LEBANON, IN-DA Lubricant, a 92-year-old manufacturing business, has hired Duke Realty for a new 225,000-square-foot build-to-suit facility here in Lebanon Business Park. The park, owned by Duke, includes six million square feet of industrial facilities, and another 300 undeveloped acres that could hold another four million square feet.

Charlie Podell, SVP with Duke, says they will spend about $12 million to build the facility for DA, which purchased a 23-acre site within the park. “They’ve outgrown their facility on the west side of Indianapolis, and spent a year and a half looking for where they could fit. We have a spot for them where they can have a new facility and rail access,” he tells GlobeSt.com.

The park is 100 percent occupied, Podell says, because most of the users are build-to-suit properties as well. “This is really one of the best parks we have,” he says. “There’s just no development in this market unless it’s build-to-suit.”

The only new project completed in central Indiana in 2010 was a Duke project, Podell says, a 400,000-square-foot expansion for Amazon at Duke’s Allpoints at Anson park in Boone County. “The demand on the industrial side is improving, but there’s still space to be leased. There’s also a lot of shadow space where people have leases but have moved out. Those things need to be more in line before we start new space. We are on the forefront, however, as I think we’re looking at new development as a possibility,” Podell says.

DA earned some incentives from the Boone County Economic Development Corp. in its move to Lebanon. Steve Schaub with Summit Realty represented DA in the build-to-suit transaction.