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News release

INDIANAPOLIS, IN

JLL closes $167M sale of TDC Indianapolis Industrial Portfolio


INDIANAPOLIS, Feb. 17, 2016JLL's Capital Markets experts today announced the sale of an eight-building, nearly 4 million-square-foot Class A industrial portfolio, including approximately 42 acres of vacant land, located in the heart of Indianapolis' dynamic industrial market. An entity led by Minneapolis-based Biynah Industrial Partners and Olympus Ventures acquired the portfolio for $167 million from affiliates of Torrance, California-based Transpacific Development Company (TDC).

JLL represented the sellers, led by International Director John Huguenard, Senior Vice President Sean Devaney and Vice President Ed Halaburt.

"Our strategy, which we've executed in other Midwest and Great Lakes cities, is to acquire a critical mass of properties whenever possible," said Andy Bennett of Biynah Industrial Partners. "The properties in this portfolio are, collectively, some of the best industrial properties we've seen put up for sale in this market in the last several years. We could not be happier to be partnering with Olympus Ventures on this investment, which met all of our investment criteria, including a compelling basis below replacement cost."

Seven of the eight properties are located within close proximity to the Indianapolis International Airport. The buildings are 94.4 percent leased to a roster of global supply chain companies.

All of the buildings are in master-planned distribution centers in the greater Indianapolis area. They include:

  • Four buildings in the Airwest Industrial Park in Plainfield. The buildings total 1.56 million square feet, feature 30- and 32-foot clear heights and are 100 percent leased.
  • Two buildings located in the AmeriPlex at Indianapolis development. Each building totals 281,580 square feet and features a 28-foot clear height.
  • The 1.34 million square foot building located at 710 South Girls School Road in Indianapolis, which is 100 percent leased.
  • EaglePoint 3, located at 901 East Northfield Drive in Brownsburg. The property totals 396,000 square feet, features a 32-foot clear height and is 100 percent leased.

Huguenard notes that demand for high quality industrial space in Indianapolis, especially near major interstates, has grown, and absorption has reached strong positive levels in each of the last four years. The buildings in this portfolio allow easy access to I-70, I-65 and I-74, as well as the Indianapolis International Airport, giving tenants the opportunity to deliver their goods to 80 percent of the U.S. and Canadian population within a day.  

"John Huguenard and the team at JLL did a masterful job of leveraging their knowledge of the Indianapolis marketplace, packaging and marketing the portfolio to a wide number of qualified potential buyers," said TDC President Thomas Irish. "We were very impressed by the Biynah team, and feel that the tenants and properties will be in very good hands under their stewardship."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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About Biynah Industrial Partners
Biynah Industrial Partners, L.L.C. is a Minneapolis-based real estate private equity firm. The firm was founded in October of 2009.  Since 1996, Biynah's two principals, Jeff Josephs and Andrew Bennett, have conducted in excess of $2 billion in commercial real estate acquisitions under different sponsorship. The firm is solely focused on investing in industrial real estate located throughout the domestic United States and currently owns approximately nine million square feet of industrial real estate in six states. Biynah's clientele is comprised of a loyal group of high net worth investors, family offices and institutional joint venture partners seeking value-add/core-plus returns in this alternative investment class.  www.biynahpartners.com

About Transpacific Development Company
TDC is one of the most prominent independent commercial real estate companies in the United States, having developed or acquired more than 22,000,000 square feet of investment-grade property. Founded in 1954, TDC acquires high-quality office and distribution properties for long-term investment. The company invests its own funds, allowing it to move quickly when it identifies an advantageous real estate opportunity.  www.transdevco.com.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.