(Read more on the industrial market.)
FRANKLIN TOWNSHIP, IN-Panattoni Construction Inc., based in Sacramento, CA, is working on two industrial buildings here that will be called Southport Crossing. The properties include a 60,480-sf building and a 100,800-sf building, to be located at 7515 and 7535 Company Dr. on 14 acres here.
Chris Alexander, senior development manager with Panattoni Development, says the project will cost about $5 million to build. The project should be finished by April 2008, he tells GlobeSt.com. The buildings feature steel and precast construction, up to 28-foot ceilings, ESFR sprinklers and 60-foot dock bays.
Alexander says the buildings are able to receive a 10-year real estate tax abatement. "That's really the driver of this project," he says. "It's an incentive program that the city of Indianapolis has designed for Franklin, with Marion County. They've designated seven areas of Franklin as economic revitalization areas. We're able to get the abatement and pass the savings on to tenants, or pass the abatement on if the buildings are sold."
He says the area market is good, with enough employment and I-65 visibility, but that it would have been hard to do a spec project without the abatement. "We've had a lot of inquires, now that the walls are standing. There are no deals yet, but we're optimistic," Alexander says.
The asking rate will be $4.85, triple net. The infill-style buildings will be designed as multi-tenant, to accommodate two-to-three tenants each.
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