Major Connecticut landlord and developer Indus Realty Trust has a deal in place to fully exit its office/flex building portfolio in the state, according to the company’s third quarter earnings report.
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Major Connecticut landlord and developer Indus Realty Trust has a deal in place to fully exit its office/flex building portfolio in the state, according to the company’s third quarter earnings report.
New York-based Indus, formerly known as Griffin Industrial Realty, said it signed a definitive agreement in September to sell eight office/flex properties in Bloomfield for $11 million.Â
The portfolio includes seven buildings totaling 175,000 square feet and an 18,000-square-foot storage building.Â
Indus said it expects to close the deal in the fourth quarter. A buyer was not identified.
The pending sale falls in line with a strategy Indus Realty announced several years ago when it sold two suburban office buildings in Windsor and Bloomfield as part of a larger effort to focus solely on developing, managing and leasing industrial/warehouse space.
Even with the pending deal, Indus remains active in Connecticut. It recently received land-use approvals for a 248,000-square-foot distribution center on 59.6 acres at 105 International Drive in East Granby. It’s the last piece of industrially-zoned land available in the New England Tradeport.
Indus also still holds more than 450 acres zoned for industrial development in Bloomfield, Simsbury and Windsor, as well as in Massachusetts.Â
The publicly-traded company is also focused on growing its holdings in other high-growth industrial markets with access to strong and/or rapidly growing populations and economies, including central Florida and Charlotte, North Carolina.Â
The Bloomfield properties involved in the pending $11 million sale include:
- 29-35 Griffin Road South, 57,500 square feet, 54.4% leased, built in 1977Â
- 204 West Newberry Road, 22,331 square feet, 30% leased, built in 1988Â
- 206 West Newberry Road, 22,826 square feet, 100% leased, built in 1989Â
- 310 West Newberry Road, 11,361 square feet, Â 100% leased, built in 1990
- Â 320 West Newberry Road, 11,137 square feet, 100% leased, built in 1991Â
- 330 West Newberry Road, 11,932 square feet, 100% leased, built in 1991Â
- 340 West Newberry Road, 38,113 square feet, 76.1% leased, built in 2001
- Â 210 West Newberry Road, 18,000 square feet, built in 1988
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