November 11, 2024 – The Jackson Park Service Industrial Portfolio is a 260,400sf, 97% occupied, multi-tenant industrial portfolio located in the Eastside submarket of Indianapolis. The Portfolio consists of 27 tenants with an average suite size of approximately 9,000sf, 16’ – 20’ clear heights, 100% dock-high loading with drive in ramps, and approximately 10 – 20% office buildout. The Portfolio caters to a wide array of tenants and aligns with CenterSquare’s Service Industrial thesis.
The Investment is being made on a direct basis, on behalf of CenterSquare Value-Added Fund V. This was an off-market opportunity, sourced through CenterSquare’s established network of relationships. As evidenced by our successful track record of Service Industrial investments, CenterSquare plans to mark the below market rents to market and make various capital improvements to the Property, including re-milling and paving the asphalt, roof repairs, and other miscellaneous repairs throughout the park. These improvements, combined with the institutional management of the Portfolio, will allow CenterSquare to successfully execute its value-add strategy and drive meaningful growth in net operating income.
This transaction is the fourth Service Industrial investment in Fund V, bringing the total Service Industrial portfolio to more than one million square feet. It is the second Service Industrial investment within Indianapolis and, along with two Build-to-Rent transactions, is the fourth investment overall within Indianapolis. This speaks to CenterSquare’s continued conviction in the Indianapolis market and the Service Industrial sector, which remains ripe for institutionalization.
“This investment demonstrates CenterSquare’s sourcing advantage in leveraging our vast network across the real estate industry to gain access to deals that align to our investment strategy,” said Robert Wasenius, Senior Vice President of Private Real Estate. “Our confidence in the Service Industrial sector remains strong, and we continue to grow our footprint in the Indianapolis submarket where the limited availability of Service Industrial product creates a unique opportunity.”
