Colliers has closed the sale of Park Elmwood, a four-building light industrial portfolio at 5602-5508 Elmwood Ave. in Indianapolis, Indiana.
The 133,200-square-foot portfolio sits on nine-and-a-half acres less than a mile from I-465 in the city’s south submarket.
Alex Cantu and Alex Davenport with Colliers of Indianapolis facilitated the transaction on behalf of the seller, Dominion Realty, Inc., an Indianapolis-based real estate company specializing in multifamily and commercial properties throughout the Midwest. Hornet Investments, LLC purchased the assets.
Originally built in 1978, the portfolio features 16-foot clear height, 44 dock doors, 44 drive-in doors, shared truck courts and 33,000 square feet of office space, providing flexibility to meet tenants’ specific business needs. Park Elmwood is currently 98.2 percent occupied by a diverse set of 61 tenants and boasts an impressive historical occupancy of 96.3 percent during the past five years.