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1M-SF Industrial Portfolio Sells
Sealy & Co. nabbed the seven-building, Class A industrial portfolio known as North by Northwest, in Park 100, at 86th Street and Georgetown Road in Indianapolis. A price was undisclosed. Seller Biynah Industrial Partners (BIP) and Alex Brown Realty acquired the 1.1-million-square-foot, seven-story property for $30 million in 2009.
The portfolio consists of buildings ranging in size from 59,000 to 323,000. The asset is 92% leased to 25 companies that represent a variety of businesses. Sealy & Co. made the acquisition on behalf of Sealy Strategic Equity Partners (SSEP).
“North by Northwest is an infill industrial portfolio with excellent tenancy, strong in-place income streams, and value-add potential in one of SSEP’s target markets,” said Scott Sealy, Jr., Vice President and Business Development. “The functional buildings are well-positioned in the market due to their modern designs, varied sizes, above-standard features, proximity to interstate freeways, and access to a skilled distribution workforce.”
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