June 20, 2019
Transwestern Investment Group has sold a 1.5-million-square-foot industrial portfolio on behalf of the Diversified International Partners Fund. A joint venture between Weston and Arcapita acquired the nine logistics facilities in Indianapolis for an undisclosed price.
“During ownership, we were able to stabilize the rent roll and increase the portfolio’s NOI by successfully executing the majority of lease transactions at rates that exceeded underwriting,” said Richard Yeh, managing director at TIG. “That, coupled with the increased demand for infill industrial product, led us to achieve returns that exceeded our investors’ expectations.”
CBRE’s Michael Caprile provided disposition services. The portfolio was 96% occupied at the time of sale to tenants including Hat World and 3M.
Seven of the properties are located in Park 100, while the remaining two assets are within the Hunter Creek Business Park. Both parks provide proximity to Indianapolis International Airport and FedEx’s second-largest North American hub.
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