IBJNews

Local developer buys 50 acres in Intech Park

Back to TopCommentsE-mailPrintBookmark and Share

A highly visible parcel of land in Intech Park on Indianapolis’ northwest side has been sold to a local developer that plans to construct an office building on the site.

The local office of Chicago-based Jones Lang LaSalle, the broker for the seller, announced the deal Friday morning.

The buyer of the 50 acres, which fronts Interstate 465, is Ace Commercial Development LLC, which plans a build-to-suit development for an undisclosed client on part of the property, according to Jones Lang LaSalle.

Real estate sources say the client is Indianapolis-based Heritage Environmental Services LLC, which is planning lab space in part of the new office building. The building is expected to top 100,000 square feet.

Heritage officials did not return a phone call Friday morning seeking comment on the development.

Heritage, which has 17 locations in 13 states, was founded by the Fehsenfeld family, which also started Indianapolis-based Calumet Specialty Products Partners LP and took it public in 2006.

Part of the 50 acres includes a lake, leaving about 37 acres available for development. Ace plans to develop the rest of the land with additional Class A office buildings totaling up to 500,000 square feet, Jones Lang LaSalle said.

Jones Lang LaSalle completed the transaction on behalf of seller BMO Harris Bank, which took back the property from local developer Lauth Group. John Robinson, who helped lead the transaction for Jones Lang LaSalle, said the sale is a good sign for the local real estate market.

“There’s been an overall lack of new construction since 2008,” Robinson said. “Anytime you’re able to sell 50 acres of land, it shows new development might be heading back into the market.”

Jones Lang LaSalle declined to disclose the sale price, but the asking price was $4 million.

Established in 1999 and being built in stages, Intech Park is a 210-acre office and research park that includes nine office buildings totaling 900,000 square feet of space, as well as three hotels, a daycare center, restaurants and other businesses.

When finished, the development is expected to include 2.5 million square feet of office, hotel and retail space.
 

ADVERTISEMENT

  • Local developer buys 50 acres in Intech Park
    read this!
  • Adding or moving space?
    Here's the question I want IBJ to answer: When an existing company (H-E)buys land and says it is going to build a new lab, what happens to the existing lab and office space in another location in Marion County? Heritage-Environmental (along with the air permits, exceedences, risks that accompany such an enterprise that deals in hazardous waste product recycling) now has labs and offices on the west side between Washington and Morris Streets. Once the area was only farmland, but now subdivisions dot the township which means more schools are needed (costing more money) but the assessed valuation of the township overall, which includes thousands of acres of untaxed airport property, is down. Will Wayne Twp. lose more tenants to another "trendier" township?

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 never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

ADVERTISEMENT