Industrial O Indiana

Avison Young brokers 353,000-square-foot industrial building in Indiana

Avison Young closes 353,000-square-foot industrial building,ph01

Avison Young has negotiated the sale of a 353,000-square-foot industrial facility at 7901 W. 21st St. in Indianapolis. The property is fully leased to Venture Logistics, LLC and Iron Mountain Inc.

Avison Young Principals Erik Foster and Mike Wilson, based in the company’s Chicago office and leaders of the firm’s national industrial capital markets group, represented an institutional owner in selling the asset. The team is working in conjunction with Sean McHale, principal, and Steve Schaub, senior vice president, both in the firm’s Indianapolis office. The buyer was Plymouth REIT. The price was not disclosed.

The facility was constructed in 1985 and renovated in 1994. Both tenants have been in the building through several lease terms and rely on the location and functionality of the building for their business operations. The building has 31 dock doors and 3 drive-in doors.

Venture Logistics is a privately owned transportation company that uses the space for its Venture Warehouse & Distribution subsidiary. The tenant leases 85 percent of the space in the building. Iron Mountain, Inc. is a global leader of storage and information management services. The company leases 15 percent of the building.

Indianapolis has become a key distribution hub due to its central U.S. location and access to transportation networks. The market offers businesses access to a significant portion of the U.S. population within a one-day drive.