JLL arranges $50M sale of Indianapolis industrial property
The property comprises 9 buildings that total 1.7M square feet in in the East Industrial submarket
CHICAGO, December 17, 2019 – JLL announced today that it has closed the $50 million sale of Shadeland Commerce Center, a nine-building bulk warehouse and light industrial property totaling 1.7 million square feet in Indianapolis’ East Industrial submarket.
JLL marketed the property on behalf of the seller. Plymouth Industrial REIT, Inc. purchased the offering.
Shadeland Commerce Center is 95% leased to 26 tenants in a variety of industries, including paper and packaging; logistics and distribution, retail, professional and business services, construction materials and building fixtures and automotive. The bulk warehouse and light industrial buildings feature clear heights ranging from 16 to 24 feet, low office finish, 201 dock-high doors, 24 drive-in doors and ample parking. Shadeland Commerce Center is situated on 116.5 acres at 2900 Shadeland and 6555, 6575, 6585, 6635, 6701, 6727, 6751 and 6951 East 30th Street one mile from the interchange at Interstates 70 and 465, which connects the major east-west interstate in Indiana with the primary loop around the city. Located within Indianapolis’ East Industrial submarket, the portfolio is approximately 21 miles from Indianapolis International Airport. The property is located across the street from two other Plymouth-owned properties at the Shadeland I-70 Business Park.
The JLL Capital Markets team representing the seller was led by Co-Head of Industrial Capital Markets John Huguenard and Managing Directors Sean Devaney, Brian Seitz and Brian Buschuk.
“Investor demand throughout Indianapolis for industrial product remains extremely high,” Huguenard said. “The ability to acquire a portfolio of functional assets that meets a variety of user needs and sizes with the ability to offer competitive rates to that of new product was certainly a driver to the robust interest in the opportunity.”
According to a recent JLL Industrial Outlook Report, market fundamentals for United States industrial product in Q3 are continuing to perform well. The Indianapolis Industrial market currently has 4.4% vacancy and net absorption of 8.4 million square feet.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Plymouth Industrial REIT, Inc.
Plymouth Industrial REIT, Inc. is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The company seeks to acquire properties that provide income and growth that enable the company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property repositioning and disciplined capital deployment. Learn more at plymouthreit.com.