Park 74 Commerce Heart rendering. The undertaking is about to ship by mid-2024. Picture courtesy of Brennan Funding Group
Brennan Funding Group has acquired a 68-acre lot for the event of two Class A industrial amenities. The undertaking, Park 74 Commerce Heart, is located some 15 miles outdoors of Indianapolis. Upon completion, the event will embrace two distribution buildings totaling 826,687 sq. ft.
Though Brennan broke floor on the event in June of this yr, an official groundbreaking ceremony for the undertaking might be held in late October, Doug Lance, senior vice chairman at Brennan Funding Group, informed Business Property Government.
Constructing A might be a 580,884-square-foot, cross-dock distribution property, whereas Constructing B might be a 245,803-square-foot, rear-load distribution facility. Each initiatives will embrace 40-foot by 32-foot clear heights.
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The primary constructing will function 60 dock doorways, 4 drive-in doorways, LED movement sensor lighting, 254 parking areas and 151 trailer parking spots. Constructing B will embrace 24 expandable dock doorways, 2 drive-in doorways, 155 automobile parking areas and the identical LED lighting.
Positioned in Brownsburg, future tenants might be in proximity to the Indianapolis Worldwide Airport, the UPS Floor Kind Heart and the FedEx Hub. Located on the intersection of Ronald Reagan Parkway and Route 136, the property is close to the Interstate 465 loop, and I-74, I-70 and I-65, providing far-reaching distribution entry.
Lance informed CPE that the situation of the undertaking within the Brownsburg space “has an ideal labor story and respectable demographics which add lots of ‘energy’ to the undertaking.”
The buildings are anticipated to be accomplished in July 2024.
Indianapolis’ increasing industrial market
Within the second quarter of this yr, the Indianapolis industrial market posted a document variety of deliveries, with greater than 7 million sq. ft of area hitting the market, in line with a Cushman & Wakefield MarketBeat report. Whereas a considerable amount of area got here on-line, general tenant demand slowed to 1.9 million sq. ft, the bottom quarterly absorption complete because the first quarter of 2020.
Walmart has lately accomplished it’s largest achievement middle in McCordsville, Ind., situated 18.2 miles east of downtown Indianapolis. The property is 2.2 million sq. ft and options fashionable expertise used to extend the corporate’s supply velocity.
