MDH Partners today announces the acquisition of Washington Business Park 2, a 247,000-square-foot industrial facility located in Noblesville, Ind. MDH agreed to purchase the building on a forward basis from Patch Development in May of 2022 and managed to execute despite capital market uncertainty. The firm previously purchased Washington Business Park 1, a 162,228-square-foot fully occupied distribution facility, in October 2022. Both new builds are located within the 142-acre corporate campus of Washington Business Park. Houston Hawley served as the acquisition lead for MDH Partners. Bryan Poynter and Ryan Baker with Cushman & Wakefield brokered the sale.
“We’re thrilled with the quality of the building and the continued leasing velocity in the building’s size range,” said Hawley. “Additionally, we’re proud we were able to hold firm to our commitments and execute where other groups may have been forced to pull back in this rapidly changing interest rate environment.”
Delivered in the second quarter of 2023, Washington Business Park 2 is a modern bulk industrial warehouse and distribution facility that can be divisible up to three tenants. Located just off the intersection of SR-37 and IN-32, the building is ideally positioned less than 15 minutes northeast of an access point to I-465, less than 10 minutes north of an access point to I-65 and only 45 minutes northeast of the Indianapolis International Airport. Additionally, Indiana is home to the only U.S. statewide port system that provides international connections via the Great Lakes and Ohio-Mississippi River system.
According to Cushman & Wakefield, Indianapolis’ second quarter had historically low unemployment rates year-over-year at 3.6%. The Indianapolis industrial market also posted the highest second-quarter delivery total on record with over 7 million square feet of space delivering. This is following a record first quarter of construction completions. Through the first half of 2023, 15.3 million square feet of space was delivered, a 91% increase from 2022’s first-half delivery total and the highest first-half delivery total ever in the Indianapolis industrial market.
The purchase of Washington Business Park 2 increases MDH Partners’ Indiana footprint to more than 1.4 million square feet. In addition to the Washington Business Park 1, the firm acquired Park 100 Building 71, a 193,348-square-foot, Class-A industrial facility in Indianapolis, Ind. in August 2022, and acquired its first Indiana property, Franklin Tech Park, a 808,505-square-foot, Class-A industrial facility in Franklin, Ind. in March 2022. MDH Partners has remained active this year, acquiring nearly five million square feet of industrial assets throughout the U.S. since January. The firm recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania, and currently owns more than 106 assets across 20 states.
About MDH Partners
MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $8 billion (100 million square feet) of acquisitions, developments, and asset management as an advisor and investor. For more information, visit www.mdhpartners.com.
