(INDIANAPOLIS) – Hines, the international real estate firm, in partnership with Cresset Real Estate Partners, announced that it has broken ground on Whiteland 65 Logistics Center, a 1.1-million-square-foot industrial project located on I-65 in Whiteland, Indiana. The project is Hines’ first Indianapolis-area logistics property, and the firm has selected Cushman and Wakefield to handle marketing and leasing efforts for the site.
The project will feature cross-dock configuration, 40-foot clear height, above-market parking ratios, direct I-65 frontage and generous outdoor amenity areas.
“Whiteland 65 Logistics Center will answer the growing demand for larger format bulk distribution and warehouse space in one of the area’s tightest submarkets,” said Joe Noon, director at Hines.
“We are excited to create a presence in the Indianapolis industrial market with this project and look forward to executing additional investments over time,” added Hines Managing Director, Will Renner.
Located off I-65 and Whiteland Road, Whiteland 65 Logistics Center is situated within Indianapolis’ South submarket, an area that has recently seen significant leasing activity from large institutional users despite limited current supply. The site is located less than 30 miles from Indianapolis International Airport and is immediately serviced by a four-way interchange, creating ideal access to metro Indianapolis as well as the Southeast via I-65 and the Eastern Seaboard via I-70.
“Cresset Real Estate Partners is pleased to partner with Hines to develop a truly state-of-the-art logistics center that will help to meet the short-term and long-term logistic needs of the region,” said Larry Levy, Co-Founder of Cresset Real Estate Partners.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Cresset Real Estate Partners
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, united with Diversified Real Estate Capital, led by Larry Levy, to create Cresset Diversified Real Estate, a joint venture partnership focused on core real estate development investments. Cresset Diversified Real Estate recently restructured and formed Cresset Real Estate Partners. Founded by a team of real estate entrepreneurs, Cresset Real Estate Partners manages a rapidly growing real estate portfolio—currently valued at over $3 billion—on behalf of institutional and family office investors.