HSA Commercial Real Estate has started construction on two speculative cross-dock warehouses at 9524-9532 Station Blvd. in Plainfield, IN. The 497,540-square-foot development, branded as Terminus at Hobbs Station and scheduled to deliver in fourth quarter 2023, will rise 8 miles from the Indianapolis International Airport, the country’s eighth-largest freight airport and home to FedEx’s second-largest U.S. distribution hub.
“Top-tier industrial users want to be close to critical transportation networks like those available in the Indianapolis metro, where roads, rails and runways are readily accessible,” said Robert Smietana, vice chairman and CEO of HSA Commercial. “Terminus at Hobbs Station will meet the demand for larger blocks of industrial space whose modern design and desirable location supports operational efficiency and growth.”
Situated on 37 acres directly off Highway 40 at Perry Road, the development will feature best-in-class specifications, such as 32-foot clear heights, 50-feet-by-50-feet column spacing and 60-foot loading bays. Building 1 will offer 233,618 square feet with 36 dock doors; three drive-in doors; 163 parking spots, expandable to 187; and 48 trailer parking stalls. Building 2 will span 263,922 square feet with 31 dock doors; three drive-in doors; 187 parking spaces, expandable to 219; and 30 trailer spaces.
The industrial submarket southwest of Indianapolis is familiar territory for HSA Commercial. In 2022, the firm announced the full lease-up of its seven-building Gateway Business Park in Plainfield, concluding nearly 15 years of development that added 1.2 million square feet of space to the market.
“Plainfield continues to be a hotspot for industrial development with a 5% vacancy rate at the end of the first quarter, which is up from recent years but still well below historic levels,” said Smietana. “Terminus at Hobbs Station reflects HSA’s bullish outlook on the market not only in Indianapolis, but also other distribution hubs across the Midwest and Southeast where we have multiple projects in various stages of construction.”
According to a report from Colliers, the Indianapolis metro recorded its fourth consecutive year of record-high leasing activity in 2022. The report also noted that Indianapolis ranks as a top 10 market nationwide for net absorption and construction.
In addition to its proximity to the Indianapolis International Airport, Terminus at Hobbs Station is situated near Interstate 70 with quick access to the region’s interstate system. It is located within an eight-hour drive to over 40 major metropolitan cities and 75% of the U.S. population. Terminus’ corporate neighbors include Amazon, FedEx, UPS, Walmart, Kohl’s, Geodis, Whirlpool, The Home Depot, Pepsi, Ryder, XPO Logistics and Ingram.
Indianapolis-based Curran Architecture is the architect for the project, while Meridian Design Build is serving as general contractor and Kimley-Horn as civil engineer. The warehouses will be leased by Jimmy Cohoat and Andrea Hopper of the Indianapolis office of Colliers.