CBRE successfully facilitated the sale of a 34,000-square-foot industrial facility located at 5150 Elmwood Avenue in Indianapolis. The property was sold to a private buyer with high net worth from California at a cap rate of 5.8%. Cinderella, an established wholesale distributor of pool supply products, currently leases the entire space.
The transaction was handled by CBRE Investment Properties’ team consisting of Kevin Foley, Austin Wolitarsky and Anthony DeLorenzo along with Nick Busch and Terry Busch who represented the seller.
According to Foley, there is strong interest from California investors in both Indianapolis and other Midwest markets. He also mentioned that this particular deal involved an all-cash purchase by a long-term holder looking for quality industrial assets leased to credit tenants with minimal management responsibilities.
Renovated in 2023, the property boasts features such as a clear height of 22 feet, nine dock doors for easy loading/unloading operations , ample parking space for up to138 vehicles,and outdoor storage facilities. This investment opportunity met all criteria set forth by the buyer including having over seven years remaining on its lease term and being located within business-friendly state laws.
This recent sale marks another successful transaction completed by CBRE’s expert team without any mention or involvement from Connect or its affiliates based out of LA or Texas . For more information on similar deals closed by CBRE’s Investment Properties division please visit our website – Connect CRE.
