JOINT VENTURE OF PCCP, LLC AND STRATEGIC CAPITAL PARTNERS TO DEVELOP TWO INDUSTRIAL FACILITIES TOTALING 724,878 SQUARE FEET ADJACENT TO INDIANAPOLIS INTERNATIONAL AIRPORT
New York, NY, June 26, 2019 – PCCP, LLC announced today it has formed a joint venture with Indianapolis-based Strategic Capital Partners, LLC for the speculative development of the next phase of Metro Air Business Park, a 100-acre site, which allows for the development of up to 1.2 million square feet (sf) in Plainfield, IN, one of Indianapolis’ top industrial submarkets. Metro Air Business Park is located along Ronald Reagan Parkway and is adjacent to the Indianapolis International Airport (which houses the second largest FedEx hub in the world) and is near the convergence of four interstate freeways (I-65, I-69, I-70 and I-74).
Phase I will total 724,878 sf across a 223,480-sf rear-load building (Building 8) and a 501,398-sf cross-docked building (Building 9). The two buildings shall commence construction in August 2019 and are both anticipated to be completed in the second quarter of 2020. Building 8 will feature 32’ clear height and will accommodate users in the 50,000-sf to 200,000-sf size range. Building 9 will feature 36’ clear height and will accommodate tenants in the 200,000-sf to 500,000-sf size range (this building is expandable up to approximately 772,000 sf).
“PCCP is pleased to team with Strategic Capital Partners, a successful developer, on our third joint venture together,” said Ryan Dodge, vice president with PCCP. “Metro Air 8 and 9 will deliver quality modern buildings in the heart of the Indianapolis industrial market, which is also a market where we recently executed on a similar business plan.”
In October 2017, PCCP and Strategic Capital Partners embarked on development of two, Class A facilities totaling nearly 484,000 square feet in the first phase of Metro Air Business Park, a more than 1.2 million-sf industrial project directly across the street from the second phase of Metro Air Business Park which sold in May 2019. In August 2018, the venture invested in Springdale Commerce Park, the development of two, Class A industrial buildings totaling nearly 576,800 sf and an additional 48 acres of Phase II land in Springdale, OH, located on the northside of Cincinnati.
Plainfield’s industrial market has not only been driven by proximity to the Indianapolis International Airport, the FedEx hub and interstates, but also access to labor, and 10-year tax abatements. The local industrial market is experiencing increased activity in e-commerce, logistics, housing-related activity, and manufacturing. Located in the center of Indiana, Indianapolis is often referred to as the “Crossroads of America” as four interstate freeways and four federal highways converge in the city, making it possible to reach 50 percent of all U.S. businesses and 80 percent of the U.S. and Canadian population within a one-day drive.