By Mihaela Coste
Avison Young has completed the sale of a 480,534-square-foot industrial portfolio consisting of two multi-tenant buildings located in the Park 100 industrial complex in Indianapolis, Ind. The assets were acquired by Philadelphia-based real estate investment manager Exeter Property Group.
Located at 7236-7260 Winton Drive, the 370,037-square-foot building was completed in 1995. The asset features 25’ clear height and has approximately 2.5 percent of space dedicated to office uses.
The second building is located at 7451-7543 Winton Drive and is offers 110,487 square feet of space with 10 percent of it dedicated to office uses. The multi-tenant building completed in 1998 features 6” concrete floors, 24’ clear height and an ESFR sprinkler system.
Location and Tenant Mix
Both assets are located in close proximity to interstates 65 and 465. At the time of the transaction, the portfolio was 100 percent leased to a variety of national corporate tenants, including Pitney Bowes, Ryder Integrated Logistics 3M and Polaris Laboratories.
Park 100 is a master-planned industrial community that was designed with state-of-the-art facilities to support tenants’ warehouse and distribution needs, while also incorporating the transportation routes and road infrastructure to accommodate the nearby labor pool.
“Investors continue to look for well-located assets that are an integral part of the nation’s supply chain,” said Foster in a prepared statement. “Park 100 is well situated to meet the needs of growing distribution businesses, making this an ideal long-term asset for investors.”
Principals Erik Foster and Mike Wilson of Avison Young’s National Industrial Capital Markets Group represented the seller in conjunction with industrial brokerage principals Sean McHale and Steve Schaub.
Images courtesy of Pinchal & Co.