Alex. Brown Realty and Biynah Industrial Partners Acquire and Sell Class A Indianapolis Distribution Center

Contact: Thomas R. Burton
(410) 547-3009
Jeff Josephs
(612) 877-0824

Baltimore, MD – Alex. Brown Realty (ABR), a national real estate investment manager, has acquired and sold 2001 Commerce Parkway in suburban Indianapolis, Indiana via a joint venture with Biynah Industrial Partners, a Minneapolis-based real estate investment firm.

The 703,000 square foot, class A industrial distribution center was purchased vacant in March of 2012. The facility was subsequently leased and then sold to a publicly-traded REIT.

“This was a rare opportunity, the likes of which do not come around very often,” commented Jeff Josephs, Biynah’s managing principal. “Thanks in large measure to Michael Weishaar and Luke Wessel at Cassidy Turley we had a very good understanding of the local market dynamics. At the time we went under contract, there was only one other vacancy in the Indianapolis market that could accommodate a 500,000+ square foot user. In addition to the limited supply of bulk distribution space, we were also aware of numerous tenants in the market looking for large blocks of space.”

The facility itself is highly-functional and arguably some of the best bulk space in the market. “The joint venture was willing to take on well-defined, calculated risk,” commented Tom Burton, ABR’s chief investment officer. “We viewed the near-term lease-up of the property as a highly-probable event.” As it happened, the joint venture was able to procure a new tenant for the entire facility while still in the due diligence phase with the seller, noted Burton.

“This is an asset we would have been comfortable owning over the longer-term. Given our low basis and the opportunity to sell to a REIT that highly valued the now stabilized nature of the property, however, we decided to sell,” concluded John Prugh, ABR’s president and CEO. “We really could not be more pleased to work once again with Jeff Josephs and his team.”

Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States.

Biynah Industrial Partners, LLC (Biynah) is a Minneapolis-based real estate private equity firm exclusively focused on acquiring industrial real estate throughout the Midwest and Southeast U.S. Since 1996, the firm’s principals have conducted in excess of $2 billion in commercial real estate acquisitions under different sponsorship.