Andrew Morris with Summit Realty Group says Nice-Pak wanted toconsolidate for all the standard reasons, such as reducingredundancies and accommodating growth strategies. The company movedout of a 425,000-square-foot facility and a 390,000-square-footfacility to get into this building, owned by Sentinel Real EstateCorp. Nice-Pak, which manufactures private-label wet wipes, alsohas a distribution and warehouse lease on 186,000 square feet inOrangeburg, NJ.

|

Morris declined to comment on the lease price, but says thelease is north of the area average of $3.08 per square foot.Morris, Jeremy Woods and Matt McGrady represented Sentinel in thelease, while Halakar Real Estate represented the tenant.

|

The Indianapolis modern bulk market has been well outperformingthe rest of the country, Morris tells GlobeSt.com. "We are notgiving up ground or experiencing significant negative absorption,"he says. "The two key dynamics have been that this is a preferredlocation for a major distribution facility, and the state isoutperforming its neighbors when it comes to attracting investmentrequired for distribution, through incentives on taxes and fees.Indiana compares well to nearby states which have higher payrolltaxes or have more bureaucratic red tape to deal with." Othertenants in the area include Amazon, Brightpoint and NiagaraWater.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.