Colliers International has closed the sale of Park 100 Building 52, located at 5225 West 81st Street in Indianapolis, IN. The property is a 34,800 SF cold/freezer storage facility on the northwest side of Indianapolis, located within the market’s largest industrial park.
Alex Cantu and Alex Davenport with Colliers International of Indianapolis facilitated the transaction on behalf of the seller, Shear Property Group. Gladstone Commercial Corporation, a real estate investment trust based out of McLean VA, purchased the asset.
Park 100 Building 52 is 100% occupied by Indianapolis Fruit Company, Inc., a leading produce and food service distributor in the Midwest. The Property offers immediate access to I-465 and I-65 and sits less than one mile from Indianapolis Fruit’s main distribution facility.
“This acquisition adds to our overall industrial portfolio and marks our entry into the industrial sector in Indianapolis, a target market for us that has emerged as a major domestic logistics hub,” said Matt Tucker, Gladstone Commercial’s Senior Managing Director of the Northeast/Midwest Region. “Park 100 is a well-established industrial park with strong fundamentals that provides exceptional infrastructure access. There is limited freezer/cooler space in the Indianapolis market and growing demand, and we expect that trend to continue to the benefit of our shareholders with this investment.”
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of December 31, 2018, its real estate portfolio consisted of 101 properties located in 24 states, totaling approximately 11.7 million square feet.