HFF arranges $8.8 million acquisition financing for Class A warehouse in suburban Indianapolis
Chicago, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $8.8 million in acquisition financing for MetroAir Business Park Building 3 (MetroAir 3), a 248,336-square-foot, 100-percent-leased, Class A industrial facility in the Indianapolis suburb of Plainfield, Indiana.
HFF worked on behalf of the borrower, a joint venture between Meritex and an institutional investor, to arrange the 10-year, fixed-rate loan with a top-tier life insurance company.
Completed in 2008, MetroAir 3 is situated on 13.32 acres within the 1,200-acre MetroAir Business Park. The state-of-the-art building features 28’ clear heights, 30 dock doors, 140’ rear loaded truck court and six drive-in doors in addition to 280 parking spaces. The building is currently leased to three tenants: Rolls Royce, Fiserv Solutions and Novitex Enterprise Solutions. Located at 758 Columbia Road, the asset is in the Plainfield submarket and delivers access to the Indianapolis International Airport and the nearby Indianapolis loop, which provides connectivity to Interstates 70, 79, 65 and 69.
The HFF debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and real estate analyst Nicole Schmidt.
“This is a generational asset that checks all the boxes for a seasoned, savvy and long-term investor like Meritex,” Schoenfeldt said. “With an A-plus location, superior-quality construction and tenants that are heavily-invested in their space all in a highly adaptable facility, the lenders responded with gusto to this pairing of a quality sponsor and a property that matches.”
Meritex is a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, multi-tenant industrial properties. The company owns, leases and manages 9 million square feet of commercial real estate in seven markets in the U.S. Its portfolio consists of multi-tenant industrial, office and subsurface industrial properties. The company's properties are located in Atlanta, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix. Additional information can be found at the company's website www.meritex.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.