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Denver firm snaps up Greenwood property for $15.7 million

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A Denver-based firm has purchased a 450,000-square-foot distribution center in Greenwood for $15.75 million, in another sign of the improved health of the Indianapolis area’s industrial market.

Industrial Income Trust purchased the 13-year-old property at 700 Commerce Parkway from Cohen Asset Management Inc., a real estate firm based in Beverly Hills, Calif. The sale closed on June 28, according to IIT.

The distribution center sits on 23 acres and is 100-percent leased. Its two tenants are Celadon Group Inc. and Genco Marketplace Inc.

The property sparked a lot of bids from the investment community, said Jason Haas, chief operating office for Cohen Asset Management.

“The Indianapolis market has one of the lowest vacancy rates in the United States, which has sparked a lot of institutional interest in this Midwest market,” Haas said in a prepared release.

Several recent deals point to healthy demand for Indianapolis-area industrial space. For example, Opus Development Corp., a Minnesota-based real estate firm, is starting development of two industrial buildings in Plainfield totaling a massive 925,000 square feet.

IBJ reported Monday that California-based Transpacific Development Co. recently purchased a 1.1 million-square-foot distribution building in the AmeriPlex at Indianapolis business park.

Terms of the deal were not disclosed. If the building sold at the same price per square foot as the Greenwood distribution center, the transaction would have been in the neighborhood of $38.5 million.
 

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  • Is that all Greenwood has for development?
    I cannot believe that with the location and infrastructure of Greenwood, the only thing they can get is another warehouse deal? What is going on in Greenwood? This makes no sense.

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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