Griffin Industrial Realty said Friday it has closed on the purchase of a 14-acre parcel of undeveloped land in Upper Macungie Township, Lehigh County, Penn. for the planned development of a warehouse. Griffin paid approximately $1.8 million for the land at closing using cash held in escrow for a like-kind exchange. The funds in escrow were the proceeds from the sale of approximately 76 acres of undeveloped land in Southwick, Mass. that closed earlier this month.
The land purchased has all governmental approvals in place for Griffin’s planned development, on speculation, of an approximately 134,000 square foot industrial/warehouse building. Griffin expects to begin construction of the building in Q4 using its cash on hand. The new building is expected to be completed in Q3 of fiscal 2018.