MDH Partners acquires 1-million-square-foot industrial building in Greenfield

MDH Partners acquires 1-million-square-foot industrial building in Greenfield

MDH Partners acquired 70 Connect III, a 1,005,776-square-foot, Class-A industrial building in Greenfield, Indiana, part of the Indianapolis metropolitan area. The building, developed by Lauth, was delivered on a speculative basis and sits along West 350 North in the East industrial submarket. JLL represented the seller in the transaction. MDH’s Director of Acquisitions Houston Hawley led the acquisition for the firm. The cross-docked building offers 40-foot clear heights, 108 dock doors expandable to 216, four drive-in doors, an ESFR sprinkler system and eight-inch slabs. MDH will begin adding value immediately with a capital program that doubles trailer parking from 115 to approximately 230 positions, expands the speculative office, and completes a full interior and exterior repaint along with other make-ready improvements, delivering a move-in-ready building for a large user. JLL’s Brian Buschuk and Brian Seitz will handle leasing for MDH.  The site has two points of entry along West 350 North and is less than three miles from Interstate 70 and about ten miles from Interstate 465, Indianapolis’ primary loop. The Indianapolis International Airport and its FedEx hub are within a 30-mile drive. According to CBRE’s Q2 2026 Indianapolis Industrial Figures report, overall vacancy across the metro fell to 5.9%, as tenants absorbed 3.1 million square feet during the quarter and nearly 19 million square feet over the past 12 months. The East submarket, home to 70 Connect III, has tightened sharply, with vacancy dropping from more than 18% to 11% over that period. It remains the highest vacancy rate of any Indianapolis submarket, even as leasing activity there continues to lead the market. The acquisition follows a stretch of recent activity for the firm, including the acquisitions of Sawgrass Distribution Center in Sunrise, Florida, Lakeland Commerce Center in Lakeland, Florida, and New Century Commerce Center near Kansas City, Missouri. The firm is currently investing its Fund III, a $1.2 billion discretionary fund, having closed more than $1 billion in assets since the beginning of 2025. MDH currently owns or manages approximately 41 million square feet across 34 markets in 19 states.