INDUS Realty Trust, Inc. acquired a majority interest in a 4.3 million square foot logistics portfolio comprising 21 buildings (the “Carolinas Portfolio”). This acquisition is part of a recapitalization of approximately one-third of Childress Klein’s (“CK”) 13.2 million square foot industrial portfolio. INDUS and CK have entered into a joint venture on the Carolinas Portfolio, with CK retaining a minority ownership stake and continuing to manage and lease the properties. The acquisition values the Carolinas Portfolio at $575 million.

The Carolinas Portfolio, which is 94% leased, includes 16 buildings in Charlotte, North Carolina, and 5 buildings in Charleston, South Carolina. These regions have been among the top-performing industrial markets, driven by their robust population growth and economic development, strategic access to essential infrastructure such as ports and intermodal yards, and burgeoning manufacturing investments.

The Carolinas Portfolio features a mix of last-mile, regional, and bulk logistics properties. The buildings and individual tenant suites average 205,000 and 78,000 square feet in size, respectively, and the properties have a weighted average age of 13 years.

Eastdil Secured represented Childress Klein in arranging the transaction.

SRS Real Estate Partners Capital Markets, based in Newport Beach, said that over the past 12 months, the firm has sold a total of 10 properties occupied by Chick-fil-A valued at $48 million with an average cap rate of 4.2%. The company said this figure gives it a 30% market share for all Chick-fil-A-occupied assets sold over the same period, the largest among all other brokerage firms nationwide.

“SRS has built a reputation for its national network of experienced single-tenant net lease brokers that have connections with a diverse buyer pool interested in building their portfolios with stabilized, cash-flowing real estate inclusive of our Chick-fil-A leased assets,” said Patrick Luther, a managing principal with SRS Capital Markets. “As an investment, Chick-fil-A leased properties provide triple net buyers an opportunity to own a best-in-class asset with the strongest credit and highest average store sales of any brand in the drive-thru fast-food space.”

He added that SRS currently has 15 Chick-fil-A assets on the market valued at $85.5 million, including two in escrow. This also represents 30% market share of all Chick-fil-A stores up for sale.