GTJ REIT Snags FedEx-Leased NY Facility
- Sep 19, 2017
GTJ REIT acquired the FedEx Distribution Center in Montgomery, N.Y. The 43-acre facility is leased and occupied by FedEx Ground for a 10-year term.
The 248,370-square-foot property at 201 Neelytown Road is located in a major logistics hub, neighboring Home Depot, FedEx Freight, Cardinal Health, Carlisle, UPS, Staples, McKesson, United Natural Foods and Con-way Freight distribution facilities.
“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,” said Louis Sheinker, president & COO of GTJ, in prepared remarks. In its growing portfolio, GTJ now owns 49 properties totaling 6 million square feet of space.
Several FedEx distribution centers have been up for grabs this year, including Lalezarian Properties acquisition of 200 S. Miami Ave. in Miami, a 109,637-square-foot facility purchased for $37.3 million.
Image courtesy of GTJ