A nearly 500,000-square-foot industrial building on the west side of Indianapolis is under new ownership. Boston-based Plymouth Industrial REIT Inc. (NYSE American: PLYM) has acquired the facility near Indianapolis International Airport in a more than $17 million deal.
The building serves as the national headquarters for Phoenix Material Management. California-based Quemetco Inc., which specializes in recycling used car batteries, is also a tenant.
"We are extending our presence in the Indianapolis market with an opportunity that offers strong initial cash flows, lease terms of over four years with two strong tenants, and a lower capital expenditure investment," said Pendleton White, president and chief investment officer of Plymouth Industrial REIT. "The Southwest submarket is the largest industrial base of any in Indianapolis and has the highest net absorption."
Plymouth Industrial REIT owns numerous properties across 10 states, including several in Indianapolis and South Bend.