Shadeland: I-70 Business Park

Background

First Highland acquired this 606,000 square footage property from Whirlpool in 2004, acquired as a corporate surplus

  • Square Feet 606,000
  • Purchase Price $3,400,000
  • Redevelopment Cost $6,000,000
  • Occupancy at Purchase 0%

Value-added

Extensive renovation that included new HVAC, dock doors, and upgraded ESFR sprinkler.

  • Exit Cap Rate 8%
  • Sale Price $16,000,000
  • Unelvered IRR 15%
  • Occupancy at Sale 97%

The property has been leased to Vomela, Micro Metal and various industrial/office tenants for 10+ years of 97%+ occupancy.