EQT Sells Indy Industrial Portfolio

EQT has sold a six-building industrial portfolio totaling 954,072 square feet in metro Indianapolis, with the assistance of Colliers. MLG Capital acquired the assets.

At the time of sale, the collection was 90 percent leased to 10 tenants—some of them being investment-grade companies—with a weighted average lease term of more than four years. Suite sizes range from roughly 24,000 square feet to more than 260,000 square feet.

The portfolio includes:

• 7555 Woodland Drive in Indianapolis, a 195,080-square-foot facility with 20 dock-high loading doors and two drive-in doors

• 7645 Woodland Drive, a 60,224-square-foot shallow-bay warehouse in Indianapolis with one dock-high loading door and two drive-in doors

• 5350 Lakeview Parkway in Indianapolis, a 152,864-square-foot property with four dock-high loading doors and one drive-in door

• 7601 Winton Drive in Indianapolis, a distribution center of 152,000 square feet with 28 dock-high loading doors and four drive-in doors

• 12001 Exit 5 Parkway in Fishers, Ind., a 133,504-square-foot facility

• 1380 Perry Road in Plainfield, Ind., a 260,400-square-foot warehouse with 18 dock-high loading doors and one drive-in door

The first four properties are within Park 100, a massive master-planned industrial campus providing access to interstates 465 and 65. The remaining assets are in Fishers, near Interstate 69, and Plainfield, close to Indianapolis International Airport and the FedEx Express National Hub.

Colliers Vice Chair Alex Cantu, Executive Vice Presidents Jason Speckman, Jimmy Cohoat, Andrea Hopper and Alex Davenport, Senior Vice President Tyler Ziebel, along with Principals & Vice Chairs Jeff Devine and Steve Disse, represented EQT.

Indianapolis’ industrial investment volume totaled $357 million year-to-date through May, according to a recent Yardi Matrix report. Assets in the metro traded at an average of $97 per square foot, well below the $139 national benchmark but near the middle of the pack among midwestern markets. Chicago assets averaged $91 per square foot, while Columbus properties commanded $115 per square foot.

EQT’s recent major industrial deals

The disposition adds to a string of recent EQT industrial transactions. In one of the most recent deals, the firm acquired a three-property, 2.4 million-square-foot portfolio across Georgia and Florida, through its EQT Real Estate Industrial Value Fund VI.

Another transaction, closed in March, involved the sale of a 7.3 million-square-foot collection spread across the U.S., including midwestern markets such as Chicago and Columbus, Ohio. An Ares Real Estate fund purchased the 36 assets.