INDIANAPOLIS, IN – Sunbeam Development Corporation announced today the purchase of I-70 West Commerce Park located in Monrovia, IN. The company has a long-term plan to develop the park, beginning with a 525,000-square-foot speculative industrial building.
“We’re excited about the transition of the park to the new owner, Sunbeam Development,” said Mark Sanders, a founding partner in the project. “They have a long history in the market and exciting plans for further development.”
I-70 West Commerce Park, central Indiana’s newest business park, is located in the northwest quadrant of Interstate 70 and State Road 39. Sunbeam’s acquisition totals 685 acres, 660 of which are zoned for industrial use with the remaining 25 zoned for commercial use. I-70 West Commerce Park will accommodate facilities from 100,000 square feet up to 2 million square feet. Currently, there are two existing buildings in the park, a +1 million-square-foot Johnson & Johnson distribution center and the 545,010-square-foot Gordmans distribution center, which is under construction.
“With Indiana’s pro-business environment and the premier Interstate 70 location, I-70 West Commerce Park holds vast opportunity. We look forward to exciting new developments,” said Ned Hollis, Vice President at Sunbeam.
Sunbeam has been very active in 2013 with the acquisition of the 355,000-square-foot former ETS/Spectrum Products office/warehouse facility on the south side of Indianapolis and the 60,000-square-foot Kittles Outlet facility in Fishers, IN. Sunbeam also is the developer/owner of Exit Five in Fishers, which consists of over 1,000 acres and nearly 3 million square feet, as well as the Miramar Park of Commerce in Broward County, FL, which consists of 5.2 million square feet and 2,000 acres.
“Cassidy Turley was glad to be part of this sale transaction,” said Jeffrey L. Henry, Regional Managing Principal at Cassidy Turley. “Sunbeam will be an excellent developer and long-term owner for the park given its history of quality projects in the Greater Indianapolis area”.
Cassidy Turley will continue to act as the exclusive marketing agent for the project going forward.
About Sunbeam Development Corporation
Sunbeam Development Corporation and affiliate companies own and manage a diverse portfolio of real estate primarily located in Indiana and Florida. Developments include suburban office parks, light industrial parks and shopping centers. Sunbeam typically buys large tracts of land in growth areas and provides the funding and expertise for the infrastructure to support major development.
Sunbeam began investing in Indianapolis real estate in 1967 and has expanded into several multi-million dollar developments including quality office, retail and industrial properties. The expressed goal of Sunbeam is to develop and own quality income producing commercial properties. Its long range investment perspective is to own high quality developments supported by quality, on-site management teams. Local business references are available upon request. For more information, visit www.sunbeamdevelopment.com or contact the Fishers, Indiana office at 317-842-1166 for more information.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. The Indianapolis Business Journal 2013 Book of Lists ranks Cassidy Turley as #1 Indianapolis-area commercial real estate brokerage and the #1 Indianapolis-area commercial property management firm. Cassidy Turley has been named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce for each of the past seven years. Please visit www.cassidyturley.com for more information.