INDUS Announces Closing on the Acquisition of an Industrial/Logistics Building in Charleston, South Carolina
November 16 2021 - 4:30PM
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
57%-leased, approximately 197,000 square foot industrial/logistics
building in Charleston, South Carolina (the “Charleston
Acquisition”), the Company’s first property in the Charleston
market. The Company used cash on hand to pay the $28.6 million
purchase price, before transaction costs, and the Company expects
that the Charleston Acquisition will stabilize at an approximately
4.6% cash capitalization rate.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are very excited to enter
Charleston, a market that has a fast-growing population, a
meaningful manufacturing base and the Port of Charleston, which has
undergone a recent expansion. We believe that these multiple
drivers of demand will support the continued strong growth in
Charleston’s industrial/logistics sector.”
In addition to the Charleston Acquisition, the
Company previously announced that it has an agreement to acquire,
for a purchase price of $28.0 million before transaction costs, an
approximately 263,000 square foot industrial/logistics building in
Charleston, South Carolina (the “Charleston Forward Acquisition”).
The Charleston Forward Acquisition will be built on speculation by
the seller and is expected to be completed in the 2022 fourth
quarter. Mr. Gamzon commented, “These two Charleston purchases
reflect our strategy of sourcing a range of acquisition
opportunities, including value-add and forward purchases, as well
as land for ground-up development and stabilized buildings, in
order to build a high-quality portfolio of industrial/logistics
properties in our targeted markets.”
Closing on the purchase of the Charleston
Forward Acquisition is subject to a number of contingencies
including the satisfactory completion of due diligence by INDUS.
There can be no guarantee that the Charleston Forward Acquisition
will be completed under its current terms, anticipated timeline, or
at all.
About INDUS
INDUS is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/logistics properties. INDUS owns 36 industrial/logistics
buildings aggregating approximately 5.3 million square feet in
Connecticut, Pennsylvania, North Carolina, South Carolina and
Florida in addition to several office/flex properties and
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 Charleston Forward
Acquisition, INDUS’s intention to complete the closing of the
Charleston Forward Acquisition, the terms of the Charleston Forward
Acquisition, the expected stabilized cash capitalization rate of
the Charleston Acquisition, and the strength of the Charleston
market in terms of population growth, economic growth and its
existing manufacturing base. 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, and Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2021, filed with the SEC on
November 4, 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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