INDUS Acquires Stake in 4.3 MSF Industrial Portfolio
INDUS Realty Trust has purchased a majority interest in a 4.3 million-square-foot industrial portfolio, comprising 21 buildings in Charlotte, N.C., and Charleston, S.C. Childress Klein owns The Carolinas Portfolio, now valued at $575 million.
The acquisition recapitalizes about one third of CK’s 13.2 million-square-foot logistics inventory. The firm retained a minority ownership stake and will continue to manage and lease the facilities.
Eastdil Secured worked on behalf of Childress Klein in arranging the transaction.
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The Carolinas Portfolio comprises 16 buildings in Charlotte and five in Charleston and includes last-mile, regional and bulk logistics properties. The buildings and individual tenant suites average 205,000 and 78,000 square feet, respectively, and were 94 percent leased at the time of the deal. The assets carry a weighted average age of 13 years.
One of the properties in the portfolio is Nevada Business Park, a three-building campus totaling 319,500 square feet. It features rear- front-loading configurations. The almost 32-acre park came online last year and is at 2011, 2101 and 2121 Nevada Blvd.
INDUS’ recent industrial expansion
INDUS currently owns or has majority ownership in industrial properties and developments totaling 13.6 million square feet. The company’s assets are in North Carolina, South Carolina, Connecticut, Pennsylvania, Florida, Georgia, Arizona and Tennessee.
Last month, INDUS entered the Phoenix market with the acquisition of Phoenix Airport Logistics, a 393,484-square-foot warehouse for $72.4 million. The building came online in 2016 and, at the time of sale, was leased to five tenants.
Earlier this year, the firm also acquired Primark at Imeson Park, a 550,243-square-foot facility in Jacksonville, Fla., from VanTrust Real Estate. Primark uses the facility as its second distribution center in the U.S. and the first in the state.
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