Alex Cantu, head of investment sales with Colliers International of Indianapolis, facilitated the transaction on behalf of the buyer, Sealy & Company, based in Dallas, Texas. This marks Sealy & Company’s third acquisition in Indianapolis. Their total Indianapolis portfolio now totals 2,200,000 sf.
The seller, Citimark, developed Northeast Business Center in the 1980s and has managed the portfolio since its inception. Citimark owned and leased Northeast Business Center until 2006, when it was sold to Westminster Funds. Citimark purchased the asset from Westminster in 2013. The portfolio was 98% leased to a diverse set of national and regional tenants at the time of the sale.
“We are very excited about our third acquisition in the Indianapolis industrial market. Consistent with our current portfolio, Northeast Business Center adds scale to our distribution holdings in the market. The high-quality assets, irreplaceable location and consistent long-term tenancy were all attractive to our team. We are confident in our business plan and are excited to provide our tenants a continued high-quality experience in the Indianapolis market.” said Tom Herter, Director of Investment Services at Sealy & Company.
Sealy & Company owns over 21,000,000 sf of product throughout the Sun Belt and Midwest.