Verus Partners Breaks Ground on 138 KSF Indiana Industrial Facility
- Mar 27, 2012
Verus Partners is breaking ground on a 137,500-square-foot new manufacturing-and-distribution facility for Helmer Inc. that will be located across 10 acres in Noblesville, Ind.
The site, which sits on the Saxony Corporate Campus, will help the manufacturer’s expanding operations in the laboratory and refrigerated-products business for the pharmaceutical industry. Helmer expects to occupy the new structure by the fourth quarter of 2012. The twin-building industrial flex development in the northeast suburban area of Indianapolis is located in the Saxony master-planned community, which includes Saxony Town Center by Simon Properties. Building 100 was completed in the summer of 2007, and is 100 percent leased.
According to a report by Cushman & Wakefield Inc., the project comes on the heels of a trend that begain in 2011. Last year saw significant growth in industries that directly impact industrial real estate performance, with retail sales totaling a record $4.7 trillion, a gain of 7.9 percent over 2010 — equaling the largest percentage increase since 1999).
Jim Dieter, the executive vice president of industrial brokerage, found that the manufacturing sector expanded in January for the 30th consecutive month and continues as one of the main growth drivers for the U.S. economy. “The industrial market continues to benefit from historically low construction levels, with only 29.6 million square feet added in 2011,” he wrote. “Of that, only 4.4 million square feet was speculative development. For perspective, speculative building dominated the market in 2008, making up 78.5 percent of the 176 million square feet of new supply added that year.
“With demand outpacing supply in many key markets, we are beginning to see speculative development pop up, but still in a conservative manner,” Dieter said.
Verus Partners is the joint-developer of Saxony Corporate campus and has selected JRA Architects to provide the architectural services. Summit Realty represented Helmer in the transaction.