Ambrose Sells Indianapolis Industrial Asset for $38M
It's the second industrial sale for the company this month.
Ambrose Property Group has sold Building III of Indianapolis Logistics Park in Whitestown, Ind., to a private REIT for $37.6 million. CBRE National Partners represented the seller in the transaction.
Ambrose completed the 233,348-square-foot building in 2025. In July 2025, Cardinal Health signed a lease for the entire distribution center, according to Yardi Matrix. The asset is part of the larger, four-building, 96-acre Indianapolis Logistics Park–Northwest that Ambrose developed.
In 2024, the seller received a $26.8 million construction loan from Horizon Bank that is set to mature in 2027, Yardi Matrix shows. Building III includes grade-level and dock-high doors, 32-foot clear heights, nearly 14,000 square feet of office space and 135-foot truck courts. The building is also LEED Silver certified, with ESFR sprinklers and LED lighting.
READ ALSO: Foreign Capital Shifts CRE Priorities
Located at 5163 Perry Worth Road in Whitestown, the Indianapolis Logistics Park is right off Interstate 65 and 20 miles outside of Indianapolis. Indianapolis International Airport is approximately 25 miles away from the distribution center.
CBRE National Partners Vice Chairmen Zach Graham and Ryan Bain advised and represented Ambrose in the transaction.
Another Indianapolis sale for Ambrose
The Whitestown sale follows another Indianapolis-area disposition for Ambrose earlier this month. The company sold Building IV at Westpoint Business Park in Mooresville, Ind., to SkyREM for an undisclosed amount.
The 500,406-square-foot property was completed in 2022 and is fully leased to Schwarz, a packaging and manufacturing company, according to Yardi Matrix.
Westpoint Business Park spans 555 acres in Mooresville. Ambrose also developed the park’s 507,600-square-foot Building II, which the company sold to Cambridge Holdings for $43 million in 2021.
Ambrose’s disposition of Building III in Whitestown and Building IV in Mooresville follows other recent investment activity in the Indianapolis market. Last month, JLL Income Property Trust acquired the 1.1 million-square-foot Whitestown Distribution Center IV for approximately $137 million. The facility is fully leased to Subaru.
You must be logged in to post a comment.