PLAINFIELD, IN-Prime Distribution Services Inc. will consolidate its three-building operation in Indiana in a lease of a brand new facility in Allpoints Midwest that, when the company fully moves in, will be about 1.2 million sf. The building is the first to be built on the 920-acre industrial park, being developed by a joint venture of Duke Realty Corp. and Browning Investments.

The venture built the current 646,380-sf building last year on a speculative basis, says Mark Lubbers with NAI Olympia Partners, who represented the tenant in the transaction. Prime Distribution will occupy the building in March. The venture is also adding another 554,040-sf to the building, which should be finished by October, Lubbers says. He wouldn't divulge the lease rate, but said the average rate in the area is in the low $3 range, on a triple net basis. "The rate is competitive," Lubbers says.

Reasons for the move to the park include closeness to I-70, being adjacent to Indianapolis Airport and financial incentives. The Indiana Economic Development Corp. offered the company to $225,000 in tax credits, and the city is providing the company with a property tax abatement. "Another primary reason is because of the work force," Lubbers tells GlobeSt.com. "They're used to being on the east side of Indianapolis, and they've discovered that they are better able to attract their employees from the west side."

Lubbers says the property will eventually have more than 12.5 million sf of bulk warehouse space. "They're just finishing a brand new stretch of the Ronald Reagan, which will connect I-65 with I-70. Also, on the north border of the park, there's speculation that there may be some sort of intermodal rail," he says.

Along with Allpoints Midwest, the venture also is building Allpoints at Anson in nearby Boone County, for a planned total $746-million investment. Combined, the two properties will encompass more than 1,500 acres that can support the development of 38 industrial buildings totaling 20 million sf.