(INDIANAPOLIS) – Hines, a global real estate investment, development, and property manager, in partnership with Cresset Partners, today announced it has sold the first phase of Whiteland 65 Logistics Center, a 1.1-million-square-foot Class A industrial facility in Whiteland, located in the Indianapolis metro area. This marks Hines’ largest industrial deal in the Midwest, as well as the biggest single-building industrial sale this year in Indianapolis. Hines and Cresset Partners acquired the 90-acre site in June 2021 and completed the new construction development last month.
“Industrial demand has increased dramatically in the region, making this site a prized asset for a growing industrial market,” said Will Renner, managing director at Hines. “At the time we began construction, this was the only 1 million+-square-foot speculative building in the south submarket of Indianapolis.”
“We are pleased with the first phase of the Whiteland 65 Logistics Center, and thank Hines for their continued partnership and the purchaser for their cooperation throughout. We're looking forward to continuing our investment in Whiteland as we kick off the developments second phase,” said Dominic DeRose, managing director at Cresset Partners.
The new facility includes 40-foot clear heights, 108 dock doors, 690 auto parking spaces, and 291 trailer parking spaces. The site is strategically located off Interstate 65 (I-65) and Whiteland Road and is less than 30 miles from Indianapolis International Airport.
Hines and Cresset plan to break ground on a second phase next year, which will consist of a 712,000-square-foot building and a 160,000-square-foot building.
Colliers’ Cam Kucic represented the buyer and Cushman and Wakefield’s Luke Wessel and Michael Weishaar represented the seller.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.
About Cresset Partners
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, private credit, private equity secondaries, and venture capital. We focus on building outstanding, lasting partnerships by investing long-term capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners was founded in 2018 and has more than $2.6 billion in commitments across real estate, private equity, private credit, and venture capital. Learn more at https://cressetpartners.com.