The new building will be the second facility built at Park 267 at the intersection of Interstate 65 and State Route 267, about 20 miles north of Indianapolis. The park is 54 acres, and only includes another 501,000-sf BTS facility for Suburu of America Inc. The LaCrosse building will complete the park, says Elizabeth Kauchak, a ProLogis VP. "We can't discuss the specific lease rates by the tenants, but the average rate in the area $3 triple net range." The tenant was able to earn a 10-year tax abatement for the property.
The park is owned by the JV, and Browning does the construction for the site. The venture have developed more than five million sf of industrial space around Indianapolis for tenants such as Subaru, OH Logistics, Belkin Corp., Electrolux and J.C. Penney. "LaCrosse was considering Columbus for this site as well, but they felt Indy would do better for national distribution. There's about 220 million sf in the Indianapolis area, and this submarket has seen several recent deals lately," she tells GlobeSt.com. The Portland, OR-based tenant is using the center to reach the Midwest and the East Coast, she says. About 70% of the company's domestic customers can be reached from within one day from Indianapolis.
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