Transwestern JV Sells Indianapolis Industrial Asset
Federal Mogul previously occupied the facility, which had last traded in 2014 as part of a 2 million-square-foot portfolio transaction.
8325 N. Norfolk St. Image via Google Street View
A joint venture between Transwestern Investment Group (TIG) and Acento Real Estate Partners has sold a 519,100-square-foot industrial property in Indianapolis to Founders Properties. The partnership had first acquired the asset as part of a 2 million-square-foot portfolio purchase in 2014. This sale was the final disposition of that portfolio.
The former Federal Mogul facility came online in 1988. Located at 8325 N. Norfolk St. on 21.8 acres, in the Park 100 industrial complex, the property is less than 1 mile from Interstate 465 and roughly 20 miles north of the Indianapolis International Airport. Several shopping and dining options are available at the Traders Point mall, just off I-465.
CBRE Vice Chairman Michael Caprile and Senior Vice Presidents Ryan Bain and Zachary Graham represented the seller in the deal.
The strong demand for industrial assets on a national level is fueled by the needs of third-party logistics companies and e-commerce tenants. Industrial vacancy rates are at historical lows and rent prices continue to rise, having a projected growth of 5 percent in 2020, according to research by Transwestern.
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