Griffin Announces Agreement for the Purchase of Undeveloped Land in North Carolina


NEW YORK, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc.(NASDAQ:GRIF) announced that it has entered into an agreement for the purchase of an approximately 22 acre parcel of undeveloped land in Concord, North Carolina for $2.6 million in cash, before closing costs. If the transaction closes, Griffin plans to construct an industrial/warehouse development on the Land, which is located near Griffin’s recently acquired approximately 277,000 square foot industrial/warehouse building in the greater Charlotte area. The amount of industrial/warehouse space to be developed on the Land will be based upon findings during due diligence. Closing on the purchase of the Land is subject to several conditions, including the satisfactory outcome of due diligence and obtaining all governmental approvals for Griffin’s development plans for the Land. The closing is anticipated to take place in fiscal 2018. There is no guarantee that this transaction will be completed under its current terms, or at all.

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