INDUS Announces the Acquisition of a 205,000 Square Foot Portfolio in Orlando and Palm Beach
June 09 2022 - 7:00PM
Business Wire
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT, announced
today that it has closed on the purchase of a fully leased,
approximately 205,000 square foot portfolio (the “Florida Portfolio
Acquisition”) located in the Orlando and Palm Beach, Florida
markets. The Company used cash on hand to pay the $31.6 million
purchase price before transaction costs, which equates to an
in-place cash capitalization rate of approximately 4.6%.
Michael Gamzon, President and Chief Executive Officer of INDUS,
commented, “We are excited to expand our overall holdings in
Florida and enter the southern Florida market with this
acquisition. The portfolio is comprised of highly functional,
‘last-mile’ facilities located in high barrier to entry locations
within markets that are experiencing very strong population and
economic growth. These properties have the potential for strong
future rent growth due to the current in-place rents that we
believe are below market and the very limited pipeline of new
supply in nearby locations.”
With the addition of the Florida Portfolio Acquisition, in
Florida INDUS owns approximately 621,000 square feet across seven
buildings in addition to a two-building project totaling 195,000
square feet currently under development.
About INDUS
INDUS is a real estate business principally engaged in
developing, acquiring, managing, and leasing industrial/logistics
properties. INDUS owns 38 industrial/logistics buildings
aggregating approximately 5.6 million square feet in Connecticut,
Pennsylvania, North Carolina, South Carolina, and Florida.
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’ beliefs
and expectations regarding future events or conditions including,
without limitation, statements regarding the economic and
population growth of the Orlando and Palm Beach markets. 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’ Securities
and Exchange Commission (“SEC”) filings, including the “Business,”
“Risk Factors” and “Forward-Looking Statements” sections in INDUS’
Annual Report on Form 10-K for the year ended December 31, 2021,
filed with the SEC on March 11, 2022, as updated by other filings
with the SEC. 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/20220609006057/en/
Jon Clark Executive Vice President, Chief Financial
Officer (860) 286-2419 jclark@indusrt.com Investor
Relations investor@indusrt.com
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