Midwest industrial still trading
- Institutional buyers completed recent Midwest industrial trades in Indiana and Ohio this week. - JLL Income Property Trust paid $60.25 million ($99.59/sf) for a 605,000-sf Whitestown, Indiana distribution center, and Saxum paid $70 million ($150.45/sf) for a 465,256-sf Columbus property. - Those transactions show institutional capital remains active in Midwest logistics, with wide price dispersion by market and asset specs (crenews.com 1) (crenews.com 2).
Institutional buyers are still closing big Midwest warehouse deals, with two industrial properties in Indiana and Ohio trading this week. (crenews.com) JLL Income Property Trust paid $60.25 million for Whitestown Distribution Center III, a 605,000-square-foot building in Whitestown, Indiana, north of Indianapolis. The price worked out to $99.59 per square foot, according to Commercial Real Estate Direct. (crenews.com) In Columbus, Ohio, Saxum Real Estate paid $70 million for 5303 Fisher Road, a 465,256-square-foot industrial property. That sale penciled out to $150.45 per square foot, and the seller had bought the building in 2022 for $58 million. (crenews.com) The gap between those prices shows how industrial values now split by building type, age and market. The Columbus asset is a freezer and cold-storage facility, while the Whitestown property is a newer bulk distribution center. (crenews.com) (loopnet.com) (crenews.com) Whitestown has become one of the Indianapolis area’s main logistics hubs, with large warehouse clusters near Interstate corridors and distribution users seeking lower-cost Midwest space. JLL Income Property Trust bought the building from an affiliate of Browning Real Estate Partners, the project’s developer. (crenews.com) The Columbus building sits on Fisher Road near Interstate 70 in one of central Ohio’s established industrial corridors. Commercial marketing for the property described it as a state-of-the-art cold-storage warehouse, a niche that usually commands higher rents and replacement costs than standard dry warehouses. (crenews.com) (loopnet.com) The buyers also signal two different pools of capital still active in logistics real estate. JLL Income Property Trust is a perpetual-life real estate investment trust, while Saxum is a private developer and investor based in Summit, New Jersey. (jll.com) (crenews.com) For now, the takeaway from both closings is simple: institutional money is still writing large checks for Midwest logistics, but not at one uniform price. (crenews.com 1) (crenews.com 2)
