Greenstone Partners announced the sale of a 60,000-square-foot, fully leased, two-tenant shallow bay industrial property located at 450 South Kitley Avenue on the east side of Indianapolis, Indiana. The property sold for $4,850,000 and generated significant investor interest, with more than 120 qualified offering memorandum registrants and multiple competitive offers, ultimately resulting in a strong outcome for ownership.
The investment attracted strong attention due to its stable in-place income and clear mark-to-market upside. Both tenants are operating below prevailing market rents, providing a defined path to future revenue growth upon lease rollover. This opportunity is further supported by strong historical rent growth within the submarket.
Located within the highly sought-after Warren Park Industrial Submarket, the asset benefits from extremely tight vacancy and continued demand for shallow bay industrial product driven by its flexibility and broad tenant appeal.
“This transaction highlights the depth of investor demand for well-located, multi-tenant industrial assets with embedded upside,” said Jason St. John, Managing Partner at Greenstone Partners. “The combination of strong leasing fundamentals, proximity to major interstates, and Indianapolis’ business-friendly environment continues to make assets like 450 South Kitley Avenue highly attractive to investors in today’s market.”
Jason St. John exclusively represented the seller and procured the buyer, who closed the transaction 30 days after execution of the purchase and sale agreement.
Greenstone Partners focuses exclusively on commercial real estate investment sales throughout the Midwest. The firm delivers the most qualified offers and favorable terms by leveraging a proprietary investor database, an exhaustive marketing process, relationship-driven execution, and unparalleled market expertise.