Ambrose has sold a 297,769-square-foot cold storage facility in Mount Comfort, Indiana, capping a two-year hold on a build-to-suit asset that sits inside one of the metro Indianapolis industrial market's largest parks.

The buyer was a locally based private investor. The price wasn't disclosed.

What exactly traded?

The asset is Building III at Mount Comfort Logistics Center, a 10-building, 437-acre industrial park in the East industrial submarket of Indianapolis. That's the headline package: one building, fully leased, inside a big multi-building campus.

The tenant is a third-party logistics firm — a 3PL (a company that runs warehousing and distribution for other businesses rather than for itself) — that specializes in cold storage. Fully leased means the new owner steps into standing rental income from day one. No lease-up risk. No speculative vacancy.

For a local private investor, that profile matters. Income-producing industrial assets with freezer infrastructure are scarce, specialized and expensive to replicate, and this one comes with an operating tenant already in place.

Why does the cold storage spec matter?

The building isn't generic warehouse space. It contains 223,000 square feet of freezer and cooler space — roughly three-quarters of the facility's total footprint — plus 40 dock positions. That's a heavy technical build.

Cold storage construction costs run well above dry warehouse costs because of refrigeration systems, insulated envelope requirements and floor design. A building where 223,000 of 297,769 square feet is temperature-controlled wasn't built as a generic box. It was purpose-built, and that narrows the buyer pool to investors comfortable with the asset class while raising the value of the asset itself.

The 40 docks — the loading bays where trucks back in to move freight — signal high-throughput distribution use, consistent with a 3PL operation moving perishable product at volume.

How did the building come to exist?

Ambrose developed the facility on a build-to-suit basis in 2023. In a build-to-suit deal, the developer constructs a property to a specific tenant's requirements rather than on speculation, which is why the freezer/cooler ratio is so high. The facility was built for PL Cold, an affiliate of Progressive Logistics.

So the timeline is short and clean. Ambrose delivered the building in 2023 for a committed user, and the sale now hands the stabilized, fully leased asset to a private investor roughly two years after delivery. That's a classic develop-and-exit play: build for a covenant tenant, monetize once the asset is operational and producing income.

Who brokered the deal?

Alex Cantu and Alex Davenport of Colliers represented Ambrose in the transaction. No brokers were disclosed on the buyer side, and the seller's representation by a national brokerage platform — Colliers — on a metro Indianapolis deal of this size reflects the institutional polish on an otherwise local trade.

What does the deal say about the market?

A few signals are worth flagging, all grounded in the transaction's own facts:

• Local private capital is buying stabilized industrial. The buyer is locally based, suggesting regional investors see value in income-producing assets close to home rather than trophy-chasing in gateway markets.
• Specialized cold storage has a secondary market. A 3PL-leased freezer facility, built in 2023, found a buyer — evidence that even niche, infrastructure-heavy industrial assets can trade.
• Indianapolis' East submarket keeps moving product. Mount Comfort sits in that eastern corridor, and the logistics center's scale — 10 buildings across 437 acres — shows how much institutional-grade industrial stock has concentrated there.
• Build-to-suit remains a viable development model. Ambrose committed capital to a tenant-specific facility in 2023 and has now exited with the asset fully leased.

The bottom line

Ambrose converted a 2023 build-to-suit commitment into a sold, fully leased cold storage asset. The building — 297,769 square feet, including 223,000 square feet of freezer and cooler space and 40 docks — now belongs to a local private investor collecting rent from a 3PL cold storage operator. Colliers' Cantu and Davenport ran the sell-side. The price stays private; the asset's fundamentals don't.