July 22, 2020 -- Indianapolis, IN – Avison Young has secured Amazon for a 530,400-square-foot (sf) lease within the Indianapolis South submarket. The e-commerce giant will occupy a newly constructed industrial building at Whiteland Exchange, the 2.4 million-square-foot (msf) master-planned business park located adjacent to the intersection of I-65 and Whiteland Road in Whiteland, IN.
Avison Young is the exclusive listing agent for the 167-acre development. Avison Young Principal Sean McHale, SIOR, and Senior Associate Peter Seoane, both based in the Indianapolis office, represented the developer, Jones Development Company, in this new lease transaction.
“This large lease demonstrates the continued demand for high quality, modern industrial space in the Indianapolis market,” comments McHale. “As our industrial market continues to expand, we are seeing considerable interest from e-commerce, logistics and advanced manufacturing tenants that previously had limited options in the southern part of the market.”
With this transaction completed, and with sustained interest in the second building, Kansas City-based Jones Development will begin designing its next speculative project at Whiteland Exchange while the company continues to build out the master-planned park.
The Indianapolis market is seeing robust construction activity, with approximately 10.1 msf under construction at the close of the second quarter 2020, according to Avison Young research. Strong absorption kept the vacancy rate at close to 4.5% at quarter-end.
Whiteland Exchange was designed to provide Central Indiana with investment-grade industrial space for lease, sale and build-to-suit opportunities. Additionally, there are several travel and truck plaza options in proximity to the site, which will provide tenants with key amenities for transportation and logistics operations.
“We are excited about the response to this new development and our ability to secure high-quality tenants that can support economic growth in the region,” says Nick Jones, Executive Vice President of Development at Jones Development. “Given the prevailing need for efficient, newly-built space within the Indianapolis market, we expect to see solid activity at Whiteland Exchange throughout 2020."
The development is along the I-65 distribution corridor in Johnson County, which has experienced strong industrial demand and absorption over the past several years. The county is the 5th fastest growing county in Indiana with a strong labor force within a 30-mile radius of the development.
“The Indianapolis market continues to outperform many industrial markets around the country,” says Seoane. “Whiteland Exchange was strategically designed to also serve the mid-range bulk distribution user and the mid-sized manufacturing space user, which adds tremendous flexibility for tenants.”
Whiteland Exchange is within the Indianapolis South Submarket near the convergence of several major interstates, including I-65, I-465, I-70 and I-74. More than 50% of all U.S. businesses and key portions of the U.S. and Canadian populations are within a one-day drive of the site.