Newmark announces the 241,043-square-foot industrial lease to DXL 3pl LLC at 7520 Georgetown Road in Indianapolis, Indiana. This lease marks full occupancy for the industrial property and the successful repositioning from a single- to multi-tenant asset. The other tenant at 7520 Georgetown Road is Blue Marble Cocktails, having signed for 181,835 square feet earlier this year.
Newmark Directors Conrad Jacobs and Matt Kiger represented the landlord, Sansone Group and CenterSquare, in both lease transactions. In July of 2019, Jacobs and Kiger represented Sansone Group and CenterSquare in the purchase of the 424,849-square-foot asset, realizing its potential as a multi-tenant property. DXL 3pl LLC was represented by ALO Property Group and Blue Marble Cocktails was represented by JLL.
“From the beginning, before the building purchase, we realized the building could be easily repositioned as a two-tenant space to suit the needs of smaller tenants in the market,” shared Jacobs. “The end result was a fully occupied building within a year of purchase with both tenants on long-term leases.”
The property consists of office, warehouse and break room space, 110’ to 148’ truck courts, 26 docks with one drive-in, 28’ minimum clear heights, 3,000-amp electrical service, motion activated LED lights and ample employee parking.
The asset is located in the Park 100 submarket, a former Duke Realty master-planned industrial park on the Northwest Side of Indianapolis. According to Newmark Research, the location is within the city limits and offers easy access to I-465, I-65, I-74, and I-70, just a one-day drive of 70 percent of the U.S. population. Due to these locational
advantages, very few large space
opportunities become available - with companies rarely exiting once they occupy space.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,800 professionals operate from approximately 500 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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