MDH Partners acquired Washington Business Park 2, a 247,000-square-foot industrial facility in Noblesville, Indiana.
MDH agreed to purchase the building on a forward basis from Patch Development in May of 2022 and managed to execute despite capital market uncertainty. The firm previously purchased Washington Business Park 1, a 162,228-square-foot fully occupied distribution facility, in October 2022.
Both new builds are located within the 142-acre corporate campus of Washington Business Park. Houston Hawley served as the acquisition lead for MDH Partners. Bryan Poynter and Ryan Baker with Cushman & Wakefield brokered the sale.
Delivered in the second quarter of 2023, Washington Business Park 2 is a modern bulk industrial warehouse and distribution facility that can be divisible up to three tenants. Located just off the intersection of SR-37 and IN-32, the building is ideally positioned less than 15 minutes northeast of an access point to I-465, less than 10 minutes north of an access point to I-65 and only 45 minutes northeast of the Indianapolis International Airport.
According to Cushman & Wakefield, Indianapolis’ second quarter had historically low unemployment rates year-over-year at 3.6%. The Indianapolis industrial market also posted the highest second-quarter delivery total on record with over 7 million square feet of space delivering. This is following a record first quarter of construction completions. Through the first half of 2023, 15.3 million square feet of space was delivered, a 91% increase from 2022’s first-half delivery total and the highest first-half delivery total ever in the Indianapolis industrial market.
The purchase of Washington Business Park 2 increases MDH Partners’ Indiana footprint to more than 1.4 million square feet. In addition to the Washington Business Park 1, the firm acquired Park 100 Building 71, a 193,348-square-foot, Class-A industrial facility in Indianapolis, Ind. in August 2022, and acquired its first Indiana property, Franklin Tech Park, a 808,505-square-foot, Class-A industrial facility in Franklin, Ind. in March 2022.
