A massive industrial building in Greenwood that’s leased by Amazon has been sold for $81.5 million to an East Coast real estate firm.
Holmdel, New Jersey-based Monmouth Real Estate Investment Corp. bought the 615,747-square-foot building at 1151 S. Graham Road from local firm Scannell Properties earlier this month.
Monmouth also owns a 671,000-square-foot building leased by Ulta Beauty, also in Greenwood, and the 328,000-square-foot FedEx Ground SmartPost distribution center at AmeriPlex, near Indianapolis International Airport.
The sale comes just over one month after the facility opened and about 13 months after Seattle-based e-commerce giant Amazon announced plans to turn part of the 79-acre property into a distribution facility employing up to 1,250 full-time workers.
Amazon signed a 15-year lease for the building—topping IBJ’s list of the largest Indianapolis-area 2018 industrial leases. The lease transferred from Scannell to Monmouth with the sale of the property.
The e-commerce company invested about $80 million in the property including about $45 million to have it built and another $35 million to equip the facility with conveyor systems, parcel sorters, racking systems, material-handling equipment and IT scanning and picking equipment. It uses the facility as a “Receive Center,” which are used to package incoming products for shipment to fulfillment centers.
Amazon has invested more than $6 billion in Indiana since 2011 and has about 8,500 full-time employees in the state. Including this site, Amazon has eight fulfillment or sorting facilities in Indiana, as well as Prime Now hub.
FedEx Corp. had previously planned to build a $259 million distribution center at the Greenwood site that would have employed 450 workers, but those plans were called off in March 2018 after FedEx determined the facility was unnecessary.