New Jersey-based Denholtz is expanding its national footprint with the acquisition of an industrial portfolio in Indianapolis, marking its first purchase in Indiana.
Denholtz, a Red Bank privately owned investment firm, on Monday said it had bought Park Elmwood Industrial Park, a four-building, 133,200-square-foot portfolio at 5602–5508 Elmwood Ave. in Indianapolis.
The seller was REI Real Estate Services of Carmel, Indiana, according to CoStar data. Terms of the deal weren't disclosed.
Demand for infill, multitenant industrial space in Indianapolis has remained resilient, supported by the area’s central location, transportation connectivity and limited new supply, according to Denholtz. The company said its acquisition further strengthens its growing industrial presence across high-growth markets, where the firm continues to target shallow bay industrial warehouses in supply-constrained regions with strong tenant demand.
“Indianapolis continues to demonstrate strong fundamentals driven by its central location, deep labor pool, and sustained demand for infill industrial space,” Paul Paschal, Denholtz's director of acquisitions, said in a statement. "Park Elmwood aligns well with our strategy of acquiring well-located, multi-tenant industrial assets with strong value-add opportunity. Assets like this allow us to deploy capital in a disciplined way while generating stable income and long-term value."
Built in 1978, Park Elmwood includes four block-construction buildings on 9.54 acres. The property features up to 16-foot-high clear ceiling heights, a full wet sprinkler system, 44 dock doors and 47 drive-in doors. Its units range from 1,200 to 3,000 square feet.
The property is immediately off Interstate 465 near Emerson Avenue, offering tenants direct access to the greater Indianapolis metropolitan area and connectivity to eight interstate highways. The site is less than 8 miles from downtown Indianapolis and roughly 15 miles from Indianapolis International Airport.
For the record
Alex Davenport and Alex Cantu of Colliers International represented the seller in the transaction while Denholtz represented itself.