Indianapolis-based Citimark has already leased about one-quarter of the old appliance retailer’s home at 4151 E. 96th St.—which it acquired in December 2021 for $14 million—to a pair of companies that will use their spaces for showroom, office and warehousing purposes.
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The 300,000-square-foot facility is being developed by local industrial real estate firm Scannell Properties LLC.
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The slowdown in leasing activity, which began late last year, is putting some developers in a tricky spot.
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Nearby residents object to the project, which would include 817,000 square feet of speculative industrial space across 56.7 acres and a residential section with 133 single-family homes and another 52 homes in a paired-patio design.
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Built primarily on what is now agricultural land, the 1.9 million-square-foot project is expected to encompass 170 acres and consist of five buildings, ranging from 100,000 square feet to nearly 575,000 square feet.
The project would sit directly west of the Marion County-Shelby County line, across Carroll Road from a new, 850,000-square-foot warehouse for discount retailer Five Below.
The company announced the deal Thursday morning, a move that would result in the selling off of the business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884 and would grow to become the nation’s largest casket maker.
While it’s not clear what the new owner plans to do with the building, the name of the holding company indicates uses as a cold-storage or pharmaceutical facility—or both.
The decision to buy the privately owned property came after seeing the swiftness with which developers have moved to acquire thousands of acres near the Indianapolis Regional Airport for their own projects.
Duke Realty Corp. has developed or co-developed major industrial buildings and complexes at the crossroads of America, which has become a significant national hub for warehousing, logistics and e-commerce operations.
Prologis, one of the world’s largest real estate investment trusts, said it has been trying to acquire Indianapolis-based Duke since November. Duke said in a written statement issued Wednesday that those buyout efforts simply haven’t been good enough.
In a public letter, Prologis CEO and co-founder Hamid Moghadam said his San Francisco-based company has been trying to acquire Indianapolis-based Duke quietly without luck since late November and decided to make the effort public.
Cincinnati-based Uptown Commercial Partners plans to invest nearly $29 million to build the facility on a 40-acre site just east of the Graham and Whiteland roads intersection, and west of Interstate 65.
After years of environmental studies and planning, remediation work is at last scheduled to begin next year on the former industrial site in the 3500 block of East Washington Street.
A Carmel-based development firm plans to spend $70 million or more to turn agricultural fields in Noblesville into the site of three industrial buildings called Saxony Industrial Center.
Calumet, which acquired Muncie-based Paralogics LLC in March 2020, now says it plans to expand the facility and hire up to 20 more employees there by 2025.
Joe Raver, Hillenbrand Inc.’s president and CEO since 2013, will be succeeded by Kimberly Ryan, who has been with the company for more than 30 years.
The work-from-home and online-shopping trends are expected to permanently reshape demand for office and retail space, says Hessam Nadji, CEO of the Calabasas, California-based commercial real estate financing and advisory company.
The property tax abatement would save Alidade Capital about $505,174 in taxes over a five-year period, and maybe more depending on the type of tenant it lands.
The launch of a $63 million project to add an interchange and rework another is likely to fuel a new blitz of commercial development in the state’s fastest-growing town.
The planned, 2.2-million-square-foot Walmart distribution center is one of a dozen warehouses exceeding 900,000 square feet to enter the Indianapolis market since 2011.
A largely agricultural area near the formerly contested border of Zionsville and Whitestown could soon be the site of two 550,000-square-foot warehouses.
CEO Jim Connor said his company has a “high-quality, diversified portfolio of over 550 logistics facilities and over 800 diversified customers.”
New owner Timken Co. plans to consolidate the local plant’s operations in Illinois. Diamond Chain was founded in 1890 as the Indianapolis Chain & Stamping Co., originally to produce chains for the nation’s fast-growing bicycle industry.
