Chicago-based HSA Commercial Real Estate today announced the firm has entered into a joint venture agreement with Boston-based Great Point Investors for the development of a 151,220-square-foot speculative industrial building at the southeast corner of Columbia Road and Midfield Court in Plainfield, Ind., a southwest suburb of Indianapolis. The distribution center – called Gateway Industrial IV – is currently under construction, with delivery scheduled for June 2017. It will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park. Chicago-based The PrivateBank provided the project financing.
HSA Commercial and Great Point Investors previously partnered on the development of Gateway Industrial III, an adjacent 220,000-square-foot building that was completed in 2015 and is now fully leased.
“Given our shared success with the rapid lease-up of Gateway Industrial III, we are excited to again be partnering with Great Point Investors in the development of the final warehouse building at Gateway Business Park,” said Robert Smietana, vice chairman and CEO of HSA Commercial Real Estate. “The market interest has been very strong since we started construction last year as more logistics and transportation companies are expanding within or relocating to the booming Indianapolis market.”
When complete, Gateway Industrial IV will feature 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. The development is located just west of the Indianapolis International Airport and is designed to accommodate users as small as 25,000 square feet.
“Aside from the typical challenges such as the availability of pre-cast concrete, construction on Gateway Industrial IV has been moving along briskly,” said Mark TeGrootenhuis, executive vice president and director of development services with HSA Commercial. “The walls of the building are now up, and we are continuing to erect the structural steel, which will put us on target for delivery in June.”
HSA Commercial Real Estate’s past projects at Gateway Business Park include a 104,400-square-foot flex building that was built in 2004; a 121,000-square-foot warehouse constructed in 2006; a 34,880-square-foot build-to-suit facility for the Federal Aviation Administration; and the 220,000-square-foot Gateway Industrial III. HSA Commercial Real Estate and Great Point Investors have also previously formed partnerships to develop a 650,000-square-foot distribution center in Nashville, Tenn., and a 218,500-square-foot warehouse in Waukegan, Ill.
John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for Gateway Industrial IV. Fishers, Ind.-based Meyer Najem is the general contractor for the project, which was designed by West Lafayette, Ind.-based KJG Architecture.
About Great Point Investors LLC:
Boston-based Great Point invests in industrial, office, senior housing, and multifamily real estate throughout the United States on behalf of the firm’s institutional clients by employing all-equity, leveraged-equity, joint-venture, and participating-debt structures while pursuing both core and value-added opportunities. With fully discretionary capital, Great Point is able to quickly source and close transactions.
About HSA Commercial Real Estate:
Founded in 1981, Chicago-based HSA Commercial Real Estate is a diversified, full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. Along with developing and acquiring more than 50 million square feet of commercial real estate across the United States, with a total consideration in excess of $2.5 billion, HSA Commercial Real Estate has represented owners and tenants in more than 10,000 transactions in 43 states; manages a property portfolio in excess of 15 million square feet in locations across the nation; and owns more than 10 million square feet of commercial property throughout the country.
HSA Commercial Real Estate has entered into a joint venture agreement with Boston-based Great Point Investors to develop a 151,220-square-foot speculative industrial building in Plainfield, Ind., a southwest suburb of Indianapolis. Scheduled for delivery in June, Gateway Industrial IV will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park.