INDUS Announces Acquisition of Industrial/Logistics Building
May 13 2021 - 4:45PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”) announced today that it closed on the
acquisition of a fully-leased 127,500 square foot
industrial/logistics building in the Lehigh Valley, Pennsylvania
market for a purchase price of $11.7 million before transaction
costs. The Company used cash on hand to pay for this acquisition.
Michael Gamzon, President and Chief Executive
Officer of INDUS commented, “We are thrilled to expand our presence
in the core Lehigh Valley market with a building that is leased to
a credit tenant. We believe this acquisition provides the
opportunity to create significant value over time as the current
in-place rent is below market and the excess land on the site
provides options for potential future improvements. The building
complements our existing 1.3 million square foot Lehigh Valley
portfolio and is located in the same corporate park as our
Ambassador Drive building.”
INDUS now owns approximately 1.4 million square
feet across seven high quality industrial/logistics buildings in
the Lehigh Valley which are 100% leased and have an average clear
height of 32’and average building age of 10 years.
About INDUS
INDUS (formerly known as Griffin Industrial
Realty, Inc.) is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. INDUS owns 42 buildings totaling approximately 4.7
million square feet (including 31 industrial/logistics buildings
aggregating approximately 4.3 million square feet) in Connecticut,
Pennsylvania, North Carolina and Florida in addition to over 3,400
acres of undeveloped land.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoDirector, IR & Capital
Markets(212) 218-7914
apizzo@indusrt.com
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