IBJNews

Developer poised to build 900,000 square feet of industrial space

Back to TopCommentsE-mailPrintBookmark and Share

Opus Development Corp., a Minnesota-based real estate firm, is starting development of two industrial buildings in Plainfield totaling a massive 925,000 square feet.

Milwaukee-based investor Northwestern Mutual Life Insurance Co. will own the buildings.

The owner doesn't have tenants lined up for the buildings, but is banking on strong demand in the industrial market.

The two warehouses—one 475,000 square feet and the other 450,000 square feet—are set to be built on 52 acres at Reeves Road and Indiana 267 that Opus has owned since 2008. Construction is set to start later this month, with completion slated for May. Opus declined to disclose the cost to build the buildings.

It’s likely that one to four tenants will occupy the buildings, said Douglas J. Swain, vice president and general manager of Opus’ Indiana operations.

“We’ve seen some interest, and we’ve begun to speak to a couple of potential tenants,” he said. “Indianapolis has always been a strong industrial market.”

It’s been particularly strong lately, as demand for speculative industrial space increases after a lull in construction during the downturn.

Atlanta-based Industrial Developments International Inc. completed construction of a 794,608-square-foot speculative building within the AmeriPlex Business Park in March and now plans to build a 460,000-square-foot building within the same complex.

Chicago-based Verus Partners is constructing a 771,000-square-foot bulk warehouse building in GreenParke at Airwest Business Park in Plainfield, slated to be finished Sept. 1. And Kansas City-based VanTrust Real Estate LLC has completed a 450,000-square-foot spec building at Stanley and Perry roads, also in Plainfield.

In Boone County, a joint venture of Duke Realty Corp. and Browning Investments Inc. this year built a 600,000-square-foot warehouse, expandable to more than 1 million square feet. The building is in AllPoints at Anson in Whitestown.

When finished with its latest project, Opus will have developed 8 million square feet in Plainfield, including 11 existing buildings in Airwest Business Park.
 
 

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. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.

ADVERTISEMENT