INDIANAPOLIS—As reported in GlobeSt.com, many industrial developers in the Chicago-area have decided to purchase plots of outlying land in hopes of building massive distribution facilities with up to 1.3 million square feet, sometime in the near future. But in Indianapolis, the demand has gotten so intense that developers want to begin building right away.
“In Indianapolis, you're not competing against as many buildings and as many submarkets,” Mike Powers, senior principal and chief investment officer at Molto Properties, tells GlobeSt.com. The Oakbrook Terrace, IL-based developer recently expanded its footprint near Chicago by purchasing 79 acres of vacant land located along McLindon Rd. in Minooka, IL, and in addition, it also bought 47 acres of land at 5425 Exploration Dr. in the Southwest submarket of Indianapolis. The IL land will remain vacant for a while, but Molto has decided it's time to build a 620,935 square foot speculative industrial building on the IN land.
The property, part of a 1,700-acre master-planned park known as Ameriplex, in, is adjacent to I-70 and near the second largest FedEx hub in the US. Molto will partner with Holladay Properties, Inc. to develop the site. Construction will commence this spring with a targeted fourth quarter, 2017 completion date.
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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.
