Bianco Acquires Two Flex Buildings For $15M

INDIANAPOLIS-Bianco Properties, based in St. Louis, has purchased two industrial buildings totaling 343,200 sf in the Northwest Business Park. The properties, at 8219 and 8227 Northwest Boulevard, were bought for $15.5 million from First Industrial Realty Trust.

The buildings are 93% occupied by 14 tenants, with just one space vacant, says Dan Wolk, VP and director of acquisitions for Bianco. “We liked the characteristics of both buildings, as they have significant exposure to I-465, and are of a flex-service type,” Wolk says. “We’ve purchased two shopping centers in the past two years here, the 90,000-sf Westpoint Commons the 56,560-sf North by Northeast center, and we wanted to increase our presence in the industrial market.” The company also owns industrial, retail and multifamily property in St. Louis, Seattle, Dallas and Tulsa, OK.

The Indianapolis properties fit current investment criteria, Wolk says. “We’re very long-term investors, and we want to make sure the location is going to be sound. What we have here is a strategic location within the Indy market, very close to the major arteries. Overall, we like the Midwest industrial market, as long as the buildings are competitive as far as configuration, age and proximity to highways.” The company hopes to keep adding shopping centers, industrial properties and raw land for development to its real estate investment portfolio, which exceeds $270 million. Bianco owns about 2.7 million sf of retail, industrial and multifamily properties.

Wolk says he isn’t able to divulge the lease rate for the properties. The average lease rate for flex/manufacturing property is $7.41 per sf, according to a third-quarter market report by Grubb & Ellis.