The seller was Dallas-based commercial real estate investment firm Mohr Capital, which developed the building as part of the 475-acre Mohr Logistics Park along Interstate 65.
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With the sales of the Cardinal Health facility in Whitestown and STS Packaging facility in Mooresville, Ambrose has totaled almost 734,000 square feet in regional dispositions over the last month.
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When finished, the logistics-friendly park from Ambrose Property Group is expected to consist of about 14 bulk industrial buildings for advanced manufacturing, warehousing and distribution.
The deal isn’t JLL Income Property Trust’s first major foray into the market. It recently acquired a nearby, 605,000-square-foot distribution facility for about $60 million.
The expansion is expected to create up to 55 jobs with pay of at least $30 per hour by the end of 2028. It also would allow the company to retain 82 existing employees.
At least 20 communities with large warehouses across the United States have become stealth targets for Immigration and Customs Enforcement’s $45 billion expansion of detention centers.
The business organization said it supports “the responsible development of data centers” across central Indiana.
The Lancaster, Texas-based company, which makes heat-and-serve meals for grocers, was involved in a major recall of its products this year due to a deadly outbreak of listeria infections.
Other new developments around the former Angie’s List campus include the purchase of a home at 1149 E. Market St. and the opening of a cafe and bake shop at 1008 E. Washington St.
Ambrose recently closed on its fourth major investment fund intended to create or acquire industrial, logistics and e-commence properties across the United States.
Indianapolis-based Citimark has already leased about one-quarter of the old appliance retailer’s home at 4151 E. 96th St.—which it acquired in December 2021 for $14 million—to a pair of companies that will use their spaces for showroom, office and warehousing purposes.
The 300,000-square-foot facility is being developed by local industrial real estate firm Scannell Properties LLC.
The slowdown in leasing activity, which began late last year, is putting some developers in a tricky spot.
Built primarily on what is now agricultural land, the 1.9 million-square-foot project is expected to encompass 170 acres and consist of five buildings, ranging from 100,000 square feet to nearly 575,000 square feet.
The project would sit directly west of the Marion County-Shelby County line, across Carroll Road from a new, 850,000-square-foot warehouse for discount retailer Five Below.
The company announced the deal Thursday morning, a move that would result in the selling off of the business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884 and would grow to become the nation’s largest casket maker.
While it’s not clear what the new owner plans to do with the building, the name of the holding company indicates uses as a cold-storage or pharmaceutical facility—or both.
Nearby residents object to the project, which would include 817,000 square feet of speculative industrial space across 56.7 acres and a residential section with 133 single-family homes and another 52 homes in a paired-patio design.
The decision to buy the privately owned property came after seeing the swiftness with which developers have moved to acquire thousands of acres near the Indianapolis Regional Airport for their own projects.
Duke Realty Corp. has developed or co-developed major industrial buildings and complexes at the crossroads of America, which has become a significant national hub for warehousing, logistics and e-commerce operations.
Prologis, one of the world’s largest real estate investment trusts, said it has been trying to acquire Indianapolis-based Duke since November. Duke said in a written statement issued Wednesday that those buyout efforts simply haven’t been good enough.
In a public letter, Prologis CEO and co-founder Hamid Moghadam said his San Francisco-based company has been trying to acquire Indianapolis-based Duke quietly without luck since late November and decided to make the effort public.
