LOS ANGELES (Inside INdiana Business) — One of the country’s largest owners of commercial and industrial sites has bought five Gannett Co. Inc. (NYSE: GCI) facilities in Indiana, Ohio and Florida. Two of the buildings purchased by Industrial Realty Group are located in Indiana, with one in Fishers and the other in Indianapolis.
IRG President Stuart Lichter says Gannett will lease back portions of the facilities.
“Adding these key assets to our nationwide presence is an exciting way to begin the new year,” said Lichter. “These acquisitions align well with our core business strategy— investing into communities by purchasing and stabilizing industrial assets.”
The buildings total nearly 800,000 square feet, with the Fishers location at 43,000 square feet and the Indianapolis site has 215,000. IRG says the Indianapolis site is totally occupied by Gannett, and the Fishers location is only partially occupied but the company is already in discussions with potential tenants.
IRG says Gannett plans to redevelop the remaining square footage as warehouse and distribution space.
“These properties are in dynamic markets. Our redevelopment plans will involve creative renovations to expand some buildings and reconfigure other unusable space,” said Lichter. “Our goals are to meet the needs in each market, lease up vacancy and create tremendous value.”
Financial terms of the deal were not disclosed.