Industrial leasing overwhelmingly positive in Indianapolis submarket

Indianapolis, IN– Avison Young announced today that it has arranged a 13,000 square-foot (sf) lease for an industrial building at 4511 W 99th Street, Building B in Carmel, IN.

Jadam Property Group, the landlord, was represented by Avison Young’s Conrad Jacobs, Vice President of Industrial Services, based in the firm’s Indianapolis office. The tenant, Treated Lumber Outlet, LLC, did not have representation. The anticipated move-in date for Treated Lumber Outlet, LLC will be June 2022.
 
“This is the highest rental rate per square foot in in any submarket of Indianapolis for a single tenant building under 20,000 sf,” said Jacobs. “This transaction was also completed before the building was finished confirming the need for more single tenant buildings under 20,000 sf.”

The industrial building consists of 1,300 sf of office space and 11,700 sf of warehouse. There are two (9’ x 10’) dock doors, one (12’ x 14’) drive-in door, 24’ clear height and clear span column spacing which will provide space for production the tenant needs for its operations.

Historic levels of industrial demand, and a lack of available space have led to a historic rise in net absorption as a percentage of total inventory in the Indianapolis industrial market. In  the fourth quarter of 2021, the percentage was at 5.8%.

“The preleasing of 4511 West 99th Street Building B reaffirms the need for smaller single tenant buildings in the market.  Conrad Jacobs has successfully helped me lease three single tenant assets, each time pushing the market rents to achieve cash on cash returns of 20% or better,” said Todd Katz, President and Owner of Jadam Property Group.