Plymouth Industrial REIT has acquired 10 industrial buildings totaling 2.1 million square feet in Indianapolis for $62 million.
Shadeland Commerce Center comprises nine buildings totaling approximately 1.7 million square feet and is 95 percent leased to 26 tenants, including Penske, ABC Supply Co., PPG Industries and Ryder. The property is located across the street from two other Plymouth-owned properties at the Shadeland I-70 Business Park. Additionally, further north near the Indianapolis International Airport, Plymouth acquired 7901 West 21st St., a 353,000-square-foot building 100 percent leased to two tenants, Iron Mountain and Venture Logistics.
Pendleton White Jr., president and CIO of Plymouth, noted: “Indianapolis is an important, thriving market for us, and this acquisition will help us achieve significant scale by bringing our presence to over 3 million square feet. With 27 consecutive quarters of positive net absorption, the market fundamentals remain strong, with limited supply of existing industrial properties. Further, we expect to drive rental rate increases in the future.”
