An industrial property acquisition near Indianapolis and the development that sparked the deal were deemed important enough to win two 2023 CoStar Impact Awards as judged by real estate professionals familiar with the market.
DHL Supply Chain acquired Building 5 at 45 Mission Road in the Whiteland Exchange Industrial Park in Whiteland, Indiana, for $70.7 million.
The supply chain management and third-party logistics firm plans to lease the building to multiple clients that provide contract warehouse services. The deal is expected to create as many as 676 jobs.
The sale earned the award for Indianapolis acquisition of the year while the project took away a nod for commercial development of the year.
Less than five years after development of Whiteland Exchange Industrial Park began, the industrial market in Johnson County now consists of over 7.5 million square feet. Jones Development Co. of Kansas City, Missouri, developed the site. The brokerage Avison Young brought the land market.
About the project: Building 5 contains 979,649 square feet with 40-foot clear heights, cross-dock configuration and ample parking.
What the judges said: “Whiteland Exchange Building 5 will have a significant economic impact on the Whiteland submarket by bringing in a major employer, DHL, and promising substantial new jobs in that market,” Sara Coers, associate director of the Indiana University Center for Real Estate Studies.
They made it happen: Sean McHale, principal, and Peter Seoane, senior associate, at Avison Young represented the seller, Jones Development, led by President Kevin Jones. James Belange, CEO of Compass Commercial Construction Group.
