Lincoln Property Sells Indianapolis-Area Industrial Asset
Lincoln Property Co. has sold 4321 Albert S. White Parkway, a 146,640-square-foot distribution center in Whitestown, Ind. Colliers brokered the transaction on behalf of the seller.
In 2022, Independent Bank issued a $10.4 million construction note set to mature in June of 2025, according to CommercialEdge. Peterson Construction & Property Services served as general contractor.
The 2023-built property features 32-foot clear heights, 53-foot by 56-foot 8-inch column spacing with a 60-foot speed bay, 12 dock doors, two drive-in doors, 40,000-pound mechanical levelers, as well as a truck court depth of 130 feet, 126 parking spaces and 41 trailer spots.
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Located inside the 616-acre industrial park AllPoints at Anson, the distribution center is less than 1 mile from Interstate 65. Boone County Airport and the Indianapolis International Airport are some 4 and 26 miles away, respectively.
Colliers Executive Vice President Jason Speckman and Senior Vice President Jimmy Cohoat represented Lincoln Property Co.
Indianapolis industrial vacancy rate inches upward
In the first quarter, investors traded $64 million in industrial assets throughout metro Indianapolis. EQT Exeter’s disposition of Park 130 at Whitestown Building Three is one noteworthy transaction that took place earlier in the year. The asset changed hands for $28.4 million.
As of March, Indianapolis’ industrial vacancy rate rested at 3.2 percent, 80 basis points higher than a year ago but still significantly below the U.S. average.
One notable lease also occurred relatively recently within AllPoints at Anson. Last year, Rockwell Automation doubled down on its 369,449-square-foot lease at CBRE Investment Management’s Anson 8A, renewing the deal at the 708,367-square-foot building.
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