Though it's the second building completed, the name of the facility is Building Three. "Building Two is a pad site, we jumped over to Building Three," says Rich Horn, president of the self-named corporation.

The property is on a 13-acre site at Stafford Road and Ronald Reagan Parkway, and has a pre-cast panel exterior, 28-foot clear height, 30 exterior docks and divisibility to 25,000 sf. Horn says a single tenant could take the building. "We do have a lease pending that would take a significant amount. I would say it will be signed this month." However, he says the idea was to lease to several smaller tenants. "The building was designed for flexibility, our sweet spot is tenants in the range from 50,000 sf to 150,000 sf. A lot of buildings here in Indianapolis are there for several hundred thousand sf and up, designed to accommodate build warehouse users. We're looking for the smaller user."

The venture closed on the land in 2005, and already built, completed and sold the first 109,782-sf site, which is leased by DJO Inc., a medical device manufacturer. The lease rate for properties in the area is in the mid-$4 range, Horn says. Plans include three more medium-sized spec buildings on the site, bringing the property to up to 900,000 sf, he tells GlobeSt.com. "We'd like to do one a year, but we need to have the demand there," Horn says. "There's a fair amount of modern bulk warehouse, but we're not a direct competitor to that. We're seeing decent activity." The properties will also benefit from a 10-year real estate tax abatement program offered by the state.

Retail, hotels and specialty office product were also discussed for the site in the past. However, Horn says there's been no sign of interest. "The site has mixed-use zoning, we did that to see if demand supports it, we have a lot of frontage on Ronald Reagan Parkway, a major thoroughfare that will get bigger in the next five years," he says.