Hines JV Sells 1 MSF Industrial Asset for $104M

Whiteland 65 Logistics Center. Image courtesy of Hines

Hines, together with Cresset Partners, has sold the first phase of Whiteland 65 Industrial Center, a 1.1-million-square-foot facility in Whiteland, Ind. The Class A asset traded for $104 million, according to Johnson County public resources.

The sale, marking the firm’s largest industrial transaction in the Midwest and the largest single asset industrial deal in the metro this year, came on the heels of another Hines large-size disposition.

Cushman & Wakefield Vice Chairman Luke Wessel and Executive Managing Director Michael Weishaar negotiated the Whiteland 65 sale on behalf of the partnership, while Colliers Senior Vice President Cam Kucic represented the buyer.

A Class A industrial campus near Indianapolis

Hines and Cresset purchased the 90-acre development site in June 2021, for $4.9 million, according to CommercialEdge data, and immediately commenced construction. This was the company’s first logistics project in the Indianapolis metro and, at the time, the only speculative industrial development larger than 1 million square feet in the area, Hines Managing Director Will Renner said, in prepared remarks.

Located at the intersection of Whiteland Road and Interstate 65, the recently completed facility features a 40-foot clear height, 108 dock doors, 690 parking spots for vehicles and 291 parking spots for trailers, CommercialEdge data shows. The property is 18 miles from downtown Indianapolis and 26 miles from Indianapolis International Airport.

The partnership plans to break ground on the distribution campus’ second phase, slated to include two buildings totaling some 870,000 square feet, in 2023.

Hines also recently announced its participation in another big industrial project. The firm, in a joint venture with The Galesi Group, plans to develop an approximately 1.7 million-square-foot industrial park in Austin, Texas.