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INDIANAPOLIS-Bianco Properties, based in St. Louis, has made one of its first industrial property purchases with the $15.1 million acquisition of a 343,200-sf industrial portfolio here. First Industrial Properties Trust sold the two buildings at 8219 and 8227 Northwest Blvd. at a 7.4% cap rate, sources say. The Chicago-based REIT had bought the properties for $11.3 million in October 2003.

John Huguenard, Angela Wethington and Kimberly Estes with Colliers Turley Martin Tucker in Indianapolis represented the seller in the transaction. “In the four years, First Industrial had repositioned the property and increased its value,” he tells GlobeSt.com.

The buildings are 204,000 sf and 139,200 sf, and are 92% occupied, he says. Tenants include St. Vincent Hospital, which uses its space for a rehabilitation and sports medicine center, as well as tenants Habegger Corp. and Arvco.

The portfolio is in the Northwest Business Park, which is part of Park 100, a 200-acre area with 22 million sf of office, industrial and other mixed uses. “That market is doing very well,” Huguenard says. “The vacancy level is inside 10%, and there’s lots of demand.”

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