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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA California-based real estate firm with growing holdings in the Indianapolis area has purchased a 1.1-million-square-foot distribution building in the AmeriPlex at Indianapolis business park.
Transpacific Development Co. of Torrance, Calif., closed on the west-side property at 9101 Orly Road on July 26, according to Thomas Irish, president of TDC. The seller was Metro Holdings One LLC, which is based in Columbus, Ohio, according to state records.
Terms of the deal were not disclosed. The assessed value of the property and its improvements is about $36 million.
The cash sale of the distribution center, which is 100-percent leased, includes 68 acres of land in Marion and Hendricks counties. With the acquisition, TDC owns nine distribution buildings in the Indianapolis area totaling more than 4.6 million square feet. Its first local acquisition was in 2005.
“We are happy to add this large property to our portfolio,” Irish said in a prepared release. “Central Indiana is TDC’s largest market, and our portfolio here is currently 97.4 percent leased. … We like the southwest Indianapolis distribution market due to its proximity to Indianapolis International Airport and accessibility to Interstates 70, 74 and 465. We think that it is one of the best distribution locations in the U.S.”
TDC entities currently own 10.5 million square feet of space in six states.
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