(To read more on the industrial market, click here.)

PLAINFIELD, IN-Transpacific Development Co., a California company with plans to buy five million sf of distribution space in 2007, has purchased two fully leased buildings near the Indianapolis International Airport for more than $37 million. The recent 793,000-sf acquisition of 1100 and 1101 Whitaker Rd. brings Transpacific’s Indianapolis distribution portfolio to eight buildings totaling 3.5 million sf. The company, which entered the Indianapolis market last December, has increasingly sought properties outside of California, its primary market for decades.

John Huguenard, a senior vice president with Colliers Turley Martin Tucker, tells GlobeSt.com that 1100 and 1101 Whitaker Rd. drew nearly a dozen offers from potential buyers. The two buildings, which were built in the late 1990s, are leased to OH Logistics, a Nashville-based third-party logistics company. Approximately seven years remain on OH Logistics’ 15-year lease, according to Huguenard. Located near the Six Points intersection off Interstate 70, the buildings feature 32-foot clear heights and ESFR sprinklers. The 414,000-sf 1100 Whitaker Rd. is situated on 17.7 acres, and the 379,000-sf 1101 Whitaker Rd. is built on 16.7 acres.

Huguenard says the local industrial market has been gaining momentum as buyers begin to follow users who have been drawn to Indianapolis for its well-located, moderately priced modern bulk space. Indianapolis, Huguenard adds, can reach 65% of the US population overnight by truck. “The market in general has been very active this year, and we will see the same in 2007,” says Huguenard, who represented the seller, an institutional partnership, in its sale to Transpacific.

Transpacific’s Indianapolis acquisition, which closed Dec. 1, follows the company’s entry into the Memphis market with the purchase of two buildings in November. “We are expanding quite quickly, and have found better investment opportunities between the coasts than along the coasts,” Thomas Irish, president, says in a statement. “California was our primary market for the first 40 years of our company’s history, but now less than a third of our properties are there.” Irish adds that the company expects to close on another 1.2 million sf of distribution property in the next 60 days.

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