INDUS Realty Trust, Inc. announced 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. 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.