Ambrose Expands Indy Industrial Development
Two spec buildings, totaling 950,000 square feet, are now underway at this campus.
Ambrose has broken ground on Buildings V and VI of Indianapolis Logistics Park-Northwest in Whitestown, Ind., a suburb of Indianapolis. The two facilities, which total about 947,000 square feet, are slated for completion in summer 2027.
The project is a speculative development that represents the second phase of the master-planned campus. Possible uses include bulk distribution, but also light or advanced manufacturing, according to the Indianapolis-based developer.
Building V will total about 182,000 square feet, including 2,800 square feet of office space, with a minimum divisibility of 45,000 square feet. The property, which is targeting LEED Silver certification, will feature a 32-foot clear height, 4,000 amps of power and two drive-in doors as well as 182 auto and 18 trailer parking spots.
Building VI, the larger of the two, will comprise about 765,000 square feet, including 2,800 square feet of office space with a minimum divisibility of 380,000 square feet. Also a candidate for LEED Silver certification, the facility will feature a 40-foot clear height, 8,000 amps of power and four drive-in doors, together with 520 auto and 134 trailer parking spaces.
Compass Commercial Construction is the general contractor on the new buildings, with design services provided by Curran Architecture and Kimley-Horn and offsite infrastructure work by The Peterson Co. Colliers’ Indy office is managing leasing and marketing the property. Fifth Third Bank is providing construction financing.
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The groundbreaking follows the recent sale of the park’s Building III, which is a distribution center fully leased to Cardinal Health, to a private REIT for $37.6 million. The complex’s other existing facilities are also fully occupied, with Building I leased by Safavieh, Building II by KattSafe and Royal Interpack, and Building IV by Amazon.
Indianapolis Logistics Park is along Interstate 65, about 20 miles outside of Indianapolis. The master-planned development is about 25 miles from Indianapolis International Airport.
Indy industrial market grows
Indianapolis’ industrial market is showing strong development momentum, according to a Yardi Matrix report. As of the end of August, 9.6 million square feet of industrial space were under construction in the metro, representing 2.4 percent of total stock. More than 6.6 million square feet entered the pipeline since January.
The growth in total square footage isn’t deterring investment deals. In September, Mohr Capital sold Lot 6 at Mohr Logistics Park, a nearly 1.1 million-square-foot industrial facility in Whiteland, Ind. Global power tech company Cummins, which is headquartered in Columbus, Ind., occupies the entire building.
In August, JLL Income Property Trust acquired Whitestown Distribution Center IV, a 1.1 million-square-foot industrial asset in Whitestown, Ind., for about $137 million. A joint venture between Prologis and Browning sold the property.
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