PLAINFIELD, IN-Third-party logistics provider OHL has expanded its lease to fill an 812,000-square-foot building in Airtech Park here. The company had leased half of the building until another 3PL vacated its short-term lease.
An industrial team with Jones Lang LaSalle represented the tenant and the owner, ProLogis, in the transaction. Steve Schwegman with JLL tells GlobeSt.com that OHL needed the space for a growth spurt. “They got a new account, it was a true expansion. They looked at several options, and it just worked out that they could locate right there.”
Schwegman was joined by Jake Sturman and Brian Seitz in the deal, along with Randy Wolcott and Doug McDowell with ProVenture. The 6-year-old building is at 281 Airtech Pkwy, just off of Interstate 70. The tenant has other buildings in the area, and this brings the firm to leasing about 2.5 million square feet in Plainfield.
There’s been much more 3PL leasing than usual, Schwegman says. “It’s a good sign. There’s been a specific increase in e-commerce fulfillment, that’s what this facility is used for.”
He says the Indianapolis industrial market has been doing well, with about two million square feet of absorption this year. “We’re already on pace now with how much we’ve seen in stable years in the past. We expect to see four million square feet absorbed by the end of the year,” Schwegman says.
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