Brennan Plans Suburban Indy Distribution Center

Park 74 Commerce Center rendering. The project is set to deliver by mid-2024. Image courtesy of Brennan Investment Group

Brennan Investment Group has acquired a 68-acre lot for the development of two Class A industrial facilities. The project, Park 74 Commerce Center, is situated some 15 miles outside of Indianapolis. Upon completion, the development will include two distribution buildings totaling 826,687 square feet.

Although Brennan broke ground on the development in June of this year, an official groundbreaking ceremony for the project will be held in late October, Doug Lance, senior vice president at Brennan Investment Group, told Commercial Property Executive.

Building A will be a 580,884-square-foot, cross-dock distribution property, while Building B will be a 245,803-square-foot, rear-load distribution facility. Both projects will include 40-foot by 32-foot clear heights.

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The first building will feature 60 dock doors, 4 drive-in doors, LED motion sensor lighting, 254 parking spaces and 151 trailer parking spots. Building B will include 24 expandable dock doors, 2 drive-in doors, 155 car parking spaces and the same LED lighting.

Located in Brownsburg, future tenants will be in proximity to the Indianapolis International Airport, the UPS Ground Sort Center and the FedEx Hub. Situated at the intersection of Ronald Reagan Parkway and Route 136, the property is near the Interstate 465 loop, and I-74, I-70 and I-65, offering far-reaching distribution access.

Lance told CPE that the location of the project in the Brownsburg area “has a great labor story and decent demographics which add a lot of ‘strength’ to the project.”

The buildings are anticipated to be completed in July 2024.

Indianapolis’ expanding industrial market

In the second quarter of this year, the Indianapolis industrial market posted a record number of deliveries, with more than 7 million square feet of space hitting the market, according to a Cushman & Wakefield MarketBeat report. While a large amount of space came online, overall tenant demand slowed to 1.9 million square feet, the lowest quarterly absorption total since the first quarter of 2020.

Walmart has recently completed it’s largest fulfillment center in McCordsville, Ind., located 18.2 miles east of downtown Indianapolis. The property is 2.2 million square feet and features modern technology used to increase the company’s delivery speed.