OHL Leases 450K in Indianapolis

INDIANAPOLIS—Transpacific Development Co. has just executed a lease with Ozburn-Hessey Logistics for 450,000 square feet of distribution space at 2450 Stanley Rd. in suburban Plainfield. The lease, one of the largest distribution transactions in the Midwest so far this year, represents another big step toward rectifying the metro area’s current imbalance between supply and demand, which experts say opened up due to a massive building boom in 2013 and 2014. With this transaction, which covers the entire building, the global 3PL firm now leases three full buildings from TDC in the Plainfield submarket.

“We expect to see several of the other spec buildings that were developed in that time frame leased within the next few months,” Thomas Irish, president of Torrance, CA-based TDC, tells GlobeSt.com. “Having all of that new, quality distribution space ready for immediate occupancy has attracted sizable users looking for space in the Midwest.”