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INDIANAPOLIS-Locally based Duke Realty Corp. and Browning have formed a joint venture to develop industrial properties in two parks: AllPoints Midwest in Plainfield and AllPoints at Anson in Boone County. Partnership execs say they will invest more than $746 million to build on 1,500 acres, enough land to support 38 industrial buildings totaling 20 million sf.
"This joint venture will have an important economic impact on Central Indiana," says Michael Browning, president of Browning. "It will allow the companies to leverage land holdings and dominate the Indianapolis bulk industrial market."
Toward the joint venture, Browning is contributing its planned industrial development in Plainfield. AllPoints Midwest is located adjacent to the Indianapolis International Airport, and features access to the CSX intermodal rail facility, I-70 and Ronald Reagan Parkway. Duke will put forth its AllPoints at Anson, the industrial, build-to-suit segment at Anson. Anson, located directly off I-65 in Boone County, is Duke's master-planned community that will include residential, civic and commercial elements.
Calling it a "win-win-win" situation for both companies and the region, Dennis Oklak, CEO and chairman of Duke, says the joint venture "allows both Browning's and Duke's leasing and development teams to drive development in Hendricks and Boone counties."
Gordon Hendry, Interim President and CEO of the Indy Partnership, agrees that this will have a major economic impact in Indiana. "Central Indiana has become a premier logistics hub in North American and this announcement will only bolster that reputation," says Hendry. "AllPoints Midwest and AllPointsat Anson represent thousands of jobs and three-quarters of $1 billion in investment."
Founded in 1977, Browning is an Indianapolis developer engaged in the acquisition, development, construction, leasing, management, ownership and disposition of investment real estate properties, primarily in the Indianapolis metropolitan area.
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