CBRE has arranged the sale of Buildings 1 and 4 within Hendricks Gateway Park, a 214-acre logistics park in the Southwest submarket of Indianapolis, to Canadian-based investor Granite Real Estate Investment Trust.
Andrew Morris and Jeremy Woods of CBRE represented the seller, Atlanta-based Core 5 Industrial Partners, in the transaction.
Located at 2128 Gateway Point and 10566 Gateway Point, Buildings 1 and 4 total 1,354,629 square feet and are fully leased by MARS Petcare and LifeScience Logistics.
Hendricks Gateway Park has four buildings totaling nearly 3 million square feet of modern industrial space that can accommodate users ranging from 200,000 to more than 1 million square feet. The park is situated in the Southwest submarket adjacent to I-70, offering direct access to major freeways, UPS & FedEx hubs, & the Indianapolis International Airport.
The Indianapolis industrial market registered 2.1 million square feet of positive net absorption during the fourth quarter of 2021, marking the 45th consecutive quarter of positive net absorption, according to CBRE Research. The Southwest submarket, which offers one of the highest concentrations of modern distribution space in the Midwest, registered 1.93 million square feet of positive net absorption and has over 2.1 million square feet in its construction pipeline.
