Rendering of a building in the Air 70 Logistics Park (image courtesy of VanTrust Real Estate)
Site map of the Air 70 Logistics Park (image courtesy of VanTrust Real Estate)
Rendering of a building in the Avon Landings Commerce Park (image courtesy of VanTrust Real Estate)
Site map for the Avon Landings Commerce Park (image courtesy of VanTrust Real Estate)
Missouri-based commercial real estate developer VanTrust Real Estate LLC announced plans on Thursday for two industrial parks in central Indiana. The company says it will invest approximately $220 million for the first phases of the Air 70 Logistics Park in Hancock County and the Avon Landings Commerce Park in Hendricks County, each of which will include three buildings.
The Air 70 Logistics Park will be located in Mount Comfort near the Indianapolis Regional Airport with groundbreaking on a $67 million, more than 800,000-square-foot speculative building set for later this month. Construction is set for completion in summer 2023 with two additional buildings to follow.
The Avon Landings Commerce Park will be built on the site of a former regional airport on Ronald Reagan Parkway. Crews broke ground on the first building, a $30 million, 330,240-square-foot facility, last month with completion expected in early 2023.
VanTrust plans to construct two additional buildings, at 245,000 square feet and 156,000 square feet, respectively, after Building 1 is complete. The company has an additional 60-acre site set for Phase 2 of the project, the scope of which is yet to be determined.
“The Indianapolis area is a strong, dynamic industrial market and one we continue to invest in,” Phil Rasey, vice president of development at VanTrust, said in written remarks. “Both Avon and Mt. Comfort are prime locations. Our new projects will meet both current market need and demand for buildings of this size, conveniently located with access to distribution populations.”
VanTrust says both industrial parks will receive a 10-year real property tax abatement.
We’ll have more on the projects from VanTrust in Friday afternoon’s INside Edge newsletter.