NEW YORK, May 14, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") will hold its 2013 Annual Meeting of Stockholders today. Frederick M. Danziger, Griffin's Chairman and Chief Executive Officer, will update stockholders at the Annual Meeting on Griffin's current activities.
Mr. Danziger will state that Griffin Land, Griffin's real estate business, expects to sign a full building lease in the near future for the new 228,000 square foot warehouse facility in the Lehigh Valley of Pennsylvania that was completed in the latter part of fiscal 2012. Mr. Danziger will state that, although nothing is assured until there is a signed lease, in the event that Griffin Land executes the expected lease for the new Lehigh Valley warehouse facility, Griffin Land plans to obtain a mortgage loan on that building and use the mortgage proceeds to build a second building on the same Lehigh Valley land parcel. Mr. Danziger will state that the second building would contain approximately 300,000 square feet. Mr. Danziger will state that, as previously reported, Griffin Land purchased a second site in the Lehigh Valley of Pennsylvania that is expected to support two buildings aggregating slightly more than 500,000 square feet. Mr. Danziger will report that the permitting for these two buildings is underway and is expected to ultimately be approved.
Mr. Danziger will state that Griffin Land's Connecticut industrial development and leasing operations are currently slower than the Pennsylvania development operations. Mr. Danziger will state that Griffin Land has leased some space during the first quarter of this year but, until very recently, few potential users have considered Griffin Land's currently unleased industrial space in Connecticut. Mr. Danziger will report that, very recently, there has been an uptick in consideration of Griffin's buildings, but it is far too early to determine if the recent increase in activity will result in any signed leases.