Stonemont Financial Group announced that construction began on a 615,000-sq.-ft. industrial facility in Lebanon.
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 sq.-ft.
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.
According to CBRE, the Indianapolis market absorbed approximately 2.2 million sq. ft. of space in the third quarter of 2020, the 40th consecutive quarter of positive net absorption. In 2019, 12 million sq. ft. 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.
The facility is set to deliver in summer 2021. Additional project partners include Duke Realty as a general contractor and JLL for brokerage services.