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December 8, 2022

Indus Realty sells Bloomfield office portfolio for $11M 

PHOTO | COSTAR The 57,500-square-foot flex office/industrial building at 29-35 Griffin Road South is part of a larger portfolio of properties recently sold by Indus Realty Trust.
By Greg Bordonaro

Major Connecticut landlord and developer Indus Realty Trust said Wednesday it has finalized a deal to fully exit its office/flex building portfolio in the state.

New York-based Indus, formerly known as Griffin Industrial Realty, said it has sold eight office/flex properties in Bloomfield for $11 million. 

The portfolio includes seven buildings totaling 175,000 square feet and an 18,000-square-foot storage building. 

It wasn’t immediately clear who the buyer is. 

The 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 sale, 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. 

The deal also comes weeks after the publicly-traded company announced it received a takeover bid from New York City-based Centerbridge Partners, which owns about 15% of INDUS Realty’s common stock, along with GIC Real Estate.

The Bloomfield properties involved in the $11 million sale include:

  • 29-35 Griffin Road South, 57,500 square feet, 54.4% leased, built in 1977 
  • 204 West Newberry Road, 22,331 square feet, 30% leased, built in 1988 
  • 206 West Newberry Road, 22,826 square feet, 100% leased, built in 1989 
  • 310 West Newberry Road, 11,361 square feet,  100% leased, built in 1990
  •  320 West Newberry Road, 11,137 square feet, 100% leased, built in 1991 
  • 330 West Newberry Road, 11,932 square feet, 100% leased, built in 1991 
  • 340 West Newberry Road, 38,113 square feet, 76.1% leased, built in 2001
  •  210 West Newberry Road, 18,000 square feet, built in 1988
     

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