PLAINFIELD, IN-Opus North Corp. is building three speculative industrial buildings, totaling about 975,000 sf, in Plainfield Business Center at Airwest. The company has started development on Building 11, a 361,793-sf, one-story warehouse building and is in the planning stages for buildings 9 and 10, at 480,000 sf and 135,000 sf, respectively.
The company has already developed, and sold off, buildings 1-8 at the park, for a total of about 5.5 million sf and about 115 acres remaining for future development. Building 11 is set for completion in the beginning of August, says Lindley, real estate manager for the company's Indianapolis office. The building, to be at 2375 Reeves Rd. on 25 acres, will be cross-docked and will include 36-foot clear ceilings and an ESFR sprinkler system.
"We've had a lot of activity on Building 11, but none we can mention today," Lindley says. "One thing about Plainfield, in the past nine to 10 years, there's been a fantastic amount of activity in the Indianapolis market. We have a lot of confidence building on a spec basis."
Building 9, at 480,000 sf, will be built similar to Building 11, he says, and can accommodate up to four users, but ideally will be used by one, two or three tenants. Building 10, however, will be for the smaller user. "It will have a 28-foot clear height and will be a single-load building, set up as a mini-bulk building.
Lindley says he can't identify the cost for developing the buildings, but tells GlobeSt.com that construction pricing at the park is in the $25 to $30 range. He says the lease rates for the larger buildings will be $3.25 per sf and Building 10 will have rates in the $4.15 to $4.20 range.
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