Ambrose Property Plans $90M Distribution Center in Plainfield
- Oct 03, 2014
by Adriana Pop, Associate Editor
As more and more e-commerce tenants are pushing up demand for industrial space in the Indianapolis area, Ambrose Property Group has decided to develop two massive distribution buildings in Plainfield.
According to the Indianapolis Business Journal, the company has purchased 85 acres of land near the Indianapolis International Airport, where the two facilities are slated to rise. The entire development entails an investment of between $80 million and $90 million.
Ambrose President Aasif Bade told the newspaper that the company spent about three years and $7 million to assemble the site, which consists of 10 agricultural and residential properties.
Each of the new buildings within the planned Plainfield Logistics Center is expected to offer about 1 million square feet, as well as oversized truck courts, 36-foot-clear ceilings and more than 1,000 parking spaces.
Located near the southwest corner of Ronald Reagan Parkway and East County Road 200 South, the new center will offer easy access to the Fed Ex Express hub, State Road 40 and Interstate 70.
If preleased, construction on the first facility could begin as soon as next spring. However, since the area’s industrial submarket is strong enough for speculative development, Ambrose would still break ground on the project by the end of 2015. Jake Sturman, vice president of the industrial group at Jones Lang LaSalle, is marketing the new development.
“We are highly confident that there is still significant unmet demand remaining for modern bulk space in this market,” Bade says. “It’s a high-velocity area for deals, with its proximity to the airport and the Fed-Ex hub.”
Distribution development is in fact booming in Plainfield.
Just last month, Browning Investments Inc. and Duke Realty Corp. unveiled their plans for the construction of a speculative 936,000-square-foot distribution building at the nearby AllPoints Midwest industrial park. Furthermore, in late June, Wal-Mart Stores Inc. announced it would open a 1.2 million-square-foot, build-to-suit fulfillment center within the same industrial park.
In the Southwest industrial submarket, Ambrose also built a 403,200-square-foot distribution facility in Plainfield, occupied by Hanzo Logistics earlier this year, as well as a 545,000-square-foot facility in Clayton (pictured), leased to Gordmans Inc. since 2013.
Photo credits: Ambrose Property Group
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