{"id":1004552131,"date":"2021-09-29T09:10:00","date_gmt":"2021-09-29T17:10:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004552131"},"modified":"2022-12-08T13:50:46","modified_gmt":"2022-12-08T21:50:46","slug":"new-indianapolis-area-industrial-facility-fetches-43m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/","title":{"rendered":"New Indianapolis-Area Industrial Facility Fetches $43M"},"content":{"rendered":"
\"Westpoint<\/a>

Westpoint II. Image courtesy of JLL Capital Markets<\/p><\/div>\n

Ambrose Property Group LLC has just pocketed $43 million on the sale of Westpoint II, its newly developed industrial facility in Mooresville, Ind. With the assistance of JLL Capital Markets, Ambrose sold the 507,600-square-foot Indianapolis-area asset to Cambridge Holdings.<\/p>\n

“The investment received double digit offers, showing how in demand industrial product is right now,” Ed Halaburt, senior director with JLL Capital Markets, told Commercial Property Executive<\/em>. “The depth of the interest came from core funds, REITs and private capital.” JLL Capital Markets’ John Huguenard\u00a0and Brian Seitz joined Halaburt in representing Ambrose in the sale.<\/p>\n

\n

READ ALSO<\/strong>: IDI Logistics Sells 2.4 MSF Portfolio for $195M<\/a><\/p>\n

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Carrying the address of 2633 Westpoint Blvd., Westpoint II is located roughly 22 miles from Indianapolis’ central business district on a site within the 550-acre Westpoint Business Park, a new master-planned compound that will ultimately encompass more than 9 million square feet of offerings across Monrovia and Mooresville and hold the distinction of being one of the largest distribution centers in the state of Indiana. Fronting Interstate 70, Westpoint II also provides a prime position within the highly desirable Southwest Industrial submarket and close proximity to the Indianapolis International Airport.<\/p>\n

Ambrose built Westpoint II as a speculative development but signed Deckers Outdoors Corp. to a 10-year lease of the entire facility shortly before completing the project in the first quarter of 2021, with Cresa representing the tenant in the transaction and JLL standing in for the landlord.<\/p>\n

The Class A building boasts institutional-quality features and is expandable to approximately 685,300 square feet. “Investors were drawn to the physical quality of the asset\u2014new construction, expansion capability\u2014the exceptional performance of the Indianapolis market and long lease term with a publicly traded tenant,” Halaburt added. Designed by Curran Architecture, Westpoint II is also expected to meet the qualifications for LEED ID+C Gold certification.<\/p>\n

Moving up in the world<\/strong><\/h2>\n

Demonstrating enviable fundamentals, Indianapolis is rising higher on the investment community’s radar<\/a>. “Indianapolis is an institutionally accepted market for distribution assets and is growing in importance with the overall rise of e-commerce and the expansion of the FedEx air hub. The market continues to set records for net absorption and is experiencing demonstrable rent growth,” Halaburt said.<\/p>\n

In the second quarter of 2021, net absorption totaled approximately 5 million square feet in metropolitan Indianapolis, marking the highest amount ever recorded in the market in a single quarter, according to a JLL report. Additionally, tenants continue to claim inventory soon after delivery, keeping vacancy rates at record lows.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the sale of the months-old property in Mooresville, Ind.<\/p>\n","protected":false},"author":969,"featured_media":1004552137,"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":[39801,51090,32914,32796,44006,39253],"class_list":["post-1004552131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-industrial","category-investment","category-midwest","category-latest","tag-ambrose-property-group","tag-curran-architecture","tag-e-commerce","tag-jll","tag-jll-capital-markets","tag-john-huguenard"],"acf":[],"yoast_head":"\nNew Indianapolis-Area Industrial Facility Fetches $43M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Indianapolis-Area Industrial Facility Fetches $43M\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets arranged the sale of the months-old property in Mooresville, Ind.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-29T17:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:50:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Westpoint-II-2633-Westpoint-Blvd.-Mooresville-Ind.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"583\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/\",\"name\":\"New Indianapolis-Area Industrial Facility Fetches $43M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Westpoint-II-2633-Westpoint-Blvd.-Mooresville-Ind.jpg\",\"datePublished\":\"2021-09-29T17:10:00+00:00\",\"dateModified\":\"2022-12-08T21:50:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-indianapolis-area-industrial-facility-fetches-43m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Westpoint-II-2633-Westpoint-Blvd.-Mooresville-Ind.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Westpoint-II-2633-Westpoint-Blvd.-Mooresville-Ind.jpg\",\"width\":820,\"height\":583,\"caption\":\"Westpoint II. 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