INDUS Announces Agreement to Acquire a 128,000 Square Foot Industrial/Logistics Building in Charlotte
August 24 2021 - 4:35PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS”),
a U.S. based industrial/logistics REIT, announced today that it
recently entered into an agreement (the “Purchase Agreement”) to
acquire, for a purchase price of $14.6 million, before transaction
costs, an approximately 128,000 square foot, fully-leased,
industrial/logistics building in Charlotte, North Carolina (the
“Charlotte Acquisition”). Under the terms of the Purchase
Agreement, INDUS expects to close on the Charlotte Acquisition in
the first part of the 2021 fourth quarter.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are pleased to have identified
this off-market opportunity to expand our footprint in Charlotte.
The building is well-located in one of Charlotte’s premier
submarkets that has significant barriers to entry for new supply.
We expect rents in this submarket to experience strong growth over
time and are excited to add this building to our portfolio.”
With the addition of the Charlotte Acquisition,
INDUS will own approximately 1.1 million square feet across five
high quality industrial/logistics buildings in the Charlotte
market, not including the approximately 141,000 square foot
build-to-suit warehouse currently under construction that is
expected to be completed by September 30, 2021. Closing on the
purchase of the Charlotte Acquisition is subject to a number of
contingencies including the satisfactory completion of due
diligence by INDUS.
About INDUS
INDUS is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/logistics properties. 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
expected timing of the closing of the Charlotte Acquisition,
INDUS’s intention to complete the closing of the Charlotte
Acquisition, the terms of the Charlotte Acquisition, the value of
the location of the Charlotte Acquisition, rent growth in the
submarket of the Charlotte Acquisition and barriers to new supply
in the submarket of the Charlotte Acquisition. 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 Securities and Exchange Commission 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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