Transpacific Development Purchases 1.1M-Sq.-Ft. Distribution Center at AmeriPlex
- Sep 06, 2013
by Adriana Pop, Associate Editor
Transpacific Development Co. of Torrance, Calif. has recently purchased a 1.1-million-square-foot distribution center at the AmeriPlex Business Park. According to the Indianapolis Business Journal, the seller of the property at 9101 Orly Road was Metro Holdings One LLC of Columbus, Ohio.
The acquisition of the center, which is completely occupied, includes 68 acres of land in Marion and Hendricks counties.
TDC has been an active investor in the Indianapolis area since 2005. The company now owns nine distribution buildings totaling more than 4.6 million square feet.
“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.,” Thomas Irish, president of TDC, said in a news release.
In regional news, the Indianapolis Business Journal reports that Industrial Income Trust of Denver has paid $15.75 million to acquire a 450,000-square-foot distribution center in Greenwood (pictured). The seller of the property at 700 Commerce Parkway was CAM 7000 Gateway LLC, an affiliate of Cohen Asset Management Inc. of Los Angeles.
Known as the Precedent South Business Center, the distribution center spreads across 23 acres of land and is completely occupied by Celadon Group Inc. and Genco Marketplace Inc.
“The Indianapolis market has one of the lowest vacancy rates in the United States which has sparked an influx of institutional interest in this Midwest market. The existence of aggressive capital coupled with the lack of potential investment opportunities has resulted in cap rate compression for the Greenwood submarket which was evident in the volume of bidders for this two tenant Class A asset,” Jason Haas, COO for Cohen Asset Management, said in a news release.
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