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May 21, 2013 Deal Watch Today

Griffin Land's Pa. gambit finally draws a tenant

Contributed photos An aerial view shows the New England Tradeport site near Bradley International Airport.

Major Connecticut landlord Griffin Land & Nurseries Inc. has finally struck paydirt on its gamble to build on speculation a warehouse facility inPennsylvania's Lehigh Valley. Now, it finally has a tenant for the entire space.

Typically tight-lipped Griffin, whose headquarters is New York City, didn't say with whom it signed a five-year lease in late 2012 for the 228,000-square-foot facility.

Its focus in a statement was more on the fact that, with a tenant in hand, it can now shop for a mortgage on the building, proceeds from which it says it still intends to erect an adjacent warehouse of approximately 300,000 square feet.

The Lehigh Valley facilities are meant to replicate Griffin's successful New England Tradeport development, near Bradley International Airport.

Griffin also owns and operates the sprawling Griffin Center office-industrial development in Windsor.

In early May, Griffin inked a $12.5 million credit line from Waterbury's Webster Bank, funds the major Hartford area commercial landlord says it will draw down the road for general corporate needs.

The two-year loan, priced at the London Interbank Offered Rate (LIBOR), plus 2.75 percentage points, is secured by one of its office/flex buildings in Griffin Center South in Bloomfield, and a second in Windsor's Griffin Center.

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