CBRE Facilitates $25.35 Million Sale of Industrial Property in Indiana

CBRE arranged the sale of Park 130 Building 5, a 235,840 square-foot-industrial property at 6353 Commerce Drive in Whitestown, Ind. A private, high-net-worth buyer from California acquired the property for $25.35 million all-cash.

CBRE’s Kevin Foley, Austin Wolitarsky and Anthony DeLorenzo, along with Andrew Morris and Jeremy Woods of CBRE, represented the private seller in the transaction.

The property is fully leased to three tenants, Charles Industries, Canature WaterGroup U.S.A. and Weaver Popcorn Manufacturing (who is subleasing their space to BMWC Constructors, Inc.).

“California private capital continues to show strong interest in the Indianapolis and Midwest markets and our team is uniquely positioned to source that capital," said Foley, first vice president at CBRE. "This offering received significant interest, 17 offers from all the different buyer profiles, with a high-net-worth all-cash investor ultimately prevailing in the bid process at $108 per sq. ft.”

Situated on a 12.6-acre lot in the heart of the Northwest Indianapolis submarket, Park 130 benefits from proximity to major transportation routes, including direct access to Interstate 65.

“Investors have been selling out of their older, vintage product in California and trading into newer modern bulk buildings with credit, stable term and assets that require minimal management responsibilities. With Indianapolis’ industrial fundamentals remaining strong, this building checked all the boxes occupiers demand in site selection; optimal location, modern infrastructure, deep and skilled labor pools, economic incentives, and the latest in distribution center facility design," added Foley.

“Private capital tends to rely less on debt, often contributing over 50% equity and holding assets longer than institutions. It's already active in industrial deals and is expected to expand further into Indianapolis and the Midwest, targeting modern bulk industrial buildings in business-friendly states,” according to Foley.