Ambrose Property Group Breaks Ground on 947,000 SF Industrial Expansion at Indianapolis Logistics Park – Northwest

Ambrose Property Group has broken ground on two speculative industrial buildings at Indianapolis Logistics Park – Northwest, a 104-acre industrial park in Whitestown, Indiana, within Greater Indianapolis. The firm announced that construction on Buildings V and VI, which together total approximately 947,000 square feet, begins Phase II of the park's master-planned development. Both buildings are targeted for completion in summer 2027.

Ambrose, a vertically integrated real estate investment manager that specializes in the acquisition and development of modern industrial, logistics and e-commerce real estate, has partnered with Fifth Third Bank on the construction loan. The Indianapolis-based Colliers International team is managing leasing and marketing for the property.

Phase II Follows Full Occupancy and Sale of Building III

The groundbreaking follows the recent disposition of Building III at Indianapolis Logistics Park – Northwest, which is fully leased to a global healthcare services and products company. The park's other existing buildings are also fully occupied. Safavieh occupies Building I, KattSafe and Royal Interpack occupy Building II, and Amazon occupies Building IV.

Ambrose launched the first phase of the park during a general slowdown in speculative development, according to Stephen Lindley, Ambrose's senior vice president of investments. "We originally broke ground on the first phase of this industrial park amid a general slowdown in the broader market for speculative development. Thanks to our conviction in the long-term need for high-quality bulk industrial product to meet occupiers' increasingly sophisticated needs, our investment thesis is bearing fruit as we continue to achieve critical milestones at this property," Lindley said.

Lindley said both buildings are designed to accommodate a range of modern industrial uses, from bulk distribution to light or advanced manufacturing. "Combined with Greater Indianapolis' strong economic fundamentals and the site's access to major north-south and east-west interstate corridors, that flexibility positions the buildings to serve both local and regional occupier demand," he said.

Building V and Building VI Specifications

Building V will offer approximately 182,000 square feet of space for lease, including 2,800 square feet of office space, with a minimum divisibility of 45,000 square feet. The property is targeting LEED Silver certification. It will feature a 32-foot clear height, a seven-inch-thick reinforced slab, 4,000 amps of power, dock-high and grade-level doors, and auto and trailer parking.

Building VI will offer approximately 765,000 square feet of space for lease, including 2,800 square feet of office space, with a minimum divisibility of 380,000 square feet. It is also targeting LEED Silver certification. The building will feature a 40-foot clear height, an eight-inch-thick unreinforced slab, 8,000 amps of power, dock-high and grade-level doors, and auto and trailer parking.

Both buildings are being built without signed tenants. The park's address is 5065 E. 500 S., Whitestown, Indiana 46075. Marketing materials also list Building V at 6350 S. 475 E. and place Building VI along Whitestown Parkway. One public listing gives Building VI an October 2027 availability date.

Location and Project Team

The park sits within the Northwest industrial submarket of Indianapolis. It is an eight-minute drive from I-465 via I-865, with connections to I-65, I-70, I-69 and I-74, and a 25-minute drive from Indianapolis International Airport. Ambrose said the location is within a one-day drive of 50% of the U.S. population.

Compass Commercial Construction is the general contractor. Curran Architecture and Kimley-Horn are providing design services. The Peterson Company is completing offsite infrastructure work.

Indianapolis Industrial Market Context

The project is advancing as Indianapolis industrial conditions tighten. Metro industrial vacancy stood at 6.0% in the second quarter of 2026, down from 7.0% in the prior quarter and from a peak of 11.0% in the third quarter of 2024. Average asking rent reached $6.31 per square foot per year, up 5.2% year over year.

The Northwest submarket is tighter than the metro average. Vacancy in the North, West and Northwest submarkets ranged from approximately 2.0% to 3.6%, while the East and South submarkets recorded vacancy of 10.0% and 8.8%, respectively. Modern-bulk asking rents in Indianapolis were approximately $5.54 per square foot, while warehouse and distribution space averaged $6.15 per square foot.

New supply remains a factor. Indianapolis added approximately 12.57 million square feet of industrial space in the latest period cited, and national industrial supply has continued to exceed demand even as the gap has narrowed. As a result, new buildings compete on features such as clear height, power capacity, truck circulation, sustainability credentials and location.

Ambrose has developed more than 32 million square feet of industrial projects valued at approximately $3.8 billion.

Sources

• Ambrose Property Group: Ambrose breaks ground on two modern industrial facilities at Indianapolis Logistics Park – Northwest in Greater Indianapolis