The 615,000-square-foot industrial facility in Lebanon will serve national and regional logistics users
Stonemont Financial Group, an Atlanta-based private real estate investment firm specializing in industrial development and net lease assets, announced today that construction has begun on a 615,000 square-foot industrial facility in Lebanon, Indiana. Located approximately 20 miles northwest of Indianapolis, the new spec development lies within the 1,250-acre Lebanon Business Park and represents one of the last developable industrial sites in the city. The facility will be expandable to 985,000 square-feet, allowing users to expand the facility in the future.
Built to accommodate bulk distribution users, the new warehouse will feature 60 dock doors, a clearance height of 36 feet, 239 trailer parking spaces and expansion land to accommodate future expansion opportunities. Lebanon boasts a strong labor force in comparison to competing markets in the Indianapolis area, with an unemployment rate that was roughly one percent lower than the national average in 2019. The labor market in Lebanon and surrounding submarkets continues to grow as key players in logistics and bulk distribution scout out Class A space in the area.
Indianapolis is part of the lower Midwest region known as the E-Commerce Heartland due to its convenient network of interstate highways, geographically central location and favorable business climate that has attracted a wide array of tenants and third-party logistics providers. According to CBRE, the Indianapolis market absorbed approximately 2.2 million square feet of space in Q3 2020, the 40th consecutive quarter of positive net absorption. In 2019, 12 million square feet of Class A projects were absorbed, and the market is on track for an even better year in 2020 despite setbacks from the COVID-19 pandemic.
“Lebanon is one of the nation’s most attractive markets for national users and third-party providers due to its world-class logistics infrastructure, and the demand for Class A industrial product will only accelerate now that the e-commerce revolution is in full swing,” said Zack Markwell, Managing Principal and CEO at Stonemont Financial Group. “The broad spectrum of talent and experience possessed by our team will enable Stonemont to serve as both owner and developer on this project, which is already generating substantial interest among a variety of industrial users. We look forward to sharing more news on our progress in the near future.”
The facility is scheduled to deliver in Summer 2021. Additional project partners include Duke Realty (general contractor) and JLL (brokerage services).
Other tenants in the Lebanon Business Park include XPO Logistics, a third-party logistics company who serves over 60 Fortune 500 clients, CNH Industrial and Hachette Book Group, the third largest trade and educational publishing company in the world.
The Stonemont leadership team has more than 100 years of combined real estate expertise, and has conducted more than $20+ billion in total transactions at the national and international levels. The company combines the experience and resources of a large institution with the creativity and flexibility of an entrepreneurial firm.
For more information on Stonemont and its initiatives, click here.
