Griffin Announces Closing on Land Purchase
20 July 2018 - 10:36PM
Griffin Industrial Realty, Inc. (Nasdaq:GRIF)
(“Griffin”) today announced that it closed on the
purchase of an approximately 22 acre parcel of undeveloped land
(the “Land”) in Concord, North Carolina, located in the greater
Charlotte area. Griffin paid cash of approximately
$2.6 million for the Land using approximately $0.8 million
held in escrow for a like-kind exchange under Section 1031 of the
Internal Revenue Code of 1986, as amended, with the balance of the
purchase price paid from cash on hand. The cash in escrow was from
the April 2018 sale of approximately 49 acres of undeveloped land
in Southwick, Massachusetts. Griffin has obtained most of the
governmental approvals required for construction of two
industrial/warehouse buildings aggregating approximately 283,000
square feet on the Land. Griffin expects to obtain the remaining
approvals in the near future and begin construction, on
speculation, on the first (approximately 147,000 square feet) of
these two buildings in the fiscal 2018 fourth quarter using cash on
hand.
Forward-Looking Statements:
This Press Release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include statements
regarding the timing of obtaining the remaining approvals for
Griffin’s development plans on the Land, construction of two
industrial/warehouse buildings and timing of the commencement of
construction, on speculation, of the first of those two
industrial/warehouse buildings. Although Griffin believes that its
plans, intentions and expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such plans, intentions or expectations will be achieved. The
projected information disclosed herein is based on assumptions and
estimates that, while considered reasonable by Griffin as of the
date hereof, are inherently subject to significant business,
economic, competitive and regulatory uncertainties and
contingencies, many of which are beyond the control of Griffin and
which could cause actual results and events to differ materially
from those expressed or implied in the forward-looking statements.
Other important factors that could affect the outcome of the events
set forth in these statements include the risk that Griffin may not
obtain the remaining approvals required for its development plans
in the timeframe expected, or at all, construct two
industrial/warehouse buildings on the Land as expected, or begin
construction of the first of two industrial/warehouses buildings
when expected, or at all, and the important factors described in
Griffin's Securities and Exchange Commission filings, including the
"Business," "Risk Factors" and "Forward-Looking Information"
sections in Griffin's Annual Report on Form 10-K for the fiscal
year ended November 30, 2017. Griffin disclaims any obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release except as required
by law.
CONTACT:Anthony
GaliciChief Financial
Officer
(860) 286-1307
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