Financing finalizes the arrival of Cardinal Industrial, Stos Partners and Long Wharf Capital partnership in Midwest market
“The pandemic gave a significant boost to the steadily growing demand for e-commerce, third-party logistics providers and big-box industrial real estate,” said Thornton. “Investors are grabbing high-performing assets in markets like Indianapolis that are seeing record amounts of user demand. It was our team’s pleasure to assist Cardinal Industrial, Stos Partners and Long Wharf Capital in their entry to the Midwest market.”
The portfolio covers 1,122,936 total square feet and, at the time of the sale, was 95% occupied by tenants representing a diverse array of industries.
Indianapolis’ industrial sector continued to lead the market in 2021. At the end of the fourth quarter, the industrial market’s vacancy rate ended at 3.8%, its lowest in more than a decade. New leasing activity totaled nearly 24 million square feet, and the market achieved a record 18.5 million square feet in direct net absorption, a 77% year-over-year increase. A record amount of new construction, roughly 24 million square feet, is currently underway to keep up with unprecedented user demand.
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