Erik Foster and Mike Wilson of Avison Young‘s Chicago-based National Industrial Capital Markets Group, have sold a 286,555-square-foot distribution facility at 751 International Dr. in Franklin, Ind., in the Indianapolis submarket. The team represented ownership, New Boston Fund, Inc., a private equity real estate investment, development and management firm.
The building is fully leased to Caterpillar Reman, a division of Caterpillar Inc. that re-manufacturers diesel engines and other components for use in machinery and power systems. The lease is guaranteed by Caterpillar, Inc., an S&P rated A company.
The facility was purchased by Industrial Realty Group, a real estate development and investment firm based in Los Angeles. Financial terms were not disclosed.
This transaction demonstrates the continued health of the industrial sector and the shift in investor activity toward secondary markets. “This is a great opportunity for the new buyer to acquire a fully leased building with strong tenancy in the Indianapolis market,” said Foster. “Indianapolis is one of the best logistics markets in the country and continues to draw investors seeking strong yields and long term stability.”
The building is on a nearly 23-acre site and is ideally located with easy access to I-65.
The Foster and Wilson team has 30 years of combined experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners in Chicago and throughout the country. The team has completed transactions totaling more than $4 billion. Both are principals of the firm; Foster also is the Practice Leader for the Industrial Capital Markets Group.
