CORE Pacific Advisors LLC, an investment advisory firm focused on commercial real estate and real estate-related investments, has fully subscribed CPA Franklin Industrial DST, a 506(c) Regulation D offering comprised of a light industrial/eCommerce facility located in Indianapolis, Indiana. The total capital raise for the Delaware statutory trust offering was $15.9 million.
The property consists of three industrial/flex space buildings totaling nearly 823,100 square feet on 38 acres and is currently 100 percent leased to a mix of 12 light industrial and tech tenants. The company noted that in-place rents were estimated to be 20 percent below market, providing upside potential for rental rates on new leases and renewals.
“Indianapolis serves a robust Midwest market, including Chicago, Louisville, St. Louis, Cincinnati and Columbus, Ohio,” the company said. “The asset is well located near the second-largest FedEx hub in the world, as well as the convergence of four major interstate highways; over 80 percent of the U.S. population can be reached in a one-day drive.”
The property was built in 1973 and has undergone a number of upgrades, including new roofs in 2008 with a warranty in place, upgraded early suppression fast response (ESFR) fire systems that includes a new fire pump house, LED lighting in vacant spaces, concrete and asphalt updates throughout the park, and replacement and repair of several suites’ dock packages.
CM Pacific Capital offers a platform of Delaware statutory trust investment options for its advisors and their clients, which currently includes industrial, self storage, student housing, multi-family, land entitlement, healthcare and opportunity zones.