High hopes for Hendricks, Boone business parks linked by parkway
Saturday, September 15th, 2007This is another great reason to invest in the suburban Indianapolis, Indiana area. Sustained job growth and great pricing.
PLAINFIELD, Ind. — Browning Investments and Duke Realty Corp. on Thursday began concerted marketing of their AllPoints industrial parks — developments that could land up to 10,000 jobs over the next decade.
The Indianapolis-based developers joined forces in the $745 million plan for development of the business parks in Hendricks and Boone counties.
With helicopter rides, Browning and Duke executives took to the air to show real estate brokers and potential tenants how the two parks nearly 15 miles apart will be linked together and to interstate highways via the new Ronald Reagan Parkway.
If marketing pays off, the AllPoints parks will have one of the largest concentrations of jobs and business investment in Central Indiana, officials said.
The joint developments were timed to take advantage of a booming interest in new office, light industrial, warehouse and distribution buildings.
Charles E. Podell, senior vice president of Duke, said the market for large industrial buildings of hundreds of thousands of square feet — which has been in turmoil since 9/11 — has shifted.
“We’ve seen more deal activity in the last eight weeks than we’ve seen in the last couple of years,” said Dennis Dye, executive vice president of Browning.
AllPoints is divided into two sites. The 922 acres on the northeast side of Plainfield, AllPoints Midwest, is prepared for 12.5 million square feet of industrial buildings. That represents a potential of 5,200 jobs as approximately 14 buildings go up.
The developers have the first building, about 646,000 square feet for bulk storage, under construction on the speculation that a tenant will be signed soon.
It will sit next to a new section of Ronald Reagan Parkway that is also under construction by Plainfield under a $14 million bond issue to expand roads in the industrial park area.
Duke Vice President William D. Friedman said AllPoints Midwest is also next to a large railroad yard in Avon, in a perfect spot to receive a share of the $5 billion in foreign-made goods flowing into Indiana each year.
The other portion of the project, AllPoints Anson, is 616 acres at the I-65 and Ind. 267 interchange, west of Zionsville and next to Whitestown in Boone County. It will have 24 smaller buildings totaling 7 million square feet for light manufacturing. The first building of about 630,000 square feet is up, and work on a 280,000-square-foot structure will begin soon.
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