1. Retail users (both traditional and e-commerce),
3PL/logistics providers and food and beverage
manufacturers are the most active tenants currently in
the market for industrial space within the Indianapolis
MSA.
Leasing activity
West/Southwest
• Ozburn-Hessey Logistics (OHL), a worldwide logistics and supply
chain management provider, expanded in the market by signing a
lease for 450,000 square feet at 2450 Stanley Road in Plainfield.
• OHL also renewed for 400,000 square feet at 2425 Perry Road in
Plainfield.
• Kuehne & Nagel, a leading worldwide provider of supply chain
solutions, signed a renewal for 126,000 square feet at 2840 Fortune
Circle West Drive in Indianapolis.
• Kid Glove Service, Inc., an in-house packaging, warehouse and
transportation provider, signed a new lease for 125,000 square feet of
distribution space at 4750 Kentucky Avenue in Indianapolis.
• Wilson Laboratories agreed to lease 122,000 square feet at 7900
Rockville Road in Indianapolis.
Northwest
• The Harvard Drug Group, an independent pharmaceutical provider,
signed a direct lease for 196,000 square feet in a soon to be
completed speculative building located at 8401 Bearing Drive in
Indianapolis. The Harvard Drug Group will relocate operations from a
nearby facility in Park 100 later this year.
• Sunrise Medical, a leading manufacturer of wheel chairs, also leased
a 70,000-square-foot space at 8401 Bearing Drive. The building will
now be 100.0 percent occupied when it comes online next quarter.
Northeast
• Kerman’s Flooring signed a new 67,000-square-foot lease at 8700
Roberts Road in Fishers to serve as its new distribution center.
Tenants in the market
• More than 8 million square feet of active tenant requirements currently
exists within the Indianapolis MSA.
• Several of the largest user requirements are retail users, both
traditional retailers, as well as e-commerce retailers.
Sales activity
West/Southwest
• Clarion Partners purchased GreenParke I, a 771,000-square-foot
facility located at 3747 Plainfield Road in Plainfield from Welsh
Property Trust. The building which was built on a speculative basis
towards the end of 2013 was vacant at the time of purchase.
• Meritex Enterprises, Inc. closed on MetroAir 3 located at 758 Columbia
Road in Plainfield. This midsize, multi-tenant warehouse facility totals
248,000 square feet and was 100.0 percent leased at the time of
purchase. Horn Properties/Strategic Capital Partners was the seller.
• Wood-Mizer, a global leader in the portable sawmill industry, bought a
147,000-square-foot manufacturing facility located at 8180 W. 10th
Street in Indianapolis from T&L Enterprises, LLC.
Northwest
• Fastenal Company purchased a 221,000-square-foot building at 3939
E. 56th Street in Indianapolis. The property was sold vacant and
Fastenal will redevelop the property as part of its expansion plans.
Northeast
• Hendricks Commercial Properties, LLC. purchased a 209,000-square-
foot three building office/flex portfolio located in Carmel Tech Center in
Carmel. Atapco was the seller.
Industrial Highlights
Indianapolis | Q1 2015
Vacancy
Rents
Net absorption
Leasing volume
Sales prices
Sales volumes
Construction
deliveries
Arrows represent change from prior quarter