Colliers International has sold the first industrial spec development to be completed in the Indianapolis area since 2008.
The company worked with developer VanTrust Real Estate, LLC in the site selection, development and disposition of Project One. Although VanTrust had intended to lease Project One, the Colliers real estate team was able to build buzz and interest around the development, a 450,000-square-foot, -A distribution facility built on 31 acres in Plainfield, Ind.
“The building’s quality and location attracted numerous leasing prospects and several potential buyers,” said senior vice president Bill Baumgardner of Colliers International, in a written statement. “VanTrust intended on leasing Project One before selling the building, however investor interest became too compelling to ignore.”
The building was purchased by Transpacific Development Company in September. This purchase increased the company’s Indiana portfolio to more than 5 million square feet. The building is configured for multi- or single-tenant occupancy.
