Boston firm buys 10 industrial buildings for $62 million

A Boston-based real estate firm has purchased 10 industrial buildings in Indianapolis for $62 million.

Plymouth Industrial Real Estate Investment Trust said Tuesday that it acquired the nine-building Shadeland Commerce Center and a 353,000-square-foot building at 7901 W. 21st St. The properties total 2.1 million square feet.

All 10 buildings were previously owned by Chicago-based First Industrial Realty Trust.

The Shadeland Commerce Center, in the 6600 block of 30th Street on the city’s east side, totals about 1.7 million square feet and is 95% leased. Its 26 tenants include Penske, ABC Supply Co., Ryder and PPG Industries.

The West 21st Street property, near the Indianapolis International Airport, is fully leased to two tenants: Venture Logistics and Iron Mountain Inc.

Plymouth owns three other properties in Indianapolis: An industrial development at 4430 Sam Jones Expressway, purchased in June for $17.1 million; and two properties at 3035 and 3169 N. Shadeland Ave., which were bought together in August 2017 for just less than $17 million.

Company President and Chief Investment Officer Pendleton White Jr. said Plymouth considers Indianapolis “an important, thriving market for us,” adding the acquisitions bring its total holdings to more than 3 million square feet.

The firm isn’t the only one looking to capitalize on the piping-hot Indianapolis industrial market. Local firm Ambrose Property Group has announced two massive logistics and e-commerce developments since early November, and other companies continue to look to the market for investment opportunities.

Real estate experts have told IBJ the local market is nearing all-time records in vacancy, construction and absorption.

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