Hillwood Expands Indy Footprint

The company purchased a portfolio of three industrial properties, totaling more than 1 million square feet of warehouse space, from Northwestern Mutual and Panattoni.

Airwest 12 and 14 in Plainfield, Ind.
Airwest 12 and 14 in Plainfield, Ind.

Hillwood has acquired three Class A industrial properties in the Indianapolis area. The portfolio, in total, contains 1,085,810 square feet. Northwestern Mutual sold two of the properties, Airwest 12 and Airwest 14, for $38.8 million, according to public records. Panattoni sold the third development, Commerce Drive Commerce Center.

The two Airwest buildings are situated in a large industrial district southwest of Indianapolis’ airport. Airwest 12, at 2301 Reeves Road in Plainfield, contains 448,305 square feet, and Airwest 14, located next door at 2201 Reeves Road, includes 476,225 square feet of warehouse space. Near Interstate 70, both properties enable convenient access throughout the region. Constructed in 2015, the two cross-dock buildings feature 36-foot clear heights, large truck courts and ample trailer parking.

The third property, Commerce Drive Commerce Center, consists of two structures comprising 100,800 and 60,480 square feet, respectively. Located at 7515 and 7535 Company Drive in Indianapolis, the property sits alongside Interstate 65 and is in a small industrial district eight miles south of the city’s downtown. The buildings were completed in 2008 and offer 24- and 28-foot clear heights, 130-foot truck courts and ESFR fire sprinklers. The acquisition also includes 1.2 acres of land for potential future development.

New opportunities and developments

Company Drive Commerce Center in Indianapolis
Company Drive Commerce Center in Indianapolis

“Indianapolis has proven to be a great industrial market,” said Don Schoenheider, senior vice president and Midwest market leader for Hillwood, in a prepared statement. “With the addition of these properties, we can provide multiple, prime location options for companies looking for 30,000 to 950,000 square feet of Class A distribution space.”

As Hillwood increases its footprint in Indianapolis, the firm is expanding in other markets nationwide, with a 1.7 million-square-foot speculative industrial project slated to break ground this year near Cincinnati.

Images via Google Maps