INDUS Announces Closing on the Acquisition of a 139,500 SF Industrial/Logistics Building in Lakeland, FL
August 05 2021 - 5:15PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT,
announced today that it has completed the acquisition of a fully
leased, 139,500 square foot industrial/logistics building in
Lakeland, Florida (the “Lakeland Acquisition”). The Company used
cash on hand to pay the $17.8 million purchase price, which equates
to an in-place cash capitalization rate of approximately 4.0%.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are very excited to expand our
presence in Central Florida, a market that continues to benefit
from strong population and economic growth. We believe we have the
opportunity to meaningfully increase rents to market rates upon the
expiration of tenant leases, which have a weighted average lease
term remaining of 2.5 years.”
The Lakeland Acquisition increases the Company’s
Central Florida industrial/logistics portfolio to approximately
416,000 square feet, not including the approximately 195,000 square
foot two-building Orlando speculative development expected to be
completed by the third quarter of 2022.
About INDUS
INDUS is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/logistics properties. Including the Lakeland
Acquisition, INDUS owns 43 buildings totaling approximately 5.3
million square feet (including 33 industrial/logistics buildings
aggregating approximately 4.9 million square feet) in Connecticut,
Pennsylvania, North Carolina and Florida in addition to over 3,400
acres of undeveloped land.
Forward-Looking Statements
This Press Release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements include
INDUS’s beliefs and expectations regarding future events or
conditions including, without limitation, statements regarding
management’s expectations for population and economic growth in
Central Florida, the opportunity to increase rents at the Lakeland
Acquisition upon the expiration of current tenant leases and the
timing of the approximately 195,000 square foot two-building
Orlando speculative development. Although INDUS believes that its
plans, intentions and expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such plans, intentions or expectations will be achieved. The
projected information disclosed herein is based on assumptions and
estimates that, while considered reasonable by INDUS as of the date
hereof, are inherently subject to significant business, economic,
competitive and regulatory uncertainties and contingencies, many of
which are beyond the control of INDUS and which could cause actual
results and events to differ materially from those expressed or
implied in the forward-looking statements. Other important factors
that could affect the outcome of the events set forth in these
statements are described in INDUS’s Securities and Exchange
Commission filings, including the “Business,” “Risk Factors” and
“Forward-Looking Statements” sections in INDUS’s Annual Report on
Form 10-K for the fiscal year ended November 30, 2020, filed with
the SEC on February 18, 2021. INDUS disclaims any obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release except as required
by law.
CONTACT:Anthony
GaliciExecutive Vice President, Chief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoVice President, Capital
Markets & Investor Relations(212)
218-7914 apizzo@indusrt.com
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