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INDUS Realty Trust Announces 1.5 Million Square Feet of New Industrial Development Projects in Atlanta and SavannahINDUS Realty Trust, Inc. ("INDUS" or the "Company") a U.S.-based industrial/logistics real estate business, announced that it recently formed joint ventures to develop Class A industrial properties with Scannell Properties ("Scannell") in the Atlanta and Savannah, GA markets. The Atlanta development ("Chastain Crossings"), located in Kennesaw, Georgia, broke ground in December 2023 and will include two buildings totaling approximately 440,000 square feet. The Savannah, GA development ("Rockingham Farms Commerce Center"), is expected to break ground in the first quarter of 2024 and will include two phases totaling four buildings and 1.0 million square feet. "Chastain Crossings and Rockingham Farms Commerce Center present exciting opportunities for INDUS to enter two of the best performing and most dynamic industrial markets in the Southeast. We are confident in the success of these developments due to their exceptional locations and flexibly designed, market-appropriate buildings," said Michael Gamzon, President and CEO of INDUS. "We are excited to once again team up with Scannell, noting these will be the fourth and fifth projects we have worked on together. Scannell is a great partner and has a strong reputation for delivering high quality, well-designed industrial developments in excellent locations."
In addition to Chastain Crossings and Rockingham Farms Commerce Center, INDUS and Scannell have previously completed three transactions in key target markets in the Southeast - Charlotte, Nashville, and Charleston.
INDUS continues to focus on growing its portfolio through the acquisition and development of high-quality industrial properties in fast-growing and strongly performing geographic markets. In June 2023, INDUS was acquired by affiliates of Centerbridge Partners, L.P. ("Centerbridge"), a global private investment firm with deep experience in real estate, and GIC, a global institutional investor. Additionally, a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") is a strategic investor alongside Centerbridge in the ownership of INDUS. "We remain bullish on the long-term secular trends in the industrial sector. With access to significant capital from our investors, we are well-positioned in the current market environment to grow our platform through acquisitions of individual properties and portfolios, as well as through development opportunities like Chastain Crossings and Rockingham Farms Commerce Center," added Mr. Gamzon. About INDUS INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial properties. As of January 2024, INDUS owned 48 buildings aggregating approximately 7.3 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, Tennessee, and Florida. INDUS is owned by affiliates of Centerbridge Partners, L.P., a global private investment firm with deep experience in real estate, and GIC, a global institutional investor. Additionally, a wholly owned subsidiary of the Abu Dhabi Investment Authority is a strategic investor alongside Centerbridge in the ownership of INDUS. About Scannell Properties Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed over 550 development projects totaling 158 million square feet. The annual development volume is estimated at $5 billion.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229930598/en/ |