INDIANAPOLIS—Indiana's top city has one of the most vibrant industrial markets in the nation, and investors have taken notice of the low vacancy and increasing demand. The latest trade just occurred as Lake Forest, IL-based The Westminster Funds sold the 522,358-square-foot Northeast Business Center to locally-based Citimark Management Co., Inc. The terms of the sale were not disclosed.
Westminster, which provides risk-adjusted investing for private portfolio and private foundation investors, was represented by Jeff Castell, senior managing director and principal, in Cassidy Turley's Indianapolis office. Cassidy Turley's Todd Vannatta, senior vice president and principal, assisted with leasing services. Citimark, a real estate and construction company, represented itself in the transaction.
“As evidenced by the considerable market interest in this business park portfolio offering, Greater Indianapolis remains attractive to industrial property investors,” says Castell.
The Northeast Business Center sits near the I-69 corridor on the northeast side of Indianapolis. The park was designed for a variety of users, including office, office/flex, wholesale/showroom, and light distribution. It currently has multiple tenants and an occupancy rate of about 92%. It includes nine one-story office and warehouse buildings at the following locations: 8730-8932 Corporation Dr., 7226 and 7202 E. 87th St., 8802, 8804, 8904, 8930 and 8805-8875 Bash St., and 7301 E. 90th St.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
