Stos Partners and Cardinal Industrial have entered the Midwest market with the acquisition of an approximately 1.1-million-square-foot light industrial portfolio in Indianapolis, Indiana.
The portfolio comprises a total of 34 multi-tenant light industrial properties occupied by a diverse mix of tenants.
The firms continue to be bullish on industrial assets throughout the country, where trends like e-commerce, onshoring and supply constraints are driving skyrocketing industrial demand, according to Jason Richards, Partner of Stos Partners.
The asset was procured off market through close broker relationships, according to Michael McFarland, Principal at Cardinal Industrial.
The portfolio, which is 95 percent occupied, was purchased from a private individual who had owned and developed the property over numerous decades and presented the opportunity to capitalize on high demand and bring rents up to market.
The portfolio is located in close proximity to a significant population center, with the buildings positioned throughout Northeast and Northwest Indianapolis.
Alex Cantu and Alex Davenport from Colliers International represented Stos Partners as the buyer in the transaction.
