CBRE Sells Indianapolis Industrial Building for $5.24 Million

CBRE facilitated the sale of 5150 Elmwood Avenue in Indianapolis, a 34,000-sq.-ft.-industrial facility in south Indianapolis to a private, high-net-worth buyer from California at a 5.8% cap rate. Cinderella, a wholesale distributor of pool supply products, leases the entire property.

CBRE Investment Properties' Kevin Foley, Austin Wolitarsky and Anthony DeLorenzo, along with Nick Busch and Terry Busch, represented the seller in the transaction.

"California capital continues to show strong interest in the Indianapolis and the Midwest markets," said Mr. Foley, first vice president at CBRE. "This property was an all-cash sale to a private, high-net-worth buyer from California who is a long-term holder."

The property was renovated in 2023 and features a 22-foot clear height, nine dock doors, 138 auto parking spaces and outdoor storage.

"This investor sought to acquire a quality industrial asset leased to a credit tenant, with 7-plus years of remaining lease term in a business-friendly state and required minimal management responsibilities," added Mr. Foley.

The building is on 3.52 acres in Indianapolis and has direct access to Interstate-465 (I-465) and I-65, allowing the tenant, Cinderella, to execute its distribution business efficiently.