(Read more on the industrial market.)

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.

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