Meritex Buys Site for 537,000-SF Biz Park

Meritex' Noblesville Business Center will consist of seven buildings will consist of seven buildings of about 537,000 sf, with buildings becoming available by summer 2009. The property has an available 10-year real estate tax abatement for users. "The next step for Meritex is to catch their breath," Woods says. "They're fine-tuning the site plan and going through the branded issues. It really hasn't been marketed yet."

He says the Corporate Campus has already seen the first building of a two-office project by Verus Partners go up, on the east side of the large property; both buildings are going to be 90,000 sf. "We've just about leased the first building up already, and are building the second office now." The Verus' property, called Saxony 100 and 200, is right across from the one-million-sf Hamilton Town Center lifestyle retail property that was recently built by Simon Property Group. Tenants such as Ambassador Medical leased in Saxony 100, and the 200 building should be done in October, Woods tells GlobeSt.com.

He says there's been a lot of interest from companies looking to build in the area. "Farmers are getting really good prices. I've got 871 acres listed now for a planned area called Gatewood," Woods says. "It's the Interstate 69 corridor. Most are flex office tenants, though not large users, it's an average of 10,000 sf, not like the bulk users in Indianapolis." He says the area is commanding rents of $8 to $13 per sf.