Plymouth Industrial Boosts Indianapolis Footprint in $62M Deal

The portfolio transaction brings the REIT's presence to more than 3 million square feet in the metro.
Aerial view of Shadeland Commerce Center. Image via Google Maps

Plymouth Industrial REIT has completed the $62 million acquisition of a 2.1 million-square-foot industrial portfolio in Indianapolis. The 10-building transaction brings the company’s footprint in the metro to more than 3 million square feet.

The deal involved the purchase of the 1.7 million-square-foot Shadeland Commerce Center, which was 95 percent leased at the time of sale. The property is home to 26 tenants including ABC Supply Co., PPG Industries, Penske and Ryder. The nine-building complex is across the street from two other Plymouth-owned facilities at the Shadeland I-70 Business Park.

Additionally, the REIT acquired a 353,000-square-foot property located at 7901 W. 21st St., roughly 10 miles from Indianapolis International Airport. The asset is fully leased to two tenants—Iron Mountain and Venture Logistics.

In September, Plymouth Industrial REIT paid $90 million for a multi-state industrial portfolio. Encompassing some 2.2 million square feet, the properties are spread across Illinois, Tennessee and Ohio.