Kansas City, Missouri-based commercial real estate developer VanTrust Real Estate LLC announced plans on Thursday to develop two industrial parks in central Indiana.
The company said it plans to spend about $220 million for the first phases of Air 70 Logistics Park in Hancock County and Avon Landings Commerce Park in Hendricks County, with those phases consisting of three buildings in each park.
Air 70 Logistics Park will be located in Mount Comfort near the Indianapolis Regional Airport with a groundbreaking on a $67 million, 800,000-square-foot-plus speculative building expected later this month. Construction is set for completion in summer 2023 with two additional buildings to follow.
Avon Landings Commerce Park will be built on the site of a former regional airport on Ronald Reagan Parkway. Crews broke ground on the first building—a $30 million, 33,240-square-foot facility—last month with completion expected in early 2023.
VanTrust plans to construct two additional buildings, at 245,000 square feet and 156,000 square feet, respectively, after Building 1 is complete. The company has an additional 60-acre site set for Phase 2 of the project, the scope of which is yet to be determined.
“The Indianapolis area is a strong, dynamic industrial market and one we continue to invest in,” Phil Rasey, vice president of development at VanTrust, said in written remarks. “Both Avon and Mt. Comfort are prime locations. Our new projects will meet both current market need and demand for buildings of this size, conveniently located with access to distribution populations.”
VanTrust says both industrial parks will receive a 10-year real property tax abatement.
The general contractor for Avon Landings Commerce Park is Hemmer Construction, while Pepper Construction is the general contractor for Air 70 Logistics Park. JRA Architects will work on the design of both projects, with American Structurepoint the civil engineer.
Luke Wessel of Cushman Wakefield is the broker for Avon Landings Commerce Park, and Cam Kucic and Brian Zurawski of Colliers are the listing agents for Air 70 Logistics Park.