West Hempstead, NY-based REIT, GTJ, has bought a industrial building in Montgomery, NY. The 248,370 square foot distribution center is currently leased and occupied by FedEx Ground for a 10-year term. The facility rests on a 43 acre plot, 60 miles from New York City, at 201 Neelytown Road. Terms of the transaction were not disclosed. With this acquisition, GTJ now owns 49 properties consisting of approximately 6 million square feet in the tri-state area. Paul Cooper, CEO of GTJ, commented, “We are thrilled to announce our acquisition of this brand-new building and are delighted to be working again with Fed Ex Ground. Orange County is one of the leaders in economic and residential growth in the Northeast, becoming a major distribution and logistics hub over the last decade. We are excited to add this property to our growing portfolio.”
