Plymouth Industrial REIT has paid $50 million for 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.
“Investor demand throughout Indianapolis for industrial product remains extremely high,” said John Huguenard, JLL co-head of industrial capital markets. “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.”
Shadeland Commerce Center is 95 percent 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.
According to a recent JLL Industrial Outlook Report, market fundamentals for United States industrial product in the third quarter are continuing to perform well. The Indianapolis Industrial market currently has 4.4 percent vacancy and net absorption of 8.4 million square feet.
