Cawley Chicago Brokers $16.9M Sale of Two Industrial Buildings in Indianapolis
INDIANAPOLIS — Cawley Chicago has brokered the sale of two industrial buildings in Indianapolis for $16.9 million. The buildings, totaling 607,231 square feet, are located within the Shadeland I-70 Business Park near I-70 and I-495. The properties were 94 percent occupied by five tenants at the time of sale. The largest tenants, Pratt Visual Solutions and MicroMetl, occupy a combined 89 percent. David Conroy and Timothy Gallagher of Cawley Chicago brokered the transaction. Plymouth Industrial REIT purchased the buildings from First Highland Management & Development Corp. Inc. In completing the transaction and expanding its portfolio, Plymouth structured the acquisition as an UPREIT (umbrella partnership real estate investment trust), a vehicle that enables a company seeking to sell appreciated real estate to defer or completely avoid capital gains tax liability.