EQT Exeter Sells Indianapolis Industrial Asset

Frito-Lay, a division of PepsiCo, is one of the building's tenants.

Park 130 @ Whitestown Building 3, a 319,336-square-foot Class A industrial property in the Northwest submarket of Indianapolis, has changed hands for $28.4 million. CBRE arranged the sale of the facility located at 6040 Commerce Drive in Whitestown, Ind.

The previous owner was EQT Exeter, according to CommercialEdge data, which had acquired the asset in May 2021 for $28.5 million. The Pennsylvania-based company owns several industrial properties in Whitestown, including a building at 4683 Albert S. White Drive leased by third-party logistics provider ITS Logistics.

Park 130 @ Whitestown Building 3, a multi-tenant property with suites ranging from 76,366 to 152,051 square feet, came online in 2018, the same source shows.

The warehouse and distribution facility is triple net leased to three national companies: Home Depot, Frito-Lay, a division of PepsiCo, and FBN. Home Depot leased the smallest space in May 2021 and planned to invest at least $1 million in the project, the Indianapolis Business Journal reported. Frito-Lay operates a distribution center in the largest suite, while FBN leases about 90,000 square feet, according to the same source.

Located on more than 27 acres, Building 3 has 61 truck docks, four drive-in doors and 28-foot clear height. The property benefits from direct access to Interstate 65.

CBRE Investment Properties’ Midwest leader Kevin Foley and Vice Chairman Anthony DeLorenzo, along with CBRE Executive Vice Presidents Andrew Morris and Jeremy Woods, represented the seller.

Strong investor interest

California capital is showing strong interest in Midwest markets, including Indianapolis where industrial market fundamentals are strong, according to a prepared statement from Foley. He added that investors have been selling their older product in California and trading into newer modern bulk buildings in the Midwest with credit, stable term and assets that require minimal management responsibilities.

Park 130 @ Whitestown Building 3 received significant interest, including 11 offers, from all different buyer profiles. The unidentified high-net-worth investor prevailed with an all-cash bid. Foley noted the building checked all the boxes occupiers demand in site selection: optimal location, modern infrastructure, skilled labor pools, economic incentives and the latest in distribution center facility design.

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