Nuveen Snaps Up 371 KSF Indianapolis Portfolio

Nuveen Real Estate has purchased a two-building portfolio in Plainfield, Ind. HSA Commercial Real Estate sold the two assets encompassing 371,200 square feet. Colliers represented the seller.

The two properties are part of the Gateway Business Park—a six-building industrial center developed by HSA. The park’s first building was completed in 2004, while the most recent one came online in 2022.

Nuveen acquired Buildings III and IV. Developed in 2014, Gateway Industrial Park Building III is a 220,000-square-foot cross-dock facility spanning 18 acres. Amenities include 32-foot clear heights, 60-foot speed bays, 49 trailer parking stalls, four drive-ins, as well as 24 dock doors, which are expandable to 60.

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Completed in 2017, Gateway Industrial Park Building IV is a 151,200-square-foot, rear-load building. Amenities at the 9-acre facility include 30-foot clear heights, 60-foot speed bays, 32 truck docks, four drive-in doors and parking for as many as 156 vehicles.

The two buildings are at 1025 S. Columbia Road and 3051 Midfield Court. Major thoroughfares within a 4-mile radius include U.S. Road 40 and Interstate 70, while the Indianapolis International Airport is some 3 miles eastward. Indianapolis’ central business district is 14 miles away.

Tenants at Gateway III and IV include Kuehne and Nagel International—which signed the agreement in 2016—and Penske Logistics, as well as AEL Span. The firms provide automotive, manufacturing and technology services. Both buildings are fully leased.

Colliers Vice Chair Alex Cantu, alongside Executive Vice President Alex Davenport and Principal Vice Chairs Steven Disse and Jeff Devine, represented HSA in the transaction.

Taking Indianapolis’ industrial pulse

Metro Indianapolis’ average price per square foot was $62 as of March, according to a CommercialEdge report. This was well below the $147 national average. Naptown’s industrial rent growth clocked in at 5 percent year-over-year, trailing the U.S.’ 7.3 percent rate.

The metro’s vacancy stood at 3.2 percent, one of the lowest in the nation, exceeded only by Columbus, Ohio, and Kansas City, Mo., both at 2.4 percent.