Whiteland 65 Logistics Middle. Picture courtesy of Hines
Hines, along with Cresset Companions, has offered the primary section of Whiteland 65 Industrial Middle, a 1.1-million-square-foot facility in Whiteland, Ind. The Class A asset traded for $104 million, in response to Johnson County public assets.
The sale, marking the agency’s largest industrial transaction within the Midwest and the most important single asset industrial deal within the metro this yr, got here on the heels of one other Hines large-size disposition.
Cushman & Wakefield Vice Chairman Luke Wessel and Government Managing Director Michael Weishaar negotiated the Whiteland 65 sale on behalf of the partnership, whereas Colliers Senior Vice President Cam Kucic represented the customer.
A Class A industrial campus close to Indianapolis
Hines and Cresset bought the 90-acre growth web site in June 2021, for $4.9 million, in response to CommercialEdge knowledge, and instantly commenced development. This was the corporate’s first logistics venture within the Indianapolis metro and, on the time, the one speculative industrial growth bigger than 1 million sq. toes within the space, Hines Managing Director Will Renner mentioned, in ready remarks.
Positioned on the intersection of Whiteland Street and Interstate 65, the lately accomplished facility includes a 40-foot clear peak, 108 dock doorways, 690 parking spots for automobiles and 291 parking spots for trailers, CommercialEdge knowledge exhibits. The property is eighteen miles from downtown Indianapolis and 26 miles from Indianapolis Worldwide Airport.
The partnership plans to interrupt floor on the distribution campus’ second section, slated to incorporate two buildings totaling some 870,000 sq. toes, in 2023.
Hines additionally lately introduced its participation in one other huge industrial venture. The agency, in a three way partnership with The Galesi Group, plans to develop an roughly 1.7 million-square-foot industrial park in Austin, Texas.
