INDIANAPOLIS—A central location, combined with a reviving national economy and access to good highways and an international airport, are among the factors fuelling this metro area's rise as a logistics and distribution market. Users signed a large number of big lease renewals and expansions throughout 2013, and show little sign of slowing down.
In one of the market's largest recent transactions, for example, Liberty Property Trust, a national owner of office, distribution and light manufacturing facilities, has renewed Southern Wine & Spirits' 211,500-square-foot warehouse and distribution center lease at 800 Commerce Parkway West Drive in Greenwood, IN, a suburb about 12 miles south of downtown Indianapolis, according to officials from JLL. Brian Seitz, and Jake Sturman, executive vice presidents with JLL's industrial property group, represented Liberty in the lease transaction.
Southern is the nation's largest wine and spirits distributor and broker with operations in 35 markets.
800 Commerce Parkway West Drive is a 795,237-square foot facility built on a 37.56 acre site in 2004. Expanded in 2007, the distribution building features cross-dock configuration, 36-foot clear ceiling heights and 50' x 50' column spacing. It offers heated warehouse space and I- 65 visibility.
The cooperating brokerage firm was Cassidy Turley.
“Net absorption for the year ended above 1.9-million-square-feet with a vacancy rate that remains among the lowest in the Midwest at 4.9%, despite the delivery of over 2.5-million-square-feet of speculative development,” according to a recent study of the Indianapolis market by Cassidy Turley. And the vacancy rate in the South submarket, which includes Greenwood, sank even lower, down to 3.0%.
Furthermore, leasing velocity kept going at an impressive clip throughout the year, Cassidy Turley added, “with nearly 7.4-million-square-feet of notable new leasing and over 7.8-million-square-feet of notable renewals and expansions. These are phenomenally robust numbers.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
