Becknell Industrial Further Strengthens Commitment to Indianapolis Market with Greenwood Acquisition

Mar 17, 2015

Becknell Industrial announced today that it has acquired a multi-tenant industrial building totaling 132,315 square feet in the Greater Indianapolis submarket of Greenwood, Indiana. Located immediately off Interstate 65 just south of Indianapolis, the property provides direct access to Interstate 465.

Built in 2001 and situated on 8.7 acres, the property’s state-of-the-art features include 30’ clear height, 20 dock doors with seals and levelers and 4 drive-in doors. The property is fully leased to two tenants. Poly-Tainer, Inc., a leading bottle manufacturer that provides high-quality products for personal care, pharmaceutical, nutritional, household chemical, automotive and niche food markets, occupies 66,282 square feet. The remaining space, currently occupied by United Natural Foods, is available for sublease.

Alex Cantu and Jason Speckman of Cushman and Wakefield|Summit Realty Group represented the seller.

“Recognizing the limited supply of space available in the submarket, we seized the opportunity to acquire this functional building at a good basis with upside potential from leasing the United Natural Foods space,” said Pete Anderson, Becknell’s Executive Vice President Investments. “Since 2013, we have been strengthening our commitment to the Indianapolis market through acquisitions and developments and plan to continue.”

With this new acquisition, the Company now owns nearly one million square feet and has invested a total of $47.4 million in the market. Most recently, Becknell has had tremendous success with its North by Northwest Business Park that began as 100 percent speculative in August 2014 and now is more than 65% pre-leased.