{"id":1004550537,"date":"2021-09-14T03:19:03","date_gmt":"2021-09-14T11:19:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550537"},"modified":"2022-12-08T12:29:28","modified_gmt":"2022-12-08T20:29:28","slug":"w-p-carey-buys-regional-distribution-center-for-114m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-p-carey-buys-regional-distribution-center-for-114m\/","title":{"rendered":"W.P. Carey Buys Regional Distribution Center for $114M"},"content":{"rendered":"
\"Conagra<\/a>

ConAgra Distribution Center. Image courtesy of JLL<\/p><\/div>\n

In a $114 million deal, W.P. Carey has purchased a 1.5 million-square-foot, Class A bulk regional distribution center in the Indianapolis-area community of Frankfort, Ind. The property is triple net leased to ConAgra Brands. JLL marketed the property on behalf of the seller, Founders Properties LLC.<\/p>\n

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READ ALSO<\/strong>: The Logistic Sector\u2019s Record-Breaking Momentum<\/a><\/p>\n

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ConAgra Distribution Center was completed in 2015 as a build-to-suit for ConAgra, the nation\u2019s 11th-largest food and beverage maker. The building has 10 rail docks served by CSX and Norfolk Southern and features a 34-foot clear height, concrete truck courts, 125 dock-high doors plus 125 knockouts, four drive-in doors, 853 trailer parking stalls, ESFR fire protection and LED lighting.<\/p>\n

The 180-acre site is at 3500 W. County Road O NS in Frankfort, 41 miles from Indianapolis and only 5 miles from I-65.<\/p>\n

The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director John Huguenard and Senior Director Kurt Sarbaugh.<\/p>\n

Development surges<\/h2>\n

According to a prepared statement by Huguenard, the building is one of the largest modern distribution centers in the Midwest, playing an integral role in ConAgra\u2019s ability to deliver food to a significant portion of the country. \u201cThese types of infrastructure-driven offerings continue to attract institutional capital,\u201d he added.<\/p>\n

The construction pipeline for industrial space in metro Indianapolis more than doubled from the first to the second quarter, according to a recent report from Cushman & Wakefield. Spec development surged, constituting more than two-thirds of the total; barely a quarter of that space is preleased.<\/p>\n

The average vacancy for modern bulk space in the Greater Indianapolis market is 8.5 percent on an inventory of 113.5 million square feet. Year-to-date direct net absorption is about 3.4 million square feet, and 19.4 million square feet is under construction, also according to Cushman & Wakefield.<\/p>\n

In January, Ambrose Property Group sold<\/a> a 660,400-square-foot Class A cross-dock warehouse in Greenfield, Ind., just east of Indianapolis. The property is fully leased to Amazon as a fulfillment center.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Class A property is fully net-leased to a food-and-beverage giant. <\/p>\n","protected":false},"author":882,"featured_media":1004550558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21748,21783,13,21742],"tags":[32799,35863,32796,44006,39253,36313],"class_list":["post-1004550537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-industrial","category-investment","category-midwest","category-latest","tag-cushman-wakefield","tag-founders-properties","tag-jll","tag-jll-capital-markets","tag-john-huguenard","tag-w-p-carey"],"acf":[],"yoast_head":"\nW.P. 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