New distribution facility near Indianapolis sells for $43M
JLL Capital Markets closed the sale of the single-tenant property in Mooresville that is on track to achieve LEED ID+C Gold
CHICAGO, Sept. 28, 2021 – JLL Capital Markets announced today that it has closed the $43 million sale of Westpoint II, a new, 507,600-square-foot, Class A industrial facility that is on track to achieve LEED ID+C Gold certification and is fully leased to Deckers Outdoors Corporation in the Indianapolis-area community of Mooresville, Indiana.
JLL marketed the property on behalf of the seller, Ambrose Property Group LLC. Cambridge Holdings purchased the asset.
Westpoint II is fully occupied by Deckers Outdoors Corporation (NYCS:DECK), a leading lifestyle and footwear retailer. Completed in 2021, the facility has institutional-quality features, including 36-foot clear heights, 50 dock-high doors with full kits plus 70 knock-out doors, ESFR fire protection and LED lighting. The building is part of Westpoint Business Park, a 550-acre master-planned park that will feature more than 9 million square feet of Class A industrial product and, upon completion, rank as one of the largest distribution assets in the state.
Located at 2633 Westpoint Blvd. in Mooresville, Westpoint II is approximately 22 miles from downtown Indianapolis and within Indianapolis’ Southwest Industrial submarket, a favorite bulk distribution and logistics hub with excellent access and proximity to Indianapolis International Airport. Additionally, the property is along Interstate 70, a critical, major east-east route that stretches from Utah to Maryland, allowing the tenant to reach both coasts within a two-day’s drive.
The JLL Industrial Capital Markets team representing the sellers is led by Senior Managing Director John Huguenard and Senior Director Ed Halaburt, along with Senior Managing Director Brian Seitz.
“We appreciate the efforts of the JLL Industrial Capital Markets team in executing this transaction for Ambrose,” said Ambrose President and Chief Investment Officer Jason Sturman. “Westpoint Business Park has gained significant momentum in the past year, and we look forward to our continued partnership with JLL on future buildings.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ambrose Property Group LLC
Ambrose Property Group is a regionally recognized leader in industrial real estate ownership, development and redevelopment. Headquartered in Indianapolis and founded in 2008, Ambrose provides the best user experiences in industrial and e-commerce real estate with the target of perfect project execution driven by an entrepreneurial mindset. Learn more at ambrosepg.com.
About Cambridge Holdings
Since 1983, Cambridge Holdings has successfully developed over 6.4 million square feet and structured the acquisition and/or disposition of over 20.7 million square feet of commercial real estate as well as 512 acres of land with a total value exceeding $6.6 billion. Its services include property management, construction, leasing and development.