Echo Real Estate Capital Plans 30-Acre Industrial Development at Indianapolis' Park 100

Echo Real Estate Capital, Inc. has closed on approximately 30 acres in Indianapolis' Park 100, where it plans to redevelop obsolete office buildings into a multi-tenant Class A industrial project, the firm announced in October 2026.

The project, named Echo Business Park @P100, will replace three general office buildings totaling 450,000 square feet that were formerly occupied by UnitedHealth Group (NYSE: UNH) and Genesys, an AI-powered technology company. Echo Real Estate Capital describes Park 100 as the dominant industrial park serving as the region's core logistical, manufacturing and commercial hub.

Echo Real Estate Capital Acquires Two Land Sites in Park 100

The acquisition covers two land sites in Indianapolis: 7440 Woodland Drive and 7601-7635 Interactive Way. The 7440 Woodland Drive site comprises approximately 204,544 square feet of existing office buildings on 12.8 acres, while the 7601 Interactive Way parcel is approximately 126,024 square feet on 6.03 acres. Combined, the sites total roughly 30 acres within the Park 100 submarket.

The sellers were Ventas (NYSE: VTR) and The RMR Group (NASDAQ: RMR), respectively.

Echo Business Park @P100: Project Details

Echo Business Park @P100 will feature multi-tenant, Class A industrial facilities intended to appeal to a broad range of users, including trade contractors, last-mile logistics operators, light manufacturers and distribution companies. Suite sizes will range from 7,000 to 80,000 square feet. The project totals approximately 395,000 square feet of new industrial space.

The development is planned in two phases. Phase I consists of three buildings totaling approximately 195,000 square feet on the southern portion of the site, with delivery scheduled for the fourth quarter of 2027. Phase II would add approximately 200,000 square feet on the northern portion, with construction expected to begin in 2027 and delivery in 2028.

According to the firm's announcement, Silver said, "the use categories we are targeting form the backbone of the modern economy and within Park 100 – they've been stuck in older product with lower clear heights and insufficient infrastructure. Our project is one of a kind in this market and has never been built."

Indianapolis Industrial Market Context

Indianapolis has approximately 432 million square feet of industrial inventory across about 7,075 buildings, with vacancy near 7.6% in a 2026 market outlook. Net absorption was approximately 11.5 million square feet, compared with roughly 3.5 million square feet of deliveries, indicating that tenant demand exceeded new supply during the measured period. About 6.5 million square feet remained under construction, although new starts have slowed sharply from 2022 levels.

Marcus & Millichap reported that Indianapolis industrial vacancy fell 200 basis points to 7.3% in the year ended March 2026. Vacancy in post-2020 industrial buildings was approximately 11%, down more than 1,200 basis points.

Indianapolis asking rents were approximately $7.71 per square foot, with triple-net rents around $7.05 per square foot, while trailing rent growth was about 0.2%. Industrial cap rates in the Midwest were generally estimated at approximately 7% to 10%, with Indianapolis cited near 8.6%. Pricing in a small-bay analysis was approximately $79 per square foot, a segment described as trading below replacement cost.

Redevelopment of Obsolete Office Space

The project converts a large office assemblage into smaller-bay industrial space. Echo Real Estate Capital characterizes the existing buildings as obsolete, and the planned product is aimed at users that need modern logistics and manufacturing infrastructure but may not require a large single-tenant distribution building.

The Indianapolis market data show healthy occupancy and absorption alongside modest rent growth, a context in which the project will deliver its first phase in the fourth quarter of 2027.

Sources

• Echo Real Estate Capital: Echo Real Estate Capital planning new industrial development in Indianapolis market