Colliers has closed the sale of a 1.2-million-square-foot light industrial portfolio of 34 infill industrial assets in the Indianapolis, Indiana, MSA.
The assets include 12 industrial parks in Indianapolis, Fishers and Plainfield, Indiana. The portfolio is nearly 96 percent occupied and home to more than 230 tenants from a diverse set of industries. The transaction represents the largest light industrial portfolio trade in Indianapolis during the past five years.
Alex Davenport and Alex Cantu of the Colliers Midwest Capital Markets team facilitated the transaction on behalf of Mann Properties, an Indianapolis-based real estate firm that has been developing commercial and residential projects throughout Central Indiana and North Carolina.
The portfolio was purchased by a venture of Cardinal Industrial and Stos Partners, two privately held commercial real estate companies based in California with industrial warehouse assets located throughout the United States, and Long Wharf Capital, a real estate private equity firm based in Boston, Massachusetts.
Colliers will assume Leasing and Property Management services of the full Cardinal Industrial portfolio. The leasing team leads are Jason Speckman and Tyler Wilson, assisted by Billy Powers and Jeorge Manley. The Real Estate Management Services team consists of Craig Cleveland – Senior Property Manager, Sally Lewis – Property Manager, and Rick Ryan – Lead Engineer.