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People in Business: July 19, 2021

People in Business: July 19, 2021
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INDUS Announces Acquisition of Industrial/Logistics Building

INDUS Announces Acquisition of Industrial/Logistics Building
NEW YORK, May 13, 2021 (GLOBE NEWSWIRE)
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) announced today that it closed on the acquisition of a fully-leased 127,500 square foot industrial/logistics building in the Lehigh Valley, Pennsylvania market for a purchase price of $11.7 million before transaction costs. The Company used cash on hand to pay for this acquisition.
Michael Gamzon, President and Chief Executive Officer of INDUS commented, “We are thrilled to expand our presence in the core Lehigh Valley market with a building that is leased to a credit tenant. We believe this acquisition provides the opportunity to create significant value over time as the current in-place rent is below market and the excess land on the site provides options for potential future improvements. The building complements our existing 1.3 million square foot Lehigh Valley portfolio and is located ....

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After pandemic delay, INDUS to sell off Griffin Center properties for $25M

Major commercial-industrial landlord INDUS Realty Trust has agreed to sell five properties in Windsor’s Griffin Center for $25.2 million to three separate buyers.
The deal announced Monday includes two office buildings at 5 and 7 Waterside Crossing totaling 161,000 square feet, properties for which INDUS (then called Griffin Industrial Realty) had paused sale efforts last year due to the COVID-19 pandemic.
The sale is expected to close in the third quarter, and Griffin declined to identify the buyer, which has also agreed to purchase Griffin Center’s 21 Griffin Road North, a 46,000-square-foot office property with tenants including TRC and Carousel Technologies, and 25 Griffin Road North, an adjacent undeveloped plot of land on the overall 17-acre Griffin Road North parcel. ....

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Voters choose open space over new housing: Simsbury to help buy Meadowood, Southington to preserve golf course

Voters choose open space over new housing: Simsbury to help buy Meadowood, Southington to preserve golf course
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