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Avison Young negotiates sale of three industrial buildings totaling 878,410 sf in IndianapolisNovember 11, 2021
Chicago, IL – Avison Young announced today that it has negotiated the sale of three buildings totaling 878,410 square feet in the Indianapolis market. The largest building (530,400 sf) is fully leased to the largest global ecommerce company; the other facilities (168,480 sf & 179,530 sf) are fully leased to a global packing company. The buildings are in the 2.4 million-square-foot Master Planned Whiteland Exchange Business Park, located at I-65 and Whiteland Road in Whiteland, IN.
Jones Development, the seller, was represented by Avison Young’s Erik Foster and Mike Wilson, Principals and members of the U.S. industrial capital markets team in the firm’s Chicago office. The team worked in conjunction with Sean McHale, SIOR, Principal and Senior Associate Peter Seoane, both in the firm’s Indianapolis office. The Indianapolis team was the exclusive leasing agent for Whiteland Exchange.
The buyer was Lexington Realty Trust.
“The historic expansion in ecommerce continues to draw investors to the industrial sector as they search for long-term rental rate growth,” said Foster. “We expect to see strong momentum in Indianapolis and other growing logistics markets across the country, as investors tap into the wave of new construction that is bringing modern facilities to the marketplace.”
Whiteland Exchange was designed to provide Central Indiana with investment grade industrial space for lease, sale and build-to-suit opportunities. The development is along the I-65 distribution corridor in Johnson County, which has experienced strong industrial demand and absorption over the past several years. The county is the 5th fastest growing county in Indiana and has a strong labor force within a 30-mile radius of this development.
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