx Ground has two (2) ten year extension options along with a third option for five years.
The deal is the third for GTJ since its merger with the former Wu/Lighthouse Partners in January, 2013. In April, 2014, GTJ announced the acquisition of an industrial property leased and occupied by Ford Motor Company, located in Windsor Locks, CT as well as the acquisition of 20 East Halsey Street in Parsippany, NJ. In total, GTJ now owns 35 properties consisting of more than 3 million square feet on approximately 220 acres of land.
Paul Cooper, CEO of GTJ, commented, “This facility is an attractive acquisition that fits well within GTJ’s current investment portfolio. This transaction confirms our ability to execute on our stated strategy of acquiring quality assets in the Northeast and Mid-Atlantic regions. There are significant barriers to entry for developing large-scale distribution centers proximate to Manhattan and we are optimistic that we will have FedEx as a long-term tenant in a key Northeast location.”
Louis Sheinker, President and COO of GTJ added, “Our extensive network of industry contacts and relationships continues to help us source acquisitions in our target geographic areas. We look forward to growing our portfolio in these markets with both existing and new operator relationships.”
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.