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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA massive industrial building in Greenwood that’s leased by Amazon has been sold for $81.5 million to an East Coast real estate firm.
Holmdel, New Jersey-based Monmouth Real Estate Investment Corp. bought the 615,747-square-foot building at 1151 S. Graham Road from local firm Scannell Properties earlier this month.
Monmouth also owns a 671,000-square-foot building leased by Ulta Beauty, also in Greenwood, and the 328,000-square-foot FedEx Ground SmartPost distribution center at AmeriPlex, near Indianapolis International Airport.
The sale comes just over one month after the facility opened and about 13 months after Seattle-based e-commerce giant Amazon announced plans to turn part of the 79-acre property into a distribution facility employing up to 1,250 full-time workers.
Amazon signed a 15-year lease for the building—topping IBJ’s list of the largest Indianapolis-area 2018 industrial leases. The lease transferred from Scannell to Monmouth with the sale of the property.
The e-commerce company invested about $80 million in the property including about $45 million to have it built and another $35 million to equip the facility with conveyor systems, parcel sorters, racking systems, material-handling equipment and IT scanning and picking equipment. It uses the facility as a “Receive Center,” which are used to package incoming products for shipment to fulfillment centers.
Amazon has invested more than $6 billion in Indiana since 2011 and has about 8,500 full-time employees in the state. Including this site, Amazon has eight fulfillment or sorting facilities in Indiana, as well as Prime Now hub.
FedEx Corp. had previously planned to build a $259 million distribution center at the Greenwood site that would have employed 450 workers, but those plans were called off in March 2018 after FedEx determined the facility was unnecessary.
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