INDUS Announces Closing on the Acquisition of an Industrial/Logistics Building in the Charlotte, North Carolina Market
January 20 2022 - 4:45PM
Business Wire
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 an approximately
217,000 square foot industrial/logistics building in the Charlotte,
North Carolina market (the “Charlotte Acquisition”). The Company
used cash on hand to pay the $23.6 million purchase price, before
transaction costs.
The Charlotte Acquisition is fully leased on a short-term basis
through June 2022 with in-place rents that are below current market
rates. The Company expects that the Charlotte Acquisition will be
re-leased to stabilize at an approximate 4.7% cash capitalization
rate.
Michael Gamzon, President and Chief Executive Officer of INDUS,
commented, “We are pleased to add the Charlotte Acquisition to our
growing portfolio in this market. This acquisition provides the
opportunity to acquire a recently constructed property, at an
attractive cost basis with the potential to create value by
re-leasing the building later this year at market rental rates. The
acquisition is located near I-77 with excellent access to the
overall Charlotte metropolitan area and is within the same
submarket as our previously announced forward acquisition in the
Charlotte market.”
With the addition of the Charlotte Acquisition, INDUS owns
approximately 1.4 million square feet across seven high quality
industrial/logistics buildings in the Charlotte market.
About INDUS
INDUS is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. With the addition of the Charlotte Acquisition, INDUS
owns 36 industrial/logistics buildings aggregating approximately
5.4 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 the expected stabilized
cash capitalization rate on the Charlotte Acquisition and the
potential value from the Charlotte Acquisition, including
re-leasing the Charlotte Acquisition at market rental rates.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220120005700/en/
Ashley Pizzo Vice President, Capital Markets &
Investor Relations (212) 218-7914
apizzo@indusrt.com
Jon Clark Executive Vice President, Chief Financial
Officer (860) 286-2419 jclark@indusrt.com
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