Ambrose Property Group Sells 297,769-SF Cold Storage Facility at Mount Comfort Logistics Center in Indianapolis Market
Ambrose, a vertically integrated real estate investment manager, has completed the sale of Building III at Mount Comfort Logistics Center, a 297,769-square-foot cold storage facility in the Greater Indianapolis area. The property is fully leased to a third-party logistics firm that specializes in cold storage, and the buyer was a locally based private investor, the firm announced Nov. 10.
Ambrose Property Group specializes in acquiring, developing and operating modern industrial, logistics and e-commerce real estate. Colliers represented and advised the firm in the transaction.
Ambrose Property Group Details the Mount Comfort Logistics Center Sale
Building III sits within Mount Comfort Logistics Center, a ten-building, 437-acre industrial park in the East industrial submarket of Indianapolis. The property address is 4086 W. 300 N., Greenfield, Ind., 46140.
"The successful disposition of this asset is the result of a targeted sales strategy," said Erin Shepherd, Vice President of Asset Management at Ambrose. "This building's expert design, in-place tenant and proximity to the abundant labor pools, positive economic activity and major transportation nodes of Greater Indianapolis positioned this asset for a successful exit and accretive long-term value for incoming ownership."
Property Specifications and Tenant
Ambrose developed the facility on a build-to-suit basis in 2023 for PL Cold, an affiliate of Progressive Logistics. The building is 100% leased to PL Cold, a third-party logistics operator specializing in cold storage.
The facility includes approximately 223,000 square feet of freezer and cooler space, 40 docks, very-narrow-aisle (VNA) racking and ALTA Refrigeration EXPERT systems. The building also benefits from the park's access to Interstates 70 and 465.
Ambrose's project page lists the building at 320,000 square feet, while the sale announcement cites 297,769 square feet; the announcement figure is used here.
Colliers Capital Markets Team Represents Seller
Alex Cantu and Alex Davenport of the Indianapolis-based Colliers Capital Markets team represented and advised Ambrose in the transaction.
Indianapolis Industrial Market Context
Ambrose said Indianapolis remains one of the strongest industrial investment markets in the Midwest, citing approximately 2.1 million square feet of positive net absorption in the third quarter of 2026 and average asking rents of $6.43 per square foot, up 6% year over year.
Other market measures point in the same direction, though definitions vary. CBRE reported approximately 2.1 million square feet of positive net absorption in the third quarter of 2026, with average asking rents rising 1.3% quarter over quarter as vacancies tightened. Colliers reported a 10.4% year-over-year increase in average asking rents to $6.79 per square foot on a triple-net basis, above the prior market peak of $6.25 per square foot in the third quarter of 2023. Cushman & Wakefield reported 3.8 million square feet of third-quarter absorption and 11.9 million square feet year to date, with average asking rents of $6.60 per square foot, up 10.2% year over year.
Stabilized Class A logistics cap rates in the Indianapolis market fall broadly in the mid-5% to low-6% range, with value-add and Class B assets commanding higher yields. Market vacancy is near 9%, and new construction is increasingly concentrated in build-to-suit projects rather than speculative development.
Cold Storage Investment Considerations
Cold storage facilities generally carry higher replacement costs and more specialized tenant requirements than conventional bulk warehouses. Refrigeration equipment, freezer and cooler design and VNA racking can create barriers to competing supply, but they can also narrow the pool of future tenants if an original operator vacates.
The sale marks an exit for Ambrose from a 2023 build-to-suit asset that is fully leased, while the buyer, a locally based private investor, acquires a single-tenant cold storage property in the Indianapolis logistics market.
Sources
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