INDUS Realty Trust, Inc. has recently acquired a majority stake in the Carolinas Portfolio, a 4.3 million square foot logistics portfolio consisting of 21 buildings. This acquisition is part of the recapitalization plan for Childress Klein’s industrial portfolio, which totals 13.2 million square feet.
Under this joint venture agreement between INDUS and CK, CK will retain a minority ownership stake and continue to manage and lease the properties within the Carolinas Portfolio. The total value of this acquisition is estimated at $575 million.
The Carolinas Portfolio currently boasts an impressive occupancy rate of 94%, with its assets spread across two key regions: Charlotte, North Carolina (16 buildings) and Charleston, South Carolina (5 buildings). These areas have been experiencing strong growth in their industrial markets due to factors such as population growth, economic development initiatives,and access to important infrastructure like ports and intermodal yards.They have also seen significant investments in manufacturing operations.
This diverse portfolio includes last-mile facilities as well as regionaland bulk logistics properties.The average size for each building is around205000square feet while individual tenant suites average78000square feet.Additionally,the properties are relatively new with an average ageof just13 years old.
Eastdil Secured acted on behalfofChildress Kleinin facilitatingthis transaction.
