Chambers Buys 622K in Hot Indy

INDIANAPOLIS—The US has few hotter industrial markets than Indianapolis, where cheap land and access to a network of roads and air travel has combined to help make it a burgeoning hub for distribution and logistics firms. Many developers have been putting up new buildings on spec, and institutional investors have followed in their wake.

Chambers Street Properties, a real estate investment trust in Princeton, NJ, for example, just completed the $30.2 million purchase of 445 Airtech Parkway, a 622,440-square-foot warehouse and distribution property developed by Prologis/Browning Investments in suburban Plainfield’s AirTech Business Park. The partners finished it just last year, the first speculative industrial development in Indianapolis since 2008, and Hartz Mountain Corp., a pets product supplier, quickly signed a triple net lease for the entire space.