Dan Meador, ProLogis vice president and Indianapolis market officer, says several factors made the building a viable option for Subaru. The configuration was a good match for the company's needs, and the building also provides future expansion opportunities and visibility from Interstate 65, he says. "It offers tremendous value from a branding perspective."

Located at 5300 Performance Way, the 501,000-sf facility is owned through a joint venture of ProLogis and Browning Investments. It was completed at the beginning of March 2006 and is expandable by 500,000 sf. ProLogis continues to market the balance of the 501,000-sf facility to potential users. Financial terms of the Subaru deal were not released, but the asking rate for the facility is $3.25 per sf, Meador says.

There are no immediate expansion plans for the facility, Meador says, adding that the potential 500,000 sf will be used to accommodate tenant growth. One of the largest providers of industrial space in Indianapolis, ProLogis currently has more than 11.2 million sf owned, managed or under development in the market. Although the company does not currently have anything under construction here, Meador says ProLogis and Browning have plans to deliver a 947,333-sf spec building in AirTech Park in Plainfield this summer.