CBRE Negotiated $28.38 Million Sale of Indiana Industrial Building

CBRE arranged the sale of Park 130 at Whitestown Bldg. 3 - 319,336 sq. ft. Class A industrial facility in the Northwest Submarket of Indianapolis to a private, high-net-worth buyer, from California, for $28.38 million. The facility is located at 6040 Commerce Drive, Whitestown, Indiana.

CBRE Investment Properties’ Midwest leader Kevin Foley and Vice Chairman Anthony DeLorenzo, along with CBRE’s Executive Vice Presidents Andrew Morris and Jeremy Woods represented the seller in the transaction.

“California capital continues to show strong interest in the Indianapolis / Midwest markets and our team is uniquely positioned to source that capital,” said Foley of CBRE. “This offering received significant interest (11 offers) from all the different buyer profiles, with a high-net-worth (all cash) investor ultimately prevailing in the bid process.”

According to Foley, “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.”

The multi-tenant building is triple net leased to three national companies—the three suites range in size from 152,051 sq. ft. to 76,366 sq. ft. The Class A building features a 28-foot clear height, 61 truck docks, and four drive-in doors. The building sits on 27.1 acres in Park130 @ Whitestown. The property benefits from direct access to I-65.