Hoosier Business Parks are Booming

Hoosier Business Parks are Booming

Indiana’s business parks have been an exceptionally hot market over the past several months with multimillion dollar investments and huge numbers of new jobs. Every corner of the state has seen major announcements happening in their parks. Indianapolis in particular has been “seeing record-level absorption numbers, leading to historical vacancy lows,” according to JLL’s reporting on the industrial sector, and the trend shows no signs of slowing.

There has been great variety among all the activity in Hoosier business parks too, from infrastructure investments to all different kinds of company plans. The highlights have been many, so we’ve compiled an overview with many of the most exciting developments.

 

A New 93-Acre Park
Indianapolis Central Logistics Park – Indianapolis, IN

Indianapolis Central Logistics Park – Spec Building 1 – Image from Ambrose Property Group

Construction has begun on the all-new Indianapolis Central Logistics Park, a 93-acre parcel on the east side of Indianapolis that will include three buildings. Ambrose Property Group is the developer of the project. The site has been unused for several years.

The first building to be established at the site will be a 616,000-square-foot spec building that would be appropriate for a light manufacturing operation or a logistics firm. The building could be expanded up to 1.2 million square feet, and Ambrose will be seeking LEED Silver certification.

 

Brownsburg’s New Business Park
Ronald Reagan Logistics Center – Brownsburg, IN

Ronald Reagan Logistics Center Map – Image from Scannell Properties

Construction on the new Ronald Reagan Logistics Center is underway in Brownsburg, IN. The 125-acre parcel is being developed by Scannell Properties and will include several distribution facilities and retail space. When complete, it will be one of the largest commercial developments in the town.

The first phase of construction involves establishing four buildings that will total more than 1.4 million square feet of space. General contractors for the project include Pepper Construction of Indiana for one of the buildings and The Peterson Company for the other three.

 

500 New Jobs Plus 300 More
Ligonier Industrial Park – Ligonier, IN

Forest River RV – IBEX Travel Trailer Interior – Image from Forest River RV

One of the largest RV manufacturers in North America, Elkhart-based Forest River RV, is expanding to the Ligonier Industrial Park in Ligonier, IN. The company expects to bring about 500 new jobs to Noble County over the next few years. Forest River RV announced the recent acquisition of three existing buildings in the industrial park, adding nearly 160,000 square feet.

The company is also investing over $4.4 million to acquire 65 more acres in the park to construct three 95,000-square-foot buildings and add over $400,000 in new machinery and equipment. The company expects the operation will bring over 300 more new jobs to Noble County when complete.

 

Microbiome Manufacturing
Fishers Life Science & Innovation Park – Fishers, IN

Fishers Indiana – Image from Fishers Indiana Government

List Biotherapeutics, Inc., whose parent company is South Korea-based Genome & Company, announced a more than $125 million investment to establish a new 110,000-square-foot manufacturing facility on 15 acres in the Fishers Life Science & Innovation Park.

The company plans to hire 210 employees in Fishers in the areas of biologics manufacturing and quality and regulatory compliance after commissioning the facility by the end of 2023. The Fishers Life Science & Innovation Park was established in August 2021 and has seen more than $200 million in investment from life science firms.

 

World-Class Aluminum Tech
Syracuse Technology Park – Syracuse, IN

Aluminum Insight Syracuse Technology Park – Image from Aluminum Insight

Indiana-based Aluminum Insights is investing $17.5 million in a new, state-of-the art aluminum extrusion facility in the Syracuse Technology Park in Syracuse, IN. The company’s equipment will be installed in a new 76,000-square-foot building that will feature 500 kilowatts of rooftop solar. Ancon Construction is leading the site construction.

The extrusion press is a world-class, 2,920-ton, 8-inch press line that includes the latest in automation and mechanical technology and advanced safety features. The company will also operate several CNC fabrication work cells that include routing, cutting, and machining of extrusions.

 

Furniture Maker Expanding
Kimball Industrial Park – Jasper, IN

Kimball International Warehouse Expansion – Image from Kimball International

Kimball International, Inc. is expanding with the construction of a new 220,000-square-foot warehouse expansion in the Kimball Industrial Park in Jasper, IN. The new building will connect to an existing 150,000-square-foot warehouse, expanding the company’s distribution footprint to 370,000 square feet of warehouse operations, with additional expansion capabilities for the future. The new expansion is projected to be fully operational by September 2022.

 

Three Projects and New Rail
River Ridge Commerce Center – Jeffersonville, IN

River Ridge Commerce Center – Image from River Ridge Commerce Center

55.8 acres of land within the River Ridge Commerce Center (RRCC) in Jeffersonville, IN were sold not long ago to industrial or commercial prospects. The land deals would generate $6.14 million in funding for the RRDA. There were three sales in total, two of which will be industrial facilities and one will consist of flex space among five buildings.

Additionally, Colorado-based OmniTRAX, Inc. has officially begun operations as the new rail partner of RRCC. The two organizations entered long-term partnership to develop the park’s rail infrastructure and tenant base.

 

Semiconductor Manufacturing
WestGate@Crane Technology Park – Odon, IN

WestGate Academy – Image from WestGate@Crane Technology Park

SkyWater Technology, a semiconductor manufacturing firm, announced it has signed a lease with Purdue Research Foundation to move a team into the WestGate@Crane Technology Park in Odon, IN. This location is adjacent to the Naval Surface Warfare Center, Crane Division (NSWC Crane).

Many professionals, elected officials, business leaders and civic figures have advocated to develop an ecosystem of innovators at WestGate@Crane Technology Park. SkyWater joins WestGate’s growing roster of partners in the defense, radiation hardened (rad-hard), and advanced packaging space.

 

And That’s Just the Start

Each of the developments listed here in this article are really just the start of all the activity taking place throughout Indiana’s business parks right now. Each week brings in new stories about major investments, expansions, and rounds of hiring taking place. It’s a very optimistic time to be a company looking to expand in Indiana today because so much growth is happening all around us all the time.

Category Cover Story, Features