Gladstone Commercial Corp., McLean, Va., completed the acquisition of a 34,800-square-foot industrial freezer/cooler building in Indianapolis, Ind., formerly owned by Indianapolis Fruit Co., Inc. (IF&P), Indianapolis, Ind.
The building, located in Park 100, is expandable by approximately 13,000 square feet.
IF&P executed a long-term lease at the property, with 10 years remaining as of the acquisition date. The acquisition of the industrial property is consistent with Gladstone Commercial’s strategy of acquiring high-quality industrial assets in the company’s target growth markets.
“This acquisition adds to our overall industrial portfolio, and marks our entry into the industrial sector in Indianapolis, a target market for us that has emerged as a major domestic logistics hub,” says Matt Tucker, senior managing director of Gladstone’s Northeast/Midwest region. “Park 100 is a well-established industrial park with strong fundamentals that provides exceptional infrastructure access. There is limited freezer/cooler space in the Indianapolis market and growing demand, and we expect that trend to continue to the benefit of our shareholders with this investment.”