TruCore Industrial closed the sale of a class-B industrial outdoor storage (IOS) complex in Indianapolis, Indiana.
The property is 92% leased to Ferguson Enterprises, Inc. (NYSE: FERG) and its subsidiaries, with the remaining 8% being leased to Plastic Pipe Technologies, a local HDPE company. Ferguson is a leading distributor of plumbing supplies, waterworks, fire protection, and HVAC products and is an S&P BBB+ rated public company. The asset functions as a multi-division Ferguson campus, accommodating several business units at one location, enhancing operational efficiency and underscoring the property’s role as a mission-critical component of Ferguson’s regional infrastructure. This is a characteristic that is increasingly rare in infill locations in industrial markets like Indianapolis.
The property is located within the Warren Park Industrial Submarket, one of the tightest industrial corridors in the region, with approximately 1.7% vacancy and strong recent absorption at the time of sale. The site also benefits from scarce IOS yard space, a highly sought-after feature within the Indianapolis interloop where supply remains limited. Additionally, the location offers prominent interstate visibility, immediate access to I-70 and I-465 and sits within a one-day drive of roughly 75% of the U.S. population.
“This outcome reflects the strength of our relationships and our focus on thoughtful execution in infill IOS markets,” said Zach Harris of TruCore Industrial. “Mark Grossman and his team at Northmarq were instrumental in sourcing this opportunity for us off-market at acquisition and later advising on the sale multiple years later, which speaks to the value of long-term partnerships. We also worked closely with Ferguson to enhance the functionality of the asset and support their operations, helping position the property for a successful outcome. We continue to look for opportunities where we can create value through alignment, disciplined strategy, and hands-on asset management.”
The property was purchased by a private individual investor based in Texas at an undisclosed price.
