INDIANAPOLIS—Prologis, Inc. has signed Spartan Logistics to a 128,000-square-foot lease in Building 22 in Park 100 in the Northwest submarket of Indianapolis, according to officials from Jones Lang LaSalle.
Brian Seitz, Steve Schwegman, and Jake Sturman, all senior vice presidents with Jones Lang LaSalle’s Industrial Property Group in Indianapolis, represented building ownership in the transaction. The cooperating broker was Dallas Paul with Industrial Developers, Ltd.
The Columbus-based Spartan specializes in over the road and intermodal freight and now has nearly 2-million-square-feet of space throughout the country. Logistics and distribution companies like Spartan have flocked to Indianapolis in the last few years to take advantage of its cheap, wide open land and a central location that offers access to many of the nation’s largest metropolitan areas.
“At the conclusion of 2013, the Indianapolis industrial market had more than 3.58-million-square-feet of modern bulk facilities under construction, which fell just short of the 4.95-million-square-feet under construction reported last quarter, a five-year high,” according to a fourth quarter report by Colliers. “Users absorbed a combined 864,155-square-feet, while reducing vacancy rates 33 bps to 6.63%, its lowest level in more than a year. Year-to-date net absorption peaked at more than 1.88-million-square-feet in 2013. This more than doubles the net occupancy gains recorded in 2012.”
Located at 5645 W. 82nd St. in Indianapolis, Building 22 in Park 100 is a 243,200-square-foot rail-served property used for manufacturing and distribution that sits on just over 10 acres in the Northwest submarket. It was built in 1974 and features 22′-26′ clear ceiling heights, 40′x40′ column spacing, 30 dock doors and 1 drive-in door. Park 100 provides convenient access to I-465 and I-65.