Jones Lang LaSalle Inc.

09/13/2021 | Press release | Distributed by Public on 09/13/2021 05:58

Bulk regional distribution center near Indianapolis trades for $114M

CHICAGO, Sept. 13, 2021 - JLL Capital Markets announced today that it has closed the $114 million sale of ConAgra Distribution Center, a 1.5 million-square-foot, Class A bulk regional distribution center triple net leased to ConAgra Brands in the Indianapolis-area community of Frankfort, Indiana.

JLL marketed the property on behalf of the seller, Founders Properties, L.L.C. W. P. Carey purchased the asset.

The facility was completed in 2015 as a build-to-suit industrial facility for ConAgra, the 11th-largest food and beverage maker in the United States. The building has 10 rail docks serviced by CXS and Norfolk Southern and features a 34-foot clear height, 100 percent concrete truck courts, 125 dock-high doors plus 125 knockouts, four drive-in doors, 853 trailer parking stalls, ESFR fire protection, LED lighting and low office finish.

Situated on 180 acres at 3500 W. County Rd O NS in Frankfort, the facility is 41 miles from Indianapolis and in a critical, centralized Midwest location that allows the tenant to reach half of America's major population centers within a 24-hour drive from the Indiana border. The distribution center is also 5.2 miles from Interstate 65, one of the major north-south interstates that goes from Chicago to the Gulf Coast in Alabama.

The JLL Industrial Capital Markets team representing the sellers is led by Senior Managing Director John Huguenard and Senior Director Kurt Sarbaugh.

'This building is one of the largest modern distribution centers in the Midwest and plays an integral role in ConAgra's ability to deliver food to a significant portion of the country,' Huguenard said. 'These types of infrastructure-driven offerings continue to attract institutional capital.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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