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Greenstone Partners Closes $10.3M Sale of Industrial Property in Indianapolis
Greenstone Partners has announced the successful $10.3 million sale of a multi-tenant shallow bay industrial property located at 2402 Shadeland Avenue in Indianapolis, Indiana. The property totals 120,886 square feet and is situated in the Warren Park submarket, approximately seven miles from downtown Indianapolis.
The transaction was managed by Jason St. John, Managing Partner at Greenstone Partners, who represented the seller—a Chicago-based family office. St. John also procured the buyer, a Florida-based real estate investment group.
This deal marks the second-highest price per square foot ever achieved for a multi-tenant industrial investment over 100,000 square feet within the City of Indianapolis. “The buyer was drawn to the property’s infill location just off the interstate, its discount to replacement cost, and the meaningful upside from marking rents to market as leases roll,” said St. John. “Investor demand was incredibly strong, evidenced by 18 written offers and 216 unique buyer registrations.”
The sale underscores a continued strong investor appetite for well-located industrial assets in high-demand submarkets.
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