IDI, in a joint venture with institutional investors advised by JPMorgan Asset Management-Real Estate, has purchased a 668,248-square-foot bulk distribution building from Lauth Property Group. Located in Greenwood, Ind., about 10 miles south of downtown Indianapolis, the newly constructed, Class-A SouthPoint One facility is available for immediate occupancy.
The cross-dock facility is located in SouthPoint Business Park on the east side of I-65, less than one mile from two interchanges. The building also is near the region’s four other interstates – I-465, I-69, I-70 and I-74.
SouthPoint One offers state-of-the-art amenities sought by distributors and logistics companies, including 36-foot clear-height ceilings, ESFR sprinklers and ample trailer parking. The building is expandable to 903,000 square feet. In addition, a 10-year tax abatement program will translate into occupancy cost savings for tenants. Cushman & Wakefield has been retained as the leasing agent.
The facility is located in the emerging I-65 industrial corridor and is part of the South Indianapolis industrial submarket, which is the largest submarket in the region with more than 80 million square feet of inventory.
“Indianapolis is a strong market for new, big-box buildings,” said Doug Armbruster, vice president of Leasing in IDI’s Cincinnati regional office. “This is a major distribution hub with strong historic demand.”
Overall, the Indianapolis market has exhibited strong absorption rates, posting 4.7 million square feet of absorption in 2006, according to Cushman & Wakefield. Demand also remains solid, with vacancy rates falling to 5.7 percent at year-end 2006, a drop of 1.4 percentage points from the previous year.
For MORE NEWS BRIEFS, click here.
For a FREE SUBSCRIPTION to Expansion Management magazine, click here.
For MORE NEWS BRIEFS SORTED BY STATE, click here.
For MORE NEWS BRIEFS SORTED BY INDUSTRY or FUNCTION, click here.
For MORE NEWS BRIEFS SORTED BY COUNTRY, click here.
