NDC Expands Industrial Lease by 229,500 SF

LEBANON, IN-National Distribution Centers, a distribution and warehouse service that is a subsidiary of NFI Industries Inc., has expanded its lease in Building 14 in Duke Realty Corp.’s Lebanon Business Park here. The company has increased its lease from 153,000 sf to 382,500 sf, allowing Building 14, at 510 S. Enterprise Dr., to be 100% occupied.

The 15-year-old business park is about 1,000 acres, about 660 acres taken up by more than 6.4 million sf of industrial development. Other tenants include Case New Holland, Pearson Education, Henderson Trailer and Hachette Book Group USA. The average lease rate for warehouse space in the Boone County submarket of Indianapolis is $3.46 per sf, according to a fourth quarter market report by Grubb & Ellis.

Darin Richards, regional VP with NDC, said in a statement that the reasons for the expansion included adequate space available and a strong labor pool in the area. “Our goal is to expand our services and further penetrate the greater Indianapolis market,” he said in the statement. Charlie Podell, SVP with Duke, said in the statement that another draw is the access to Interstate 65 and incentives offered by the city and county. Duke officials were not able to comment by press time.

Mark Writt, SVP with CB Richard Ellis’ Indianapolis office, represented the tenant. Jay Archer, VP of leasing with Duke, represented his firm in the lease.