Greenstone Partners completed $10.3 million sale of 2402 Shadeland, a multi-tenant shallow bay industrial property totaling 120,886 square feet.
Located at 2402 Shadeland Avenue in Indianapolis, Indiana, the property is positioned within the infill Warren Park submarket, only seven miles from downtown Indianapolis. Greenstone Partners’ Managing Partner, Jason St. John, represented the seller, a Chicago-based family office, and procured the buyer, a Florida-based real estate investment group.
The transaction represents the second-highest price per square foot for a multi-tenant industrial investment over 100,000 square feet within the City of Indianapolis. “The buyer was drawn to the property’s infill location just off the interstate, its discount to replacement cost, and the meaningful upside from marking rents to market as leases roll,” said St. John. “Investor demand was incredibly strong, evidenced by 18 written offers and 216 unique buyer registrations.”
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