Competitive Intelligence Report - November by n1884

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									Competitive Intelligence Report - Indianapolis Modern Bulk Distribution Facilities
                                                                                                                                                                                                                                                                                                                                                                                           November 2009
        Competitive Base                                                                                                              Transaction Velocity                                                     Speculative Construction                                                                                Build to Suit Construction
        Entire Class A market:                                                                                                        Entire Class A market:                                                   Completed:                                                                                              Completed:
         Total competitive base: 58,929,392 SF                                                                                         982,298 SF leased in last 12 months                                       1,206,520 Q4/2008 to present; 3 projects; 0.00% occupied                                               1,180,000 SF Q4/2008 to present; 2 projects; 100% occupied
         Individual facility total: 126                                                                                                6 individual transactions in last 12 months                             Under Construction:                                                                                     Under Construction:
         Average facility size: 467,694 SF                                                                                             982,298 SF leased YTD 2009                                                None                                                                                                   None
         Total available space: 8,565,391 SF                                                                                                                                                                   Imminent Construction:
                                                                                                                                       6 individual transactions YTD 2009                                        None
         Overall occupancy: 84.46%                                                                                                     9,225,000 SF of current market activity
         Overall occupancy excluding Under Construction and Sublease: 87.44%

                                                      Available Space                                                                                        Market Activity                                                         Construction – Speculative                                                                                Construction – Build to Suit
                                                                                          Competitive Options – Available SF                      Current Volume                       Imminent Volume                                                                  Completion                                    Completed (6)                    Size (SF)   Submarket   Completion Date                      Developer
                                                                                                                                                                                                               Completed (15)             Size (SF)        Submarket                            Developer
                                                                                                                                                                                                                                                                          Date
       Property Address            Available    Sub-          Owner       Clear    700K    600K   500K   400K   300K   200K    100K                9,225,000 SF                           2,100,000 SF                                                                                                                LaCrosse Footwear                380,000     Northwest   Q2 – 2009                            Prologis/Browning
                                     SF        market                     Height     >                                           <                                                                             Axcess 70, Building #1     423,000          East         Q3 – 2009               Browning
                                                                                                                                                                                                                                                                                                                      Cooper Tires                     800,000     South       Q2 – 2009                            GDI/Mohr
710 Girls School Road              902,852       SW     Transpacific        28
                                                                            28’                                                                   Current Trend vs. Previous Month
                                                                                                                                                                                                                       0
                                                                                                                                                                                                               Axcess 70, Building #2     250,000
                                                                                                                                                                                                                                          2 0 000          East         Q3 – 2009               Browning              Prime Distribution (expansion)   554,040     Southwest   Q3 – 2008                            Duke
381 Airtech Parkway                813,054       SW     Sentinel            36’
                                                                                                                                                                                                               Allpoints Midwest 2        533,520          Southwest    Q1 – 2009               Duke/Browning         MedCo                            318,000     Northwest   Q3 – 2008                            Duke
850 Graham Road                    668,243E       S     IDI                 36’
                                                                                                                                                                                                                                                                                                                      Gatorade / PepsiCo               1,100,000   Southwest   Q2 – 2008                            Cornerstone
                                                                                                                                                                                                               Mt Comfort Building 111    245,041PL        East         Q3 – 2008               Precedent
Allpoints Midwest 2                553,520E      SW     Duke                32’
                                                                                                                                                                                                                                                                                                                      Anson Industriall #14
                                                                                                                                                                                                                                                                                                                      A     I d ti                     280,000
                                                                                                                                                                                                                                                                                                                                                       280 000     N th t
                                                                                                                                                                                                                                                                                                                                                                   Northwest   Q2 – 2008                            D k
                                                                                                                                                                                                                                                                                                                                                                                                                    Duke
Airwest Building 9                 481,965       SW     Opus                36’                                                                                                                                Metro Air 3                248,000PL        Southwest    Q3 – 2007               McShane / Horn
                                                                                                                                                                                                                                                                                                                      Genco                            177,600     Southwest   Q4 – 2007                            First Industrial
Axcess 70, Building #1             423,000        E     Browning            32’                                                                                                                                PDC Building 100           493,500FL        Southwest    Q3 – 2007               Republic
                                                                                                                                                                                                                                                                                                                      Under Construction (0)           Size (SF)   Submarket   Completion Date                      Developer
760 Commerce Parkway               412,000        S     Pattillo            36’
                                                                                                                                                                                                                              g
                                                                                                                                                                                                               Airwest Building 10           ,
                                                                                                                                                                                                                                          134,631FL        Southwest    Q
                                                                                                                                                                                                                                                                        Q3 – 2007               Opus
                                                                                                                                                                                                                                                                                                 p                    None                                  -              -                    -                                 -
5445 Guion Road                    380,160S      NW     DCT                 28’
                                                                                                                                                                                                               Airwest Building 11        361,793FL        Southwest    Q4 – 2007               Opus
700 Perry Road                     373,029       SW     ProLogis            30’
                                                                                                                                                                                                               Precedent 2                294,000FL        South        Q3 -2007                Precedent                            Construction & Expansions – Planned
800 Commerce Parkway               352,500        S     Quadrangle          36’

1105 E. Northfield Drive           328,200       NW     Lauth               32’                                                                                                                                Allpoints Midwest 1        646,380FL        Southwest    Q4 – 2007               Duke / Browning       Project Name                     Size (SF)   Submarket   Developer                              Start Date
700 Commerce Parkway               292,500S       S     Cohen Asset         32’                                                                       Completed Transactions                                   Airtech Building 9         947,333FL        Southwest    Q4 – 2007               ProLogis / Browning   Axcess 70, Building #3           1,377,000   East        Browning                               N/A

Mt. Comfort Building 105           270,000        E     KTR                 32’                                                                                                                                                                                                                                       Lebanon Building #1              1,032,000   Northwest   ProLogis                               N/A
                                                                                                                                                                   Transaction                                 800 Commerce Parkway       352,500          South        Q3 – 2007               Quadrangle
                                                                                                                                      Tenant                                         Size (SF)    Submarket
Axcess 70, Building #2             250,000        E     Browning            28’                                                                                    Date                                                                                                                                               Airtech A1                       813,740     Southwest   Prologis / Browning                    N/A
                                                                                                                                                                                                               Airwest Building 9         481,965          Southwest    Q4 – 2007               Opus
1250 Whitaker Rd                   226,967       SW     Arcus               32’                                                        LKQ                         Q2 – 2009         106,145       Southwest                                                                                                          Green Parke I                    769,500     Southwest   Verus                                  N/A
                                                                                                                                       Rolls Royce                 Q2 – 2009         37,148        Southwest   Anson Industrial #1        630,573FL        Northwest    Q1 – 2007               Duke / Browning
9901 Kincaid                       219,000       NE     ProLogis            28’                                                                                                                                                                                                                                       Mt. Comfort Building 114         728,000     East        Precedent                              N/A

    S
401 S. Enterprise                  214,414
                                   214 414B      NW     MI Windows          32’
                                                                            32                                                         Crave                       Q2 – 2009         157,500       Southwest        E
                                                                                                                                                                                                               1105 E. Northfield Drive   524 200PL
                                                                                                                                                                                                                                          524,200          Northwest    Q4 – 2006               Lauth                       b North est VI,
                                                                                                                                                                                                                                                                                                                      North by Northwest VI Park 100   692 000
                                                                                                                                                                                                                                                                                                                                                       692,000     Northwest
                                                                                                                                                                                                                                                                                                                                                                   North est   MEPT                                   N/A

Mount Comfort 111                  168,000        E     Precedent           28’                                                        SPAN                        Q2 – 2009         144,075       Southwest                                                                                                          Eagle Creek II                   654,240     Northwest   Pizzuti                                N/A
                                                                                                                                                                                                               Whitestown 1               624,000          Northwest    Q4 – 2006               Verus Partners
2155 Airwest Boulevard             150,957       SW     Agellan             32’                                                        SWS                         Q1 – 2009         173,430       Southwest                                                                                                          Park 267 Building One            595,080E    Southwest   ProLogis / Browning                    N/A
                                                                                                                                                                                                               Mt Comfort Building 105    594,000          East         Q4 – 2006               Precedent
2674 Jannetides Boulevard          150,000        E     University Loft     32
                                                                            32’                                                        Accuride                    Q1 – 2009         364,000       Northwest                                                                                                          Mt Comfort Building 115
                                                                                                                                                                                                                                                                                                                      Mt.                              572 000
                                                                                                                                                                                                                                                                                                                                                       572,000     East        Precedent                              N/A
                                                                                                                                                                                                               Plainfield One             440,797          Southwest    Q4 – 2006               Alter Group
185 N Mt. Zion Road                134,400S      NW     Duke                30’                                                        Concept Packaging           Q3 – 2008         51,300        Southwest                                                                                                          Boone Industrial                 546,000     Northwest   Panattoni/DCT                          N/A
                                                                                                                                       Pitney Bowes                Q3 – 2008         134,631       Southwest   Plainfield 8               650,760          Southwest    Q4 – 2006               Duke
6030 Gateway Drive                 130,455       SW     JB Mngnt            30’                                                                                                                                                                                                                                       Westpoint 1                      520,000     Southwest   Lauth                                  N/A

2835-2905 Fortune Circle S         121,875       SW     Duke                28’                                                        Amazon.com                  Q3 – 2008         947,333       Southwest                                                            Completion                                    Allpoints at Anson #15           517,577     Northwest   Duke/Browning                          N/A
                                                                                                                                                                                                               Under Construction (0)     Size (SF)        Submarket                            Developer
                                                                                                                                                                                                                                                                          D t
                                                                                                                                                                                                                                                                          Date
MetroAir 3                         119,000       SW     McShane / Horn      28’                                                        Monsanto                    Q3 – 2008         600,576       Southwest                                                                                                          PDC Building 200                 446,500     Southwest   Republic                               N/A
                                                                                                                                                                                                               None                             -                   -            -                             -
7335 Company Drive                 100,800        S     Panattoni           28’                                                        Seimens                     Q3 – 2008         320,070       Southwest                                                                                                          Crossroads 1, Greenwood          446,500     South       AMB                                    N/A
                                                                                                                                                                                                                                                                        E – denotes expansion to existing facility
600 S Perry Rd                     100,000       SW     Westminster         36’                                                        Schuetz Container           Q3 – 2008         135,902       Southwest                                                            FL – denotes fully leased facility
                                                                                                                                                                                                                                                                                                                      Whitestown Building 1            400,000     Northwest   Opus / Dennison                        N/A
                                                                                                                                                                                                                                                                        PL – denotes partially leased facility



Lebanon Building 14                93,000S       NW     Duke                30’                                                        Harlan                      Q3 – 2008         77,041        East                                                                                                               Mt. Comfort Building 105         378,000     East        Precedent                              N/A

Whitestown 1                       78,000        NW     Verus Partners      36’                                                        Sunrise Medical             Q2 – 2008         127,000       Southwest                    Future Speculative Construction Forecast                                              Airtech Building 9               304,500E    Southwest   ProLogis / Browning                    N/A

Anson Industrial #14               60,000        NW     Duke                32’                                                        Menlo Logistics             Q2 – 2008         157,000       Southwest    Imminent                            0 SF                         0 projects                           850 N. Graham Road               234,780E    South       IDI                                    N/A
B   – denotes For Sale Only                                                                                                            Cooper Tires                Q2 – 2008         800,000       South        Conceived                           11,527,417 SF                19 projects                          Allpoints Midwest 2              500,000E    Southwest   Duke / Browning                        N/A
E   – denotes Expandable                                Option Totals:               2       3      4      7     11     17      29
S   – denotes Sublease
T   – denotes Under Construction                                                                                                       LaCrosse Footwear           Q2 – 2008         380,000       Northwest    Total:                              11,527,417 SF                19 projects                                                                                   E   – denotes expansion capability of an existing facility


     For additional information, please contact:
             Jeremy G W d CCIM SIOR
             J      G. Woods, CCIM,                                    A d
                                                                       Andrew B M i SIOR
                                                                               B. Morris,                              Matt P. McGrady
                                                                                                                                 G d                                              Shuel
                                                                                                                                                                           Jon W. Sh l
             jwoods@summitrealtygroup.com                              amorris@summitrealtygroup.com                   mmcgrady@summitrealtygroup.com                      jshuel@summitrealtygroup.com
             (317) 713-2126                                            (317) 713-2140                                  (317) 713-2125                                      (317) 713-2115
Competitive Intelligence Report - Indianapolis Modern Bulk Distribution Facilities

CLASS A BULK MARKET – STATISTICAL OVERVIEW
                Historical Competitive Base                                                                 User Analysis                                                           Historical Construction Activity
                          Overall Market Size                                                                                                                                                         Construction Activity
                                                                              Individual Tenant Total:              167             NNN Average Asking Rents:

                                                                                200,000 SF & BELOW:                  75               200,000 SF & BELOW:        $ 3.43 NNN

                                                                                200,000 SF – 400,000 SF:             49               200,000 SF – 400,000 SF:   $ 3.40 NNN                                                                 Historical 
                                                                                                                                                                                                                                             Average: 
                                                                                400,000 SF & ABOVE :                 42               400,000 SF & ABOVE:        $ 3.23 NNN                                                                4 351 295 SF
                                                                                                                                                                                                                                           4,351,295 SF




                                     sub-market)
                     Market Size (by sub market)                                                                                                                                                                    sub-market)
                                                                                                                                                                                                   Construction (by sub market)




                                                                                                         Average Tenant Size:             139,415


                                                                                                                   200,000 SF & BELOW
                                                                                                                   200,000 SF – 400,000 SF
                                                                                                                   400,000 SF & ABOVE




              Market Breakdown                                        Historical Vacancy
                                                                                       y                                                                      g        y
                                                                                                                                                    New Leasing Activity                                             p
                                                                                                                                                                                                            Lease Comparables


                                                                                                              Historical Vacancy
                                                                                                              Historical Vacancy                                              Moving Historical
                                                                                                                                                                              Moving Historical 
                                                                                                                   Average:                                                      Average:
                                                                                                                    14.18%                                                      4 ,257,238



                                                                                                                                                                                                                                  Weighted Average 
                                                                                                                                                                                                                                     NNN Rate:
                                                                                                                                                                                                                                      $3.08 psf  




  Class A Bulk Defined: Facilities 100,000 SF or larger; clear heights of 28’ or greater; predominately concrete construction – either pre-cast panels or
                        “tilt-up”; constructed in 1995 or later; typically have flow through (a.k.a. “cross-dock”) configurations; trailer storage areas and
                        minimum of 130’ truck courts are typical.

								
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