INDIANAPOLIS—Mann Properties and GCP Investments have sold Georgetown Commerce Park, located at 7301 Georgetown Rd. in Indianapolis, to Congaree River, LLC.

Cushman & Wakefield executive director Jeff Castell, represented Mann and GCP in the sale. Senior director Todd Vannatta, and associate Kevin Archer have been awarded the listing assignment for 25,000 square feet of vacant office/showroom and medium distribution space. The new owner has also selected C&W to manage the two buildings, comprising 148,977 square feet.

“In working with Jeff on the disposition of Georgetown Commerce Park, we were quickly impressed. His valuation feedback and recommendations for preparation to maximize disposition pricing were integral to our decision-making processes,” says Brian Mann, partner at Mann and former managing member of GCP Investments. “We were also pleased with the ability to seamlessly transition the management and leasing responsibilities to Cushman & Wakefield on behalf of the new owner.”

Mann Properties also leased and managed Georgetown Commerce Park while owned by GCP Investments.

It's a good time to own distribution property in the Indianapolis area. As reported in GlobeSt.com, the industrial market has put up historic leasing and construction numbers. In late 2015, the vacancy rate was at an already-low 5.0%, and in the next year it fell another 140 bps to just 3.6%, according to an autumn report from C&W. That steep decline came after a construction boom that saw developers complete millions of square feet of new buildings, mostly in response to intense demand from distributors and warehouse users. And now that users have absorbed much of that space, developers have already started another round of new construction.

Georgetown Commerce Park is an established business park adjacent to Park 100 and North by Northwest Business Park. The two buildings have 19 tenants and are 83% occupied. Georgetown Commerce Park also has easy access to I-465 via both the W. 71^st St. and W. 86^th St. interchanges.

“This is a great success story for both clients, closing on the sale for GCP Investments as well as providing leasing and property management services for Congaree River,” says Castell.

INDIANAPOLIS—Mann Properties and GCP Investments have sold Georgetown Commerce Park, located at 7301 Georgetown Rd. in Indianapolis, to Congaree River, LLC.

Mann Properties also leased and managed Georgetown Commerce Park while owned by GCP Investments.

“This is a great success story for both clients, closing on the sale for GCP Investments as well as providing leasing and property management services for Congaree River,” says Castell.

Instant Insights /

Mann and GCP Sell Georgetown Commerce Park to Congaree River

Related Stories

Recommended For You