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INDUS Closes on Charleston Industrial Building with $29M in Cash
INDUS Realty Trust, Inc., has completed the acquisition of a 197,000-square -oot industrial/logistics building in Charleston, SC. The property, which is 57% leased, is the company’s first property in the Charleston market.
Indus used cash on hand to pay the $28.6 million purchase price, before transaction costs, and the company expects the property to stabilize at an approximately 4.6% cash capitalization rate.
“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,” said Michael Gamzon, president and CEO of INDUS. “We believe that these multiple drivers of demand will support the continued strong growth in Charleston’s industrial/logistics sector.”
INDUS is currently in agreement to acquire a 263,000-square foot industrial/logistics building also located in Charleston. This property is to be built on speculation by the seller and is expected to be completed in the forth quarter of 2022.
Photo: Port of Charleston
- ◦Sale/Acquisition
