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Plymouth Lands Indianapolis Portfolio
First Highland Management & Development Corp, Inc. disposed of a two-building, 607,231-square-foot industrial portfolio in Indianapolis for roughly $16.9 million. Boston-based Plymouth Industrial REIT used a tax-beneficial UPREIT structure to complete the acquisition of a 562,497-square-foot building, and another building totaling 44,734 square feet within the Shadeland I-70 Business Park.
The 94% occupied buildings are located one mile from the I-70 and I-495 interchange. Of the five tenants that currently occupy space in the buildings, the largest are Pratt Visual Solutions and MicroMetl, which combined occupy 89% of the buildings’ area.
Cawley Chicago’s David Conroy and Timothy E. Gallagher represented both the seller and buyer.
Conroy says, “First Highland elected to sell the assets in an UPREIT fashion so that it could participate in the future upside of Plymouth REIT, while deferring the impact of capital gains taxes.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition