MONTGOMERY, N.Y. & WEST HEMPSTEAD, 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 an industrial building located at 201 Neelytown Road in Montgomery, NY. The facility is currently leased and occupied by FedEx Ground for a 10-year term. Terms of the transaction were not disclosed.
The property is a 248,370 square foot distribution center on 43 acres of land, 60 miles from New York City, and conveniently located just off Interstate 84 and minutes from Interstate 87 and Stewart Airport. The immediate area is a major logistics hub and national tenants including Home Depot, Staples, FedEx Freight, McKesson, Cardinal Health, United Natural Foods, Carlisle, Con-way Freight and UPS also have distribution facilities.
In its growing portfolio across the tri-state area, GTJ now owns 49 properties consisting of approximately 6 million square feet.
Paul Cooper, CEO of GTJ, commented, “We are thrilled to announce our acquisition of this brand-new building and are delighted to be working again with Fed Ex Ground. Orange County is one of the leaders in economic and residential growth in the Northeast, becoming a major distribution and logistics hub over the last decade. We are excited to add this property to our growing portfolio.”
Louis Sheinker, President and COO of GTJ, added, “This is a very attractive investment for us given the high barriers to entry and the relatively low vacancy rate of the area; the building’s proximity to Stewart Airport and Interstates 84 and 87; and the general lack of prime Class A industrial property in this region.”
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.