Electrolux manufactures personal and professional appliances including refrigerators, cookers, washing machines, dishwashers, vacuum cleaners, chainsaws, lawn mowers and tractors. The company will utilize the space for warehouse and storage purposes. The lease commences in December. Electrolux is relocating from 221 S Franklin in Indianapolis.
700 Airtech Parkway is a 799,344-sf distribution facility is located in AirTech Park, a 490-acre master planned distribution park. KeyStone Property Trust owns the building in a joint venture with Browning Investments Inc. The building features 36-foot clear ceiling heights.
The Electrolux lease brings the building to full occupancy. USCO Logistics, a third party logistics firm, occupies the remainder of the building on behalf of J.C. Penney. The lease rate on the Electrolux transaction was not released by the parties involved and was not otherwise immediately available. Brokers familiar with the transaction says the gross asking rate for the space was $3.25 per sf per year.
Trammell Crow Company broker Seth Kelly represented Electrolux in this lease transaction. Keystone was represented by Colliers Turley Martin Tucker broker Luke Wessel. Wessel tells GlobeSt.com that Plainfield has a little over 14.5 million sf of bulk distribution product and that this year alone deals have been signed for some 3.5 million sf. "Indianapolis is outpacing other Midwest markets," says Wessel. "Its location is good and the cost of business is very competitive."
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