Awarded 2024 NAIOP Indiana Industrial Transaction of the Year
The joint venture of Browning Real Estate Partners and Prologis, Inc. recognized alongside brokerage teams for the 1,119,056-square-foot Subaru of America, Inc. build-to-suit distribution center in Zionsville, Indiana.
JD Graves, executive vice president, and Chris Black, executive vice president at CBRE, acted as landlord representative for Prologis and Browning, while the team of Steve Schwegman, Jake Sturman, and Brian Seitz, all executive managing directors at JLL, represented Subaru. CSO Architects, Innovative Engineering & Consulting, and Browning’s pre-construction division were also instrumental in delivering a winning solution.
Subaru of America, a subsidiary of Subaru Corporation of Japan and the United States distributor of Subaru’s brand of vehicles, needed a fast and sophisticated solution to increase the capacity of its existing 962,459 SF distribution facility in Lebanon, Indiana. Subaru desired the new facility to be located in the Northwest submarket, in proximity to its existing facility in Lebanon, Indiana, to provide support to its manufacturing facility in Lafayette, Indiana, and regional parts distribution network across North America.
Prologis and Browning were one of only a few groups capable of delivering a solution that met Subaru’s requirements.
“The groundwork for this transaction was laid in 2019 when the land site was initially brought to us by JD Graves and the team at CBRE,” relayed Cody Riles, vice president and market officer for Prologis. “When Prologis and Browning formed a joint venture in 2021 that included this property, the team worked together with the local municipality to get the site entitled and ready for development.”
With plans already in the works for two 550,000 SF spec buildings on their 75-acre site at Park 267 and a 10-year tax abatement already approved, the team was able to pivot quickly and lay out plans for a much larger building that met Subaru’s requirement.
“The efficiency the team showed in completing this deal was even more critical to the overall success, given last year’s market conditions,” added Mark Susemichel, chief development officer at Browning. “Our joint venture’s proven track record, ability to quickly secure the needed capital even within a volatile market, and experience in assembling an experienced and skilled team means we were able to make the transition to Subaru’s specifications in the needed timeframe.”
Browning’s construction division is acting as General Contractor and is scheduled to complete construction in July, ahead of schedule and under budget.
