IBJNews

Ambrose snags large industrial deal

Back to TopCommentsE-mailPrintBookmark and Share

Ambrose Property Group will break ground next month on its first industrial project, a 545,010-square-foot national distribution center for Gordmans Inc.

The Omaha-based apparel and home-decor retailer chose the Hendricks County project submitted by Ambrose from among about 20 other proposals, many of which came from developers with decades of experience in the industrial sector.

"It's a huge challenge and battle when you're trying to land your first deal in this arena," said Aasif Bade, a co-founder of five-year-old Ambrose, which has made a name for itself in multi-family and office development.

Bade thinks his firm's newness to the sector gave it an advantage over veteran industrial developers. "When a company has a tremendous amount of experience" they can tend to dictate to the client how a deal should be put together, he said.  

The Gordmans distribution center—its second in the Midwest—is an approximately $25 million project for Ambrose, which will retain ownership of the building. The total capital investment, including equipment, is $37.5 million.

The Indiana Economic Development Corp. agreed to provide up to $1.1 million in conditional tax credits in exchange for Gordmans promise to employ as many as 250 people at the facility by 2017, according to a statement released by IEDC in January. Hendricks County approved additional property tax abatement.

Cassidy Turley was in charge of lining up government incentives and represented Gordmans in the search for a developer. That process started last September.

Katie Culp, a senior managing director at Cassidy Turley who helped put together economic incentives for the deal, said Gordmans and Ambrose were a good fit for a couple of reasons.

"Gordmans is an entrepreneurial company," she said, so they were drawn to Ambrose, which is small and nimble. And Gordmans liked the location Ambrose proposed, which is west of Plainfield and outside the biggest concentration of industrial properties in the area.
 
Ambrose had expected to enter the industrial fray by building a $12 million, 300,000-square-foot spec warehouse on a 21-acre site at Metropolis and Airtech parkways in Hendricks County. Bade said the firm is still pursuing a partner for that deal.

While Ambrose is new to industrial development, its principals are not. 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.

 

ADVERTISEMENT

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. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

  2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

  3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

  4. Exciting times in Carmel.

  5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

ADVERTISEMENT