{"id":1004070584,"date":"2013-04-12T12:10:47","date_gmt":"2013-04-12T20:10:47","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=117491"},"modified":"2020-05-12T02:51:37","modified_gmt":"2020-05-12T10:51:37","slug":"hendricks-breaks-ground-on-30m-redevelopment-of-retail-strip-in-indianapolis-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hendricks-breaks-ground-on-30m-redevelopment-of-retail-strip-in-indianapolis-2\/","title":{"rendered":"Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis"},"content":{"rendered":"

\"\"<\/a>by Adriana Pop, Associate Editor <\/em><\/p>\n

Construction has begun on the $30 million Ironworks at Keystone apartment and retail development in suburban Indianapolis.<\/p>\n

Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal<\/a><\/em>, a 10,000-square-feet-restaurant could soon become the property\u2019s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.<\/p>\n

Plans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.<\/p>\n

\u201cThis is a great day for Hendricks Commercial Properties,\u201d Hendricks President Rob Gerbitz said in a statement. \u201cWe are excited to build our first development in Indianapolis, and we\u2019ve assembled a team of exceptional local companies to ensure this project is a success.\u201d<\/p>\n

The company\u2019s local partners include Shiel Sexton (construction), Sitehawk Retail Real Estate (commercial leasing), Buckingham Companies (residential leasing and management), Wooden & McLaughlin LLP (legal), Civil and Environmental Consultants, Inc. (environmental and engineering), and EUA (architect).<\/p>\n

Hendricks purchased the 6.4-acre development site in 2012 from Jacksonville, Fla.-based Everbank. Jordan Klink, an investment specialist with the local office of Marcus & Millichap told the newspaper that Ironworks could be fully leased by the time of its opening next year.<\/p>\n

In other news, leading owner, operator and developer of industrial real estate Prologis Inc. has signed a build-to-suit agreement with Subaru of America for a new 715,000-square-foot distribution center. The facility will be located in the Northwest Indianapolis submarket at Prologis Park Lebanon.<\/p>\n

“The record low supply of large industrial facilities continues to drive build-to-suit solutions in many markets around the country, including Indianapolis. With occupancies rising for the past two years, Indianapolis remains a compelling regional market,” said Jim McGill, senior vice president, Prologis.<\/p>\n

Within the Indianapolis market, Prologis owns and manages approximately 5.1 million square feet of logistics and distribution space.<\/p>\n

Photo credits: Hendricks Commercial Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000 square feet restaurant could soon become the property’s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.
\nPlans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.<\/p>\n","protected":false},"author":260,"featured_media":1004505720,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[1815],"class_list":["post-1004070584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest","tag-national"],"acf":[],"yoast_head":"\nHendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hendricks-breaks-ground-on-30m-redevelopment-of-retail-strip-in-indianapolis-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis\" \/>\n<meta property=\"og:description\" content=\"Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. 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