IBJNews

Ambrose jumping into Plainfield industrial market

Back to TopCommentsE-mailPrintBookmark and Share

Ambrose Property Group, whose multi-family and office deals have made headlines recently, is staking a claim in the industrial sector with plans for a $12 million, modern bulk warehouse building in Plainfield.

Last month, the company bought a 21-acre site at Metropolis and Airtech parkways from the Federal Deposit Insurance Corp. The FDIC ended up with the property after the failure of Irwin Union Bank. Irwin had taken it back from Chris White, the bankrupt developer of the Metropolis retail project, which is just west of the property.

Aasif Bade, who founded Ambrose in 2008, said his firm is looking for a capital partner for the proposed 300,000-square-foot industrial building. Bade said the project could start yet this fall. If a deal isn’t assembled in the next several weeks, Ambrose will wait until spring to pursue the project.

The speculative building would be the first in the industrial segment for Ambrose, although the 15-employee company has plenty of background on the industrial side. Bade worked in industrial leasing and development for Duke Realty Corp. before striking out on his own. And Kyle Powell, an Ambrose vice president, was formerly an industrial broker with Cassidy Turley.

The Plainfield industrial submarket is among the strongest in the metro area and is awash in construction, including a 622,000-square-foot spec building Browning Investments and ProLogis started in July. The modern bulk warehouse building, on Ronald Reagan Parkway just north of Stafford Road, is expandable to 889,000 square feet. It comes online in December.

Other spec developments include a 450,000-square-foot building at Stanley and Perry roads being developed by Kansas City-based VanTrust Real Estate LLC. It broke ground in May. Atlanta-based Industrial Developments International is building 795,000 square feet of spec space in Ameriplex.

Because of their size, the Browning and IDI buildings are likely to compete for some of the same tenants, said Dennis Dye, Browning’s executive vice president. Ambrose and VanTrust would go after smaller users.

Bade said the Ambrose building would appeal to tenants as small as 120,000 square feet, distinguishing it from the larger projects being built nearby.

Ambrose wasn’t necessarily trying to break into the industrial market, Bade said. The company’s goal is simply to find opportunities to add value. “It’s an awesome opportunity for industrial,” he said of the Plainfield site.

The company has found numerous opportunities in recent months to add value in other real estate sectors.

Ambrose recently put under contract the 16-story Circle Tower office building on Monument Circle, a landmark property it intends to buy for about $6 million from Boston-based Winthrop Realty Trust. Bade told IBJ last week his firm would move its offices there from 96th and Meridian streets.

The company is also partnering with locally based The Whitsett Group on two high-profile downtown apartment projects. The conversion of the 10-story American Building at 333 N. Pennsylvania St. from offices to apartments is about to begin. Ambrose and Whitsett, an experienced developer of apartments, are also negotiating to buy the vacant Consolidated Building at 115 N. Pennsylvania St. for an apartment conversion.

 

ADVERTISEMENT

  • Plainfield Connector
    And now, with the Plainfield Connector starting October 1st to service that area, employees will have an easier time accessing the jobs that will be created using public transportation!

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Again, Maria.... how much are YOU contributing? The man doesn't HAVE to give a red cent! What don't you get about that? And, I know this might actually require some actual "facts", but can you please point me to the parking garage that the city gave to him?

  2. Another internet tuff guy I see. And what would the basis of taking the person to jail? If they were drunk, yea. But if not, there would be no jailable offense. All these gestapo, Nazi, jackboots are running SCARED. When the SHTF in this country who's side are you going to be on? The citzens, or the establishment? Better make up your mind quick because it's not far off. I would rather be trying to make friends than enemies. But no worries my "friend", God will take care of you and your likes in good time. It tells us that in the bible. If you stand, support and help carry out the plans of evil rulers, you will NOT be spared the wrath of God. That simple. All you can do is repent now and ask God to forgive you.

  3. Yes, Ersal, thank you for donating a whole $75,000, while the city gives you a parking garage for free and is going to pay for a multi million dollar stadium for you. I'd be donating money too if I was on welfare.

  4. I live and work in Broad Ripple and agree 100% that the traffic is not a significant problem. It can be slow at some times, but hey...this is an urban area. As for the development itself...HOORAY. Office and retail development brings people during the day, something that our community needs much more of. Thank goodness people are finally waking up to take advantage of the serene White River views. The BRVA land us committee endorsed the project because they know how these kind of projects help offset the cries of "too many bars". Pray that this development, and the proposed major investment by Browning, move forward. And remember Good Earth, these will mean hundreds of daytime people - potential shoppers for your store.

  5. Under current, previous existing law, this new law would be unconstitutional. Not that supposedly having to have a driver's license to drive isn't in the first place.

ADVERTISEMENT