NEW YORK, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) announced that it closed on the purchase of an approximately 14 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania (the “Lehigh Valley Land”). Griffin paid cash of $1.85 million for the Lehigh Valley Land using a portion of the proceeds from the $7.7 million sale in May 2019 of approximately 280 acres of undeveloped land that were being held in escrow for a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. Griffin expects to begin construction, on speculation, of an approximately 100,000 square foot industrial/warehouse building on the Lehigh Valley Land in the first half of 2020.