Griffin announces closing on land purchases
Griffin Industrial Realty announced that it closed on the purchases of two adjoining parcels of undeveloped land aggregating approximately 44 acres in Mecklenburg County, North Carolina, located in the greater Charlotte area. Griffin paid cash of approximately $5.6M for the Mecklenburg Land using a portion of the proceeds from the $7.7M 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 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.