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

The property is on a 13-acre site at Stafford Road and RonaldReagan Parkway, and has a pre-cast panel exterior, 28-foot clearheight, 30 exterior docks and divisibility to 25,000 sf. Horn saysa single tenant could take the building. "We do have a leasepending that would take a significant amount. I would say it willbe signed this month." However, he says the idea was to lease toseveral smaller tenants. "The building was designed forflexibility, our sweet spot is tenants in the range from 50,000 sfto 150,000 sf. A lot of buildings here in Indianapolis are therefor several hundred thousand sf and up, designed to accommodatebuild 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 byDJO Inc., a medical device manufacturer. The lease rate forproperties in the area is in the mid-$4 range, Horn says. Plansinclude 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, butwe're not a direct competitor to that. We're seeing decentactivity." The properties will also benefit from a 10-year realestate tax abatement program offered by the state.