Bulk regional distribution center near Indianapolis trades for $114M
JLL Capital Markets closed the sale of the single-tenant net-leased property in Frankfort
CHICAGO, Sept. 13, 2021 – JLL Capital Markets announced today that it has closed the $114 million sale of ConAgra Distribution Center, a 1.5 million-square-foot, Class A bulk regional distribution center triple net leased to ConAgra Brands in the Indianapolis-area community of Frankfort, Indiana.
JLL marketed the property on behalf of the seller, Founders Properties, L.L.C. W. P. Carey purchased the asset.
The facility was completed in 2015 as a build-to-suit industrial facility for ConAgra, the 11th-largest food and beverage maker in the United States. The building has 10 rail docks serviced by CSX and Norfolk Southern and features a 34-foot clear height, 100 percent concrete truck courts, 125 dock-high doors plus 125 knockouts, four drive-in doors, 853 trailer parking stalls, ESFR fire protection, LED lighting and low office finish.
Situated on 180 acres at 3500 W. County Rd O NS in Frankfort, the facility is 41 miles from Indianapolis and in a critical, centralized Midwest location that allows the tenant to reach half of America’s major population centers within a 24-hour drive from the Indiana border. The distribution center is also 5.2 miles from Interstate 65, one of the major north-south interstates that goes from Chicago to the Gulf Coast in Alabama.
The JLL Industrial Capital Markets team representing the sellers is led by Senior Managing Director John Huguenard and Senior Director Kurt Sarbaugh.
“This building is one of the largest modern distribution centers in the Midwest and plays an integral role in ConAgra’s ability to deliver food to a significant portion of the country,” Huguenard said. “These types of infrastructure-driven offerings continue to attract institutional capital.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Founders Properties, L.L.C.
Headquartered in Minneapolis, Minnesota, Founders Properties, L.L.C. (“Founders”) is a privately held real estate investment company formed by two highly regarded industry veterans: Best Buy founder Richard Schulze and Opus founder Gerald Rauenhorst. Since 1998, Founders (previously known as Opus Properties, L.L.C.) has been involved in raising and managing 13 private commercial real estate investment funds with a purchase value of over $3.4 billion covering approximately 40 million square feet.