Demand Fueling New Industrial Park

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Construction has begun on the first spec building in the park. (rendering courtesy of GDI Companies) Construction has begun on the first spec building in the park. (rendering courtesy of GDI Companies)

The chief executive officer of Indianapolis-based GDI Companies says the development of a $120 million industrial park near Plainfield is the result of continued demand. Construction has begun on the first building in the 213-acre Hendricks Gateway Park and Terry McCardwell says the location, near I-70 and State Road 39 in Clayton, is the "next big thing" in the evolution of warehouse and distribution space for Indianapolis. The industrial real estate developer and construction company acquired the land in December.

In an interview with Inside INdiana Business, McCardwell said developers are looking for more large plots of land to build these types of facilities.

"The demand's really been off the charts here in Indianapolis for the last 12, 24, even 36 months. The demand's strong and we continue to believe that it will be strong in the future," said McCardwell. "You're seeing more and more of these million-square-foot facilities in our marketplace being built on a speculative basis. We now have three. There's a reason these being built and that reason is that there's a demand by occupiers, tenants, to have these buildings to store and distribute their products. E-commerce is a big reason; e-commerce has kind of put our industrial market on steroids, I like to say, and you just have a lot of increased demand by these users for more space and for bigger blocks of space."

The first building in the Hendricks Gateway Park is a $45 million, 1 million-square-foot spec warehouse building that is being developed by Georgia-based Core5 Industrial Partners and constructed by GDI. McCardwell says the building will be the first spec building to have a 40-foot clear height on the inside.

"Core5 is the genesis of some senior leaders that were with IDI previously and this is their first big foray as Core5 into the Indianapolis market," said McCardwell. "Core5 typically tries to be on the leading cutting edge of what these distribution facilities will look like in the future."

Construction of the first building is expected to be complete in June 2020.

McCardwell said developers are looking for more large plots of land to build warehouse and distribution facilities.
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