Park Elmwood Industrial Park at 5602-5508 Elmwood Ave. in Indianapolis, Indiana — Courtesy: Denholtz
By Joshua Burd
Denholtz has made another addition to its holdings outside New Jersey, acquiring more than 133,000 square feet of industrial space as part of a shallow-bay portfolio in Indianapolis.
The firm, which is based in Red Bank, said the deal at 5602-5508 Elmwood Ave. marks its entrance to the Indiana market and provides a location just off Interstate 465. It also offers tenants direct access to the greater metropolitan area and connectivity to eight major interstate highways overall, while the so-called Park Elmwood Industrial Park is less than eight miles from downtown Indianapolis and some 15 miles from Indianapolis International Airport.
Colliers’ Alex Davenport and Alex Cantu represented the unnamed seller, while Denholtz represented itself. Terms were not disclosed.
“Indianapolis continues to demonstrate strong fundamentals driven by its central location, deep labor pool and sustained demand for infill industrial space,” said Paul Paschal, director of acquisitions at Denholtz. “Park Elmwood aligns well with our strategy of acquiring well-located, multitenant industrial assets with strong value-add opportunity. Assets like this allow us to deploy capital in a disciplined way while generating stable income and long-term value.”
Built in 1978, Park Elmwood consists of four block construction buildings totaling 133,200 square feet on 9.54 acres, according to a news release. The property has up to 16-foot clear ceiling heights, a full wet sprinkler system, 44 dock doors and 47 drive-in doors, with units ranging from 1,200 to 3,000 square feet.
Denholtz added that demand for infill, multitenant industrial space in Indianapolis has remained resilient, supported by the market’s central location, transportation connectivity and limited new supply. The acquisition further strengthens Denholtz’s growing industrial presence across high-growth markets, where the firm continues to target shallow-bay industrial assets in supply-constrained regions with strong tenant demand.
