GTJ REIT, Inc. Acquires Industrial Building Leased and Occupied by Sikorsky Aircraft Corporation

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GTJ REIT, Inc. Acquires Industrial Building Leased and Occupied by Sikorsky Aircraft Corporation

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This property is another attractive acquisition for us, our third in Connecticut this year, and complements our existing portfolio very well.

GTJ REIT (GTJ), a public non-traded real estate investment trust based in West Hempstead, NY, announced today that it has acquired a partial two story industrial building in Shelton, CT. The facility is currently leased and occupied by Sikorsky Aircraft Corporation and guaranteed by United Technologies Corporation pursuant to a lease that expires April 2018. Sikorsky has a five-year extension option. Terms of the transaction were not disclosed.

The property is a 125,000 square foot partial two-story industrial building located on 22 acres of land in Shelton, CT. The property is located on Route 8 and is approximately two miles from the Merritt Parkway. The industrial component of the building has a 24-foot clear height. The property also has a central lobby on the second floor with offices that are laid out around the perimeter of the building.    

In total, GTJ has completed 5 transactions this year. GTJ’s prior transactions have included the acquisition of an industrial property leased and occupied by Ford Motor Company, in Windsor Locks, CT; the acquisition of an industrial flex property in Parsippany, NJ; the acquisition of a parking lot in Long Island City, NY leased to FedEx Ground and an industrial property in Norwalk, CT leased to FedEx Corporation. GTJ now owns 37 properties consisting of more than 4 million square feet on approximately 425 acres of land.

Paul Cooper, CEO of GTJ, commented, “This property is another attractive acquisition for us, our third in Connecticut this year, and complements our existing portfolio very well. We are well positioned to execute on our stated strategy of expanding our portfolio footprint in the Northeast and Mid-Atlantic regions. We intend to invest in important improvements to this property and are optimistic that we will have Sikorsky Aircraft as a tenant for the long-term.”

Louis Sheinker, President and COO of GTJ added, “We continue to source strategic acquisitions in our preferred target regions, and are thrilled to announce this latest transaction in Shelton. We are excited by the long-term prospects of this property and will look for similar investments to enhance portfolio returns for our shareholders.”

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 http://www.gtjreit.com.

Investor Contacts:
Ben Zimmerman, GTJ REIT
(516) 693-5500

Media Contacts:
Melissa Sheer, Kent Place Communications
(917) 690-2199
melissa@kentplacellc.com

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