IRG Expands Portfolio Purchasing Five Industrial Printing Facilities Across the Country
LOS ANGELES, Jan. 8, 2021 /PRNewswire/ -- Industrial Realty Group, LLC, one of the country's largest owners of commercial and industrial properties, announced today that it has acquired five Gannett Co., Inc. facilities in three states: Ohio, Indiana and Florida.
Gannett will lease back a significant portion of the facilities for ongoing operations.
"Adding these key assets to our nationwide presence is an exciting way to begin the new year," said Stuart Lichter, president of IRG. "These acquisitions align well with our core business strategy— investing into communities by purchasing and stabilizing industrial assets."
The properties total 799,233 square feet, and Gannett will lease portions of each building for varying terms. The remaining square footage will be redeveloped and marketed as warehouse and distribution space, which continues to be in high demand as the result of the rising growth of e-commerce and fulfillment 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."
IRG is also under contract to purchase a 75,000 sq. ft. Gannett facility in California.
About IRG
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.
For information about available space, visit www.industrialrealtygroup.com/properties or contact Onno Steger, Senior Vice President of IRG at [email protected].
For more information, contact:
Lauren Crumrine, Director of Marketing
Industrial Realty Group, LLC
614-562-9252
[email protected]
SOURCE Industrial Realty Group, LLC
Related Links
http://www.industrialrealtygroup.com
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