Diamond Properties Acquires Shadeland Industrial Park in Indianapolis

Three buildings totaling 198,000 square feet add to the company's Midwest industrial portfolio

MOUNT KISCO, N.Y.--(BUSINESS WIRE)--Diamond Properties announced its acquisition of Shadeland Industrial Park, a fully leased industrial park comprising three buildings and 198,000 square feet in Indianapolis, Indiana. The purchase expands the company's Midwest industrial portfolio with warehouse and distribution facilities serving national and local businesses.

Diamond Properties acquired the property from i3 Investors, an Indianapolis industrial real estate investment firm. JLL Capital Markets represented the seller in the transaction.

“Shadeland Industrial Park brings together the qualities we look for in an industrial investment: functional buildings, established tenants, and convenient access to major transportation routes,” said Jim Diamond, CEO of Diamond Properties. "We’re pleased to add it to our Midwest portfolio.”

Located at 3221, 3223-3229, and 3241-3243 North Shadeland Avenue, the park sits within the city's Eastside industrial corridor, approximately one mile from the Interstate 465 and Interstate 70 interchange. The location connects tenants to the Indianapolis metropolitan area and major Midwest markets, including Chicago, Cincinnati, Columbus, Louisville, and St. Louis. Downtown Indianapolis is approximately 15 minutes away, while Indianapolis International Airport is approximately 25 minutes away.

Built in 1979, the park includes two 57,000-square-foot buildings and one 84,000-square-foot building. Features include clear heights of 18 to 22 feet, 27 dock doors, 15 drive-in doors, wet sprinkler systems throughout, and truck courts supporting warehouse and distribution operations. Office space within each building accommodates administrative functions alongside industrial uses.

The park is fully occupied by Kroger and Drexel Interiors. Drexel Interiors occupies 114,000 square feet across two buildings, while Kroger occupies the remaining 84,000-square-foot building. Drexel has operated at the park since 2009 and expanded its footprint over time, illustrating the property's ability to accommodate an existing tenant's growth.

The acquisition adds an established industrial property with access to the surrounding workforce and Indianapolis' transportation network. The park's location near the interstate interchange supports regional distribution, while its range of building sizes and loading options accommodates different operating needs.

About Diamond Properties

Founded in 1995 and based in Mount Kisco, New York, Diamond Properties invests in commercial real estate with opportunities to improve properties through active management, capital investment, and repositioning. The company has acquired more than 125 properties and currently owns more than 111+ properties totaling approximately 18 million square feet across 13 states. Its portfolio spans industrial, office, medical, retail, self-storage, residential, lodging, and land assets.