Ambrose Property Group Sells Whitestown Industrial Facility for $37.6 Million, Plus Mooresville Building to SkyREM
Ambrose Property Group, which operates as Ambrose, has sold a 233,348-square-foot distribution facility at 5163 Perry Worth Road in Whitestown, Indiana, for $37.6 million, the firm announced Oct. 6. The fully leased building, located in the Greater Indianapolis market, was sold to a private REIT. The price works out to approximately $161 per square foot.
The transaction followed Ambrose's earlier sale of Building IV at Westpoint Business Park in Mooresville, Indiana, to SkyREM. Together, the two dispositions total nearly 734,000 square feet of industrial space in the Greater Indianapolis market this month, according to the firm.
Whitestown Distribution Facility Details
The Whitestown property is part of the Indianapolis Logistics Park – Northwest, a four-building, 95.5-acre industrial park developed by Ambrose. The building is fully leased to a global healthcare services and products company that provides customized solutions for hospitals, health systems, pharmacies and ambulatory surgery centers. The tenant is Cardinal Health.
Ambrose completed construction of the speculative property in 2025 and secured a long-term lease later that year. The facility features:
- 32-foot clear height
- Dock-high and grade-level doors
- A 135-foot truck court depth
- 4,000 amps of power
- Ample trailer parking
- 13,996 square feet of office space
- An ESFR sprinkler system and LED lighting
The building is LEED Silver certified. It sits in the Northwest industrial submarket of Indianapolis, with connectivity to I-65, I-465, I-74 and the I-865/I-465 interchange, placing it within a one-day drive of 80% of the U.S. population. CBRE's Zach Graham and Ryan Bain represented Ambrose in the transaction. The development was financed in part with a $26.8 million construction loan from Horizon Bank.
Erin Shepherd, Vice President of Asset Management at Ambrose, said in a statement: "This successful disposition underscores Ambrose's conviction in developing modern industrial facilities designed to meet the increasingly sophisticated needs of today's occupiers." She added: "We broke ground on the facility on a speculative basis because we believed strongly in the site and its fundamentals. The property's location, connectivity and power capacity positioned us to secure a long-term lease with a credit-grade tenant and, ultimately, achieve an attractive outcome for the investment, validating our original thesis."
SkyREM Acquires Westpoint Business Park Building IV
Earlier this month, Ambrose completed the sale of Building IV at Westpoint Business Park, located at 2630 Westpoint Boulevard in Mooresville, Indiana, to SkyREM. The 500,406-square-foot Class A facility was completed in 2022, is LEED Silver certified and is fully leased to STS Packaging, LLC, a packaging and manufacturing company. The property sits on approximately 42.7 acres.
The building features 40-foot clear height, 52 dock-high doors, three drive-in doors, a 140-foot truck court, 319 automobile spaces, 60 trailer spaces and 12,417 square feet of office space. STS Packaging's lease has an initial 129-month term expiring May 31, 2033.
The two sales show Ambrose exiting assets at different stages of the industrial lifecycle. The Whitestown building was sold shortly after completion and lease-up, while Westpoint Building IV was sold after several years of operation under a long-term lease.
Indianapolis Industrial Market Backdrop
The sales come as the Indianapolis industrial market shows continued strength. According to CBRE data, overall industrial vacancy fell to 5.9% in the second quarter of 2026, with the Northwest submarket at 2%. Asking rents per square foot rose from $6.33 to $6.43, a 1.6% increase, during the quarter.
Ambrose describes itself as a vertically integrated real estate investment manager that specializes in acquiring, developing and operating modern industrial, logistics and e-commerce real estate.
Development-to-Disposition Strategy
The Whitestown sale reflects a development-to-disposition approach in which Ambrose built the property speculatively, secured a long-term lease after completion and sold the leased asset. With the Northwest submarket's vacancy at approximately 2% and rents rising across the metro, the transactions took place in a market where demand for modern industrial space has remained firm.
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