Griffin Land & Nurseries Inc. has contracted to pay $7.2 million cash for some 49 acres in Pennsylvania’s Lehigh Valley, in the shadow of the major Connecticut landowner’s massive warehouse facility under construction there.
The New York landlord said Tuesday the undeveloped acreage in Hanover County, Pa., is a short distance from Griffin’s Lehigh Valley Tradeport project, a warehouse and distribution park located on Fritch Drive in Lower Nazareth Township in Pennsylvania. Griffin bought that site in 2010.
Lehigh Valley Tradeport is modeled after Griffin’s huge New England Tradeport straddling the Windsor, East Granby town lines.
The park will consist of two warehouse distribution buildings of 228,000 and 303,000 square feet, respectively. Griffin is erecting the 228,000-square-foot building first on speculation.
Griffin finance chief Anthony Galici declined Tuesday to identify the private landowner in the latest land deal.
According to Griffin’s press release, the land to be acquired is expected to house development of two industrial buildings totaling at least 500,000 square feet. No local approvals have been received for such development, Griffin said.
Galici also declined to elaborate on the scope of any potential project. But he said due diligence underway means the deal may not close until yearend, at the earliest, if at all.
