MDH Partners today announces the acquisition of Washington Business Park 1, a 162,228-square-foot, 85% leased distribution facility located in Noblesville, Indiana. The new-build is located within the 142-acre corporate campus of Washington Business Park. Houston Hawley served as the acquisition lead for MDH Partners. Bryan Poynter with Cushman & Wakefield represented the buyer and Ryan Baker with Cushman & Wakefield represented the seller.
“Washington Business Park 1 marks our third Indiana-based industrial purchase this year,” said Hawley, VP of Acquisitions at MDH Partners. “Even against market volatility and economic headwinds, there is a large amount of new product being delivered and extreme investor interest in Indianapolis. As we continue our Midwest expansion, MDH Partners seeks high-value assets in strategic locations with strong access to transportation.”
Constructed this year, Washington Business Park 1 is a modern bulk industrial warehouse and distribution facility located just off the intersection of SR-37 and IN-32. The facility is the first building available within Washington Business Park, a 142-acre corporate campus. The Park is ideally positioned less than 15 minutes northeast of an access point to I-465, less than 10 minutes north of an access point to I-65 and only 45 minutes northeast of the Indianapolis International Airport. Additionally, Indiana is home to the only U.S. statewide port system that provides international connections via the Great Lakes and Ohio-Mississippi River system.
Washington Business Park 1 is 85% percent leased to four tenants with a 25,000-square-foot space available for lease. The facility is located in the Hamilton County submarket of the Indianapolis industrial real estate market. According to JLL, the Indianapolis industrial market saw five million square feet of space absorbed in the third quarter of 2022, bringing the year-to-date total to 15 million square feet. This is the most square feet of space absorbed through three quarters ever and only three million square feet away from breaking the yearly absorption record – 17.8 million square feet – set last year.
The purchase of Washington Business Park 1 increases MDH Partners’ Indiana footprint to more than 1.1 million square feet. The firm acquired Park 100 Building 71, a 193,348-square-foot, industrial facility in Indianapolis, Indiana in August 2022, and acquired its first Indiana property, Franklin Tech Park, a 808,505-square-foot, Class-A industrial facility in Franklin, Indiana in March 2022. MDH Partners has remained very active this year, acquiring nearly five million square feet of industrial assets throughout the U.S. since last January. The firm recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania. The firm currently owns over 101 assets across 20 states.
About MDH Partners
MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $6 billion (80 million square feet) of acquisitions, developments, and asset management as an advisor and investor. For more information, visit www.mdhpartners.com.