GTJ REIT Enters Cherry Hill, New Jersey, Submarket with 109,700 SF Industrial Building Acquisition

CHERRY HILL, N.J. — GJT REIT has acquired a 109,700-square-foot industrial building located in Cherry Hill for an undisclosed price. The facility is currently leased and occupied by Avalon Flooring for a 15-year term. The building houses installation training and distribution services for Avalon’s 14 retail stores throughout New Jersey, Pennsylvania and Delaware. Avalon has invested in various improvements to the building including LED lighting, new racking, a new HVAC system, an upgraded façade and a new office build-out. The building is located with Cherry Hill Business Park, which consists of 31 buildings totaling 1.9 million square feet. The name of the seller was not released. GTJ REIT now owns 48 properties totaling more than 5.6 million square feet.