Stonemont Financial to Build 615 KSF Project in Indianapolis
- Oct 30, 2020
Stonemont Financial Group has commenced construction on a new 615,000-square-foot industrial facility in Lebanon, Ind., roughly 20 miles outside Indianapolis. Stonemont, both owner and developer of the speculative project, is relying on Duke Realty to serve as general contractor.
The new facility will sprout up at the 1,250-acre Lebanon Business Park, on one of the last remaining developable sites in Lebanon. The park, which is located within the lower Midwest region’s E-Commerce Heartland area, is surrounded by transit and is home to the likes of such businesses as XPO Logistics and Hachette Book Group. Designed for bulk distribution uses, the property will be able to expand to as much as 985,000 square feet.
Stonemont’s new project is likely to receive a warm welcome upon completion, like many spec developments in the national industrial sector, which is surviving the pandemic due in no small part to the rise in e-commerce. “[In Indianapolis] demand for industrial space continues at a heightened rate,” according to a third quarter report by JLL, which is serving as leasing agent for Stonemont’s facility. “Active tenant requirements have exceeded pre-COVID-19 levels and are approaching 20.0 million square feet. This is a 60 percent increase over historical averages.”
Other developers are capitalizing on the loud cry for accommodations in Indianapolis. Mohr Capital broke ground on a $50 million, 1 million-square-foot warehouse and distribution build-to-suit for Cooper Tires in Whiteland in June of this year. Stonemont expects to complete development of its industrial project in the summer of 2021.