Indiana Industrial Building Sells for Over $24.5 Million

CBRE negotiated the $24.52 million sale of Park 130 at Whitestown Building 2, a 356,900-sq.-ft.-industrial building, in Whitestown, Ind., to a private, high-net-worth buyer at a 5.6% cap rate.

CBRE Investment Properties’ Kevin Foley and Anthony DeLorenzo, along with Andrew Morris and Jeremy Woods, represented the private seller in the transaction.

“Private, high-net-worth capital continues to show strong interest in the Indianapolis and Midwest markets, and our team is uniquely positioned to source the capital,” said Mr. Foley, first vice president at CBRE. “This offering received significant interest (12 offers) from all different buyer profiles, with a high-net-worth investor ultimately prevailing in the bid process at a 5.6% cap rate.”

The building at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is on 21.83 acres within the larger Park 130 at Whitestown.

The Class A building features a 32-foot clear height, 42 insulated dock doors, and two drive-in doors. The property is accessible from South Indianapolis Road and minutes from Interstate 65.

“Private capital is often less dependent on debt, frequently bringing 50%-plus equity to deals, and has longer-term hold periods than institutions. As a result, these investors have been winning industrial deals and will increasingly penetrate the Indianapolis and Midwest markets through our conduit,” added Mr. Foley.