Building Sales Cap Off Successful Year for 65Commerce Park
Strategic Capital Partners Announces 65Commerce Park Phase II Sale and Phase III Launch
February 7, 2022 – Indianapolis – Indianapolis-based Strategic Capital Partners, LLC (“SCP”) is pleased to announce the sale of 65Commerce Park Buildings 1 and 4, Phase II of the master-planned logistics project at 5400 E 500S in Whitestown, Indiana.
SCP broke ground on the 80-acre speculative development in May 2019 and now, less than three years later, leasing accomplishments and property sales demonstrate 65Commerce Park’s market strength.
▪ Phase I: Buildings 2 and 3 totaling 719,486 square feet, 100% leased when sold to LaSalle Investment Management.
▪ Phase II: Buildings 1 and 4 totaling 1,123,382 square feet with a 330,000 square foot build-to-suit expansion, 100% leased when sold separately to Chill Pharma and Granite REIT respectively.
▪ Phase III: Buildings 6 and 8 totaling 856,000 square feet, under construction and due for completion mid-2022; the 286,000 square foot Building 7 is in design.
In all, SCP’s 65Commerce Park marks success by delivering 2.7 million square feet of Class A logistics space valued at more than $250 million.
“Strategic Capital Partners, along with our project partners and investors, is pleased to complete a 330,000 square foot expansion for SHEIN USA’s 65Commerce Park/Building 4 operations. That project, and the subsequent Building 4 sale, signal Phase II success and we are looking forward to completing Phase III of this Class A development.”
65Commerce Park’s best-in-class buildings offer institutional quality features and the Park’s high visibility location at I-65 and County Road 500 South provides easy access to/from the Whitestown Parkway and SR 267 interchanges. This places tenants less than 30 minutes from downtown and the Indianapolis International Airport, home of the second largest FedEx hub in the world making it ideal for warehouse and distribution use. A “mid-point interchange” under construction at CR 550 South, will provide direct site access from I-65 when it opens later this year.
The 65Commerce Park development team includes local and national firms. Design & Construction Insight, LLC (DCI) serves as construction manager. Indianapolis-based JRA Architecture, LLC is the project architect and another Indianapolis firm, Compass Commercial Construction Group, provides design/build services. Nationally known planning and design firm Kimley-Horn serves as project engineer. Pinnacle Bank is the construction lender and Cushman & Wakefield’s Executive Managing Director Pat Lindley, who leases the project, also represented SCP in the Building I sale. The Cushman & Wakefield team of Jim Carpenter, Mike Tenteris and Adam Tyler represented SCP in the Building 4 sale.
While 65Commerce Park is SCP’s foray into the northwest Indy submarket, the firm first established an industrial presence in Plainfield with the 1.2 million square foot Metro Air Business Park.
SCP’s industrial footprint also extends beyond Indiana. The company is developing Springdale Commerce Park in Springdale, Ohio, Rock Hill Commerce Center in Charlotte, North Carolina, as well as Airpark East and Midway840 in Wilson Conty, Tennessee. In addition, SCP recently sold the 697,612 square foot Patriot Park in Durham, North Carolina, another Class A industrial park developed in stages and sold fully leased.