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GREENWOOD, IN-Looking to attract third party logistics companies and other large-scale distributors, Quadrangle Development Co. has broken ground on a speculative development here in the I-65 distribution corridor southeast of Indianapolis.

The suburban Chicago-based firm says it is building a 442,737-sf facility that is expandable to 832,000 sf. There is also the option of an additional expansion of up to one million sf on an adjoining parcel. A company source tells GlobeSt.com the value of the project is “above $10 million.”

Quadrangle principal Timothy Sweeney says the location for the project was selected because of the area’s labor pool as well as the site’s visibility and direct access to I-65, which provides direct access to the Federal Express hub at the Indianapolis airport and the UPS hub, which is 100 miles down the interstate. “Our strategy is straight forward: we are developing a high quality, well-located building with operational attributes attractive to third party logistics companies and other large-scale distribution users,” says Sweeney.

Construction completion is scheduled for February 2004. The cross-docked facility will have a 36-ft clear height, 48 dock doors and “advanced distribution system upgrades.” Peak Construction Corp. is the general contractor. Indianapolis-based Summit Realty Group has the leasing assignment.

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