NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT), 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.
