Griffin Industrial Realty has entered into a full building lease for an 234,000 s/f industrial warehouse building to be built in New England Tradeport, Griffin’s industrial park in Windsor and East Granby, Connecticut.
The tenant is an investment grade company that intends to use the building for the distribution of automotive parts.
The lease, which would commence upon completion of construction of the building, has a term of 12 years and six months, with the tenant having several five-year renewal options.
The tenant has an option to have Griffin construct a 54,000 s/f addition to the building. If it exercises the expansion option, the lease term for the entire building would be extended for at least ten years.
Griffin expects to commence construction of the building upon receipt of all required governmental approvals and to deliver the completed building in the second half of 2018.
There is no guarantee that Griffin will receive the required governmental approvals for construction of the building.