By Bruce C. Smith
Posted: March 10, 2010.
PLAINFIELD -- Nice-Pak Products
, manufacturer of a variety of moist sanitizing wipes, is consolidating operations from two distribution centers in Plainfield into one larger facility.
The company has two centers of about 400,000 square feet each along Perry Road in Plainfield's industrial parks, and will move to an 813,000 square foot distribution facility at 381 Airtech Parkway.
Details weren't announced, but brokers with Summit Realty Group
, who represented building owner Sentinel Real Estate, said the deal represents one of the largest leases in the Indianapolis area in the past year.
The building in the Airtech park within Plainfield is attractive for Nice-Pak because of the recent construction of the Ronald Reagan Parkway and other large roads nearby, plus the close proximity to the new Indianapolis International Airport, said Andrew Morris of Summit.
Word of the lease is the second announcement this week of a tenant for a large vacant building in Plainfield's sprawling industrial, office, warehouse and distribution park that has more than 28 million square feet of facilities constructed in the past dozen years.
New logistics startup company s2f Worldwide announced plans Monday to lease more than 200,000 square feet with an option for the rest of the 480,000 square-foot building at 2675 Reeves Road developed by Opus North.
John Cumming, vice president of development for Opus North said today that most of the new speculative construction of large buildings has stopped in the Indianapolis region during the recession.
S2f Worldwide will become the first tenant in a spec building that was completed nearly two years ago.
"However there are still some leasing deals under review and I believe we'll see more announcements early this year. Some have been in discussion for a long time while companies have been slow to make a decision," he said.
The vacancy rate for industrial buildings in the metro area has held fairly steady around 7 percent since the recession took hold in late 2006 because builders have delayed construction of new buildings, he said.
Call Star reporter Bruce C. Smith at (317) 444-6081.
Posted by Carolyn Manco on 3/11/2010
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