Opus’ New Industrial Park Gets 1st Occupant
An engineering company has bought a 47-acre parcel at this Indianapolis-area property.
Manufacturer Faith Technologies Inc. will be the first company to move into Pittsboro Commerce Center, Opus’s new 170-acre industrial park just west of Indianapolis, the two companies announced Thursday.
FTI is expanding to the park by starting construction on a 500,000-square-foot manufacturing facility on a 47-acre site it recently purchased from Opus. FTI will be its own general contractor for the project. Dollar amounts for the building’s construction costs and the site’s purchase price were not released.
FTI specializes in smart technologies relating to engineering, construction, manufacturing and clean energy. The Pittsboro facility will support FTI’s Excellerate brand, which specializes in modular electrical assemblies and energy solutions.
Opus, meanwhile, continues to complete site infrastructure, including grading, access roads and utilities, and it plans to build out the remainder of the project in phases.
Pittsboro Commerce Center is near the I-74 /N County Road 275 E interchange.
The State of Indiana and Hendricks County will support FTI’s facility with incentive-based tax credits through the Indiana Economic Development Corp. and a property tax abatement through Hendricks County based on FTI’s expected impact on economic growth and job creation in the Pittsboro area.
Making stuff and shipping it, too
Considering the metro Indianapolis market’s presence as a distribution hub, it might or might not be surprising that manufacturing space there has a tight 2.4 percent vacancy, about on par with vacancies for different categories of distribution space (2.6 to 4.0 percent), according to a fourth-quarter report from Colliers.
Having stayed below 4.25 percent since mid-2021, industrial flex vacancy favors landlords as well. Asking rents for flex space exceed $10 NNN. Therefore, “speculative flex development is becoming more feasible in select locations and product types,” Colliers reported.
Earlier this week, Lauth Group Inc. sold 70 Connect II, a 554,228-square-foot, Class A industrial facility in Greenfield, Ind., to Hillwood for $41.7 million in a deal arranged by Colliers. The property is fully leased by Yusen Logistics, a subsidiary of Nippon Yusen Kabushiki Kaisha.
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