Hubbub at the Hubs

Hubbub at the Hubs

A ton of activity has taken place in and around Indiana’s business parks over the last few months: hundreds of millions of dollars in new investments are coming to local communities, entire new parks are being established, new companies are considering Indiana, and much more. We’ve gathered a snapshot of some of the major announcements to fill you in on all you might have missed. Take a look.

 

New Industrial Park, Potential for a Thousand Jobs
GreenParke

GreenParke

A new, $113 million industrial and business park project is beginning to take shape just west of Interstate 65 in Whitestown. Two development firms from Indianapolis, Strategic Capital Partners LLC and Lord Realty Holdings LLC, are working to bring plans for the new GreenParke complex to life. The new industrial park would sit on roughly 170 acres of land situated west of Indianapolis Road and north of County Road 650, not far from the Whitestown exit on I-65.

The development duo’s plans feature six different buildings at the park, a mix of office and commercial buildings that will vary in size between 168,000 square feet on the small end to 700,000 square feet at the largest. In total, the six buildings would encompass more than two million square feet of space. Two smaller additional buildings are planned to be established along County Road 650, and they will encompass roughly 37,500 square feet in total.

Once the park comes to fruition, it will carry the potential to create 980 full-time office and warehousing jobs among the various companies that could operate there, according to preliminary study documents filed with the city. Researchers estimated the average salary among potential firms could be roughly $37,400.

Once final approvals are in place, construction could begin by June 2019. The two developers have commented that, given the scale of the project, construction could take nearly eight years to complete. Initial discussions are already taking place with at least one potential tenant that could bring 75 jobs with them if they move in.

Whitestown officials have made initial approvals in support of the project that would provide up to $4 million in economic development revenue bonds. Beyond that, officials plan to designate a tax increment financing district around the site and use the revenues from the district for infrastructure expenses.

 

First NE Indiana Site Receives Prime Certification
Brinkley Site Map

Brinkley Site Map

The newest site in Indiana to receive a shovel-ready designation was the Brickley Site located in Huntington County, which is an 80-acre site located near Interstate 69. The site received Indiana Site Certified (ISC) Prime status, which means the area is primed and ready with everything it needs for business to grow.

Local officials have said the Brickley Site could be used for the development of facilities such as warehousing, light manufacturing, or heavy manufacturing. In order to receive its prime certification, the site had to validate that it was ready for economic development by being within proximity to a major highway, completing an archaeological investigation, having 30 contiguous acres, and having ownership being that of a local economic development organization and/or an option with the owner.

Prime is the highest certification level offered by the Indiana Office of Rural and Community Affairs (ORCA), and the Brickley Site is the first location in Northeast Indiana to hold the certification.

“A lot of time, energy, and collaboration goes into earning the Indiana Site Certified designation, especially Prime,” said OCRA Executive Director Jodi Golden. “The Brickley property is ready for development and will be a great asset to the local community for years to come.”

 

A Bullish Market for Commercial/Industrial Real Estate

There have been several headline-grabbing, multimillion dollar business real estate deals that have taken place in Indiana over the past few months, reflecting what could be a very bullish trend in a state that prides itself on its ability to attract and sustain business development.

HSA Commercial Real Estate announced near the end of last year the firm has closed on its acquisition of a 19-acre land site near the Indianapolis International Airport in Plainfield where they plan to develop a 262,758-square-foot warehouse and distribution facility. In addition to the new site, the firm has already developed five buildings totaling approximately 630,000 square feet at its 40-acre Gateway Business Park, which includes the 151,200-square-foot Gateway Industrial IV building that was completed last summer.

“We feel very confident about the continued growth and absorption in the Indianapolis market,” said Robert Smietana, vice chairman and CEO of HSA Commercial Real Estate. “It seems that everyone is starting to realize the strategic value of Indianapolis as a regional distribution hub.”

Building 66 of the Precedent Office Park

Building 66 of the Precedent Office Park

Elsewhere, in the Keystone Crossing area of the city, the Precedent Office Park was recently acquired for $132 million. The 19-building site boasts a wide range of amenities, and it’s home to numerous companies. It was purchased by Philadelphia-based Rubenstein Partners LP and Strategic Capital Partners LLC. This announcement came only a year after the two partners made another major acquisition in Carmel, the $160 million Parkwood Crossing. The developers are in the midst of a range of updates to the sites.

Together, the two deals encompass over two million-square-feet, making the partners among the largest office property owners in the city. Officials with Rubenstein Partners have stated the firm remains bullish on Indy and is looking forward to even more plans throughout the area.

 

Lots to Keep an Eye On

Over the next few months, we’re sure to see new announcements about the business parks mentioned above, and likely many others, as new companies continue to choose Indiana for their operations. The state has a lot to offer to companies, and these locations even further add to that already robust portfolio.

Category Features, Real Estate