Stos Partners and Cardinal Industrial Acquire Light Industrial Portfolio Totaling 1.1 Million SF in Indianapolis, IN

Michael McFarland

 INDIANAPOLIS, IN – Stos Partners and Cardinal Industrial, two of the most active commercial real estate investment and management firms based in Southern California, have entered the Midwest market with the acquisition of an approximately 1.1 million square-foot light industrial portfolio in Indianapolis, Indiana.

 The portfolio comprises a total of 34 multi-tenant light industrial properties occupied by a diverse mix of tenants.

 The firms continue to be bullish on industrial assets throughout the country, where trends like e-commerce, onshoring and supply constraints are driving skyrocketing industrial demand, according to Jason Richards, Partner of Stos Partners.

Jason Richards

 “We continue to be nimble and flexible in order to strategically expand our industrial holdings and implement our proven value-add business plans, successfully enacted in several Southern California and Southwest markets,” says Richards.

 “In Q3, Indiana experienced a 2.06 million square foot of positive net absorption, bolstering the growth opportunities behind this investment.”

 The asset was procured off market through close broker relationships, according to Michael McFarland, Principal at Cardinal Industrial.

 “Based off of Stos Partners and Cardinal’s track record of completed transactions and close broker relationships, we were able to secure this opportunity and meet the tight timeline of a year-end close,” says McFarland.

CJ Stos

 The portfolio, which is 95% occupied, was purchased from a private individual who had owned and developed the property over numerous decades and presented the opportunity to capitalize on high demand and bring rents up to market.

 CJ Stos, Principal of Stos Partners, adds: “Part of our business plan will be a focus on implementing a number of capital improvements to modernize and give a fresh look to the properties, which were originally built over the span of roughly 50 years.

 "These updates include roof and parking lot upgrades, along with the improvement or addition of integrative amenities.

Alex Cantu

"Our capital improvements will aid in growing the income of this portfolio overtime, resulting in significant value creation.”

 The portfolio is located in close proximity to a significant population center, with the buildings positioned throughout Northeast and Northwest Indianapolis.

 

Alex Cantu and Alex Davenport from Colliers International represented Stos Partners as the buyer in the transaction.

 CONTACTS:

Katie Haga / Elisabeth Manville
The Smart Agency, Inc.
(949) 438-6262
khaga@thesmartagency.com