Allison Rennaker, Jack Thompson and Victoria Bulmahn to fill operations, development and internal support roles at Indianapolis-based industrial real estate investment manager
INDIANAPOLIS – Ambrose, a leading vertically integrated investment management firm specializing in Class A industrial, logistics and e-commerce real estate, announced today that it has added Allison Rennaker as property operations manager, Jack Thompson as development associate and Victoria Bulmahn as administrative assistant. These new additions to the Ambrose team follow recently announced companywide promotions as the firm continues to position its investment and operations platform to capitalize on strategic growth opportunities amid challenging market dynamics.
“We’re excited to welcome Allison, Jack and Victoria to the Ambrose team,” said Executive Vice President and COO Grant Goldman. “Each of them brings unique expertise that will help strengthen key areas of our platform — from operations and development to internal support — as we continue to grow and deliver best-in-class service to our investors and tenants.”
As property operations manager, Rennaker will support key asset management initiatives, including oversight of third-party management firms, property budgeting and the implementation of standardized systems and processes. Rennaker joins Ambrose from GLP US, now a part of Ares Management Corporation (NYSE: ARES), where as construction coordinator she supported their construction team with documentation management, technology implementation and process optimization. Prior to that, she spent seven years with Prologis (NYSE: PLD) where she held multiple roles in property and project administration. Rennaker holds a Bachelor of Science in organizational leadership and supervision from Purdue University.
As development associate, Thompson will join Ambrose’s national build-to-suit team in developing and executing projects for clients across the United States. He previously interned with Ambrose prior to receiving his degree from Purdue University. Thompson holds a Bachelor of Science in integrated business and engineering with a minor in real estate finance. As administrative assistant, Bulmahn will provide overall administrative support to the Ambrose team, including front desk and office management. She holds a bachelor’s degree in communications and media studies from Valparaiso University.
Ambrose has made several promotions within its organization. These elevations come as Ambrose positions its investment platform to capitalize on…
Elevation of key leadership and team members advances the growth of firm’s institutional real estate investment platform
INDIANAPOLIS – Ambrose, a vertically integrated real estate investment manager that specializes in the development and acquisition of Class A industrial, logistics and e-commerce real estate, announced today the promotion of several team members within its organization. These elevations come as Ambrose positions its investment platform to capitalize on strategic growth opportunities amid challenging market dynamics.
“As Ambrose continues to grow and evolve, these promotions reflect the incredible talent and leadership within our organization,” said President and Chief Investment Officer Jason Sturman. “Each of these individuals has played a pivotal role in our success, and their new positions will enable us to continue building on our solid foundation of strategic deployment, value creation and operational excellence. Despite the current market challenges, Ambrose remains strong, well-positioned and forward-focused in providing best-in-class value and exceptional experiences for both our investor and tenant clients. We are excited to see how their leadership will continue to shape our future as we strengthen our presence and capabilities across the nation.”
The following Ambrose team members have been promoted:
Grant Goldman has been promoted to executive vice president and chief operating officer. Since joining Ambrose in 2016, Goldman has been an instrumental leader in growing the company into a national, institutional investment manager and industrial real estate developer. Under his leadership, the firm has executed 28 million square feet in development and acquisitions totaling more than $3 billion in total project costs. In this new role, Goldman will continue to provide leadership and maintain ultimate responsibility for development operations, asset management, legal, marketing and talent and culture. Prior to Ambrose, he spent more than ten years with Pepper Construction, where he led company growth strategy for their Indiana office. Goldman is a graduate of the Stanley K. Lacey Executive Leadership Series and was named one of Indianapolis Business Journal’s Forty Under 40, as well as Engineering News Record’s (ENR) Top 20 under 40.
Stephen Lindley has been promoted to senior vice president, investments. Upon joining Ambrose in 2021, Lindley immediately demonstrated his ability to source excellent land sites, be a creative deal maker and extend Ambrose’s presence with tenant and broker clients across the Midwest region. In this new role, Lindley will lead deployment and leasing efforts across all Ambrose speculative markets, including the Midwest, Mountain States and Florida. Prior to Ambrose, Lindley spent seven years at Strategic Capital Partners where he led the firm’s office leasing efforts and helped grow the company’s industrial business across the Midwest and Southeast. In 2024, Stephen received the NAIOP Developing Leader of the Year award. He previously served as chapter president of NAIOP Indiana for two terms and in 2022 was named the NAIOP Indiana Developing Leader of the Year, in addition to being named a finalist for the 2022 Indy’s Best and Brightest by Junior Achievement of Central Indiana.
Cody Garrison has been promoted to vice president, development operations. Since joining Ambrose five years ago, Garrison has consistently delivered complex projects for clients across the country autonomously, all while continually exceeding expectations. In this new role, he will lead the planning and execution for Ambrose’s national build-to-suit operations. With more than 10 years of experience, Garrison previously spent nearly four years at Duke Realty, now Prologis (NYSE: PLD) where he executed new industrial facilities throughout the country, including e-commerce, industrial food grade, medical grade and speculative projects.
Katie Wilkins has been promoted to vice president, marketing and communications. Wilkins joined Ambrose in 2020 and has since played an instrumental role in building and elevating Ambrose’s brand and presence within the institutional investment management and commercial real estate industries. Prior to Ambrose, Wilkins spent 10 years in the AEC industry with Pepper Construction, where she led marketing and communications efforts for their Indiana office to support annual sales in excess of $300 million. In this new role, she will continue to provide strategic leadership across brand development, thought leadership and other firmwide initiatives supporting Ambrose’s growth and market presence.
Eric Seamands has been promoted to director of development. With almost 40 years of professional experience, Seamands joined Ambrose in 2019 and has played an invaluable role in the growth of Ambrose’s speculative business throughout Indiana and Ohio, in addition to supporting the firm’s national build-to-suit team on projects in the Pacific Northwest. A registered architect, he spent the first half of his career designing and managing projects in a traditional architecture firm setting before transitioning to commercial real estate development. In this new role, Seamands will oversee the planning and execution of new developments within Ambrose’s speculative markets, including team management and mentoring.
Eric Blount has been promoted to senior development manager. Since joining Ambrose in 2020, Blount has successfully managed both speculative and national build-to-suit projects. With more than 25 years of experience, he previously worked at Simon Property Group (NYSE: SPG), Browning Investments and American Structurepoint. In this new role, Blount will oversee the planning and execution of speculative developments in the Southeast region and projects in various geographies within Ambrose’s national build-to-suit operations.
Clay Smith has been promoted to senior development manager. While at Ambrose, Smith has successfully led projects across the U.S. in both speculative markets and for national build-to-suit clients. He brings nearly 15 years of industry experience having previously worked at Ferguson Construction prior to joining Ambrose in 2021. In this new role, Smith will work within Ambrose’s national build-to-suit team where he will continue to lead complex projects for various tenant clients and contribute to the team’s success.
Noah Smith has been promoted to Senior Capital Markets Associate. Smith joined Ambrose in 2023 and in that time has played a key role in supporting the firm’s investment management business, including investor relations and capital raising. Prior to Ambrose, he spent four years with Deloitte in their audit and assurance practice. In this new role, Smith will continue to contribute to Ambrose’s capital markets team by supporting financial analysis, underwriting, investor relations and other initatives.
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Recent developments include ribbon cutting, building completion and groundbreaking in Whitestown, Indiana industrial park
INDIANA – Ambrose is excited to share recent updates to the Indianapolis Logistics Park – Northwest (ILP-NW) in Whitestown, Indiana, marking significant milestones in the development of this state-of-the-art logistics hub.
Kattsafe North America officially moved into its new 93,871-square-foot headquarters in Building II. The company is a leading provider of innovative safety and security solutions, specializing in advanced technology to protect people, property, and assets. The company celebrated with a ribbon-cutting ceremony in March that was attended by representatives from Ambrose, the Indiana Economic Development Corporation and the Town of Whitestown.
The remainder of Building II reached completion in April of this year. The balance of the building – 145,568 square feet – was recently leased to a confidential user, and interior fit-out is currently underway.
Completion has also been achieved on Building III. The 233,000-square-foot building is available for lease with a minimum divisibility of 40,000 square feet. It includes a 2,970-square-foot office, visibility along I-65 and easy access to the Exit 131 diverging diamond interchange at CR 550 South, which was completed in June of 2023.
Given the amount of leasing activity within the park and broader northwest submarket, Ambrose broke ground speculatively on Building IV earlier this month. The 248,000-square-foot building is the last planned development within the park. It will be available for user move-in later this year with expected completion in December.
Construction continues on Building I, a 601,000-square-foot build-to-suit development for Safavieh, a global leader in premium home furnishings. Construction of the building began in September of 2024. Completion is anticipated for July of this year.
“We are proud to welcome Kattsafe North America to their new facilities and look forward to celebrating Safavieh’s upcoming move-in to the park,” said Ambrose Vice President of Development and Midwest Market Officer Stephen Lindley. “While there has been plenty of commentary about today’s industrial real estate market in Indiana, the activity we’re seeing at Indianapolis Logistics Park- Northwest demonstrates that demand is still strong for the right opportunities. Ambrose is proud to be among the few developers actively delivering projects and making deals happen despite current headwinds.”
Indianapolis Logistics Park – Northwest is located in Whitestown, Indiana, one of the state’s fastest-growing communities. The park is located directly off of I-65 and offers immediate access to the interstate via the Exit 131 diverging diamond interchange at CR 550 South.
The general contractor for all four buildings is Compass Commercial Construction Group. Design partners include Curran Architecture and Kimley-Horn. The Indianapolis office of CBRE is handling marketing and leasing for the park. Ambrose partnered with Horizon Bank on the construction loan for Buildings II through IV. Total investment in the park exceeds $120 million.
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Ambrose Fund IV invests in the speculative and build-to-suit development and acquisition of Class A industrial, logistics and e-commerce assets in key markets across the U.S.
INDIANAPOLIS – Ambrose, a leading investor, developer, and operator of industrial, logistics and e-commerce real estate, today announced the final close of Ambrose Fund IV, LP (“Ambrose IV” or the “Fund”). Ambrose raised $400,625,000 through equity commitments to the Fund and related vehicles. The Fund represents Ambrose’s largest fund to date and reflects the evolution of its investor base, which comprises a diverse mix of public pension funds including the Indiana Public Retirement System (INPRS), insurance companies and family offices, such as Jordan Park.
Ambrose IV will target speculative and build-to-suit development and acquisitions of Class A industrial, logistics and e-commerce assets across the U.S. – primarily in the Midwest, Mountain States and the Southeast. The Fund is approximately 50% deployed with a strong pipeline of new development and acquisitions. The Fund has launched construction on 12 projects across Florida, Louisiana, Indiana and Ohio, as well as acquired a cash flow-generating three-building portfolio in Denver with compelling near-term value creation opportunities. The Fund has also acquired four land positions across Ohio and Indiana at an attractive, below-market land basis, with the potential to support six additional development projects.
Aasif Bade, Founder and CEO of Ambrose, said, “Completing our largest raise to date and making significant strides toward investor diversification in this challenging fundraising environment reflect both the strength of our incredible team of internal and external partners and our successful track record. Our fund strategy is supported by compelling secular tailwinds, including the increasing absorption of the glut of pandemic-era industrial development; decreasing new construction due to high interest rates and capital constraints; and consistently growing demand for efficient, well-located Class A industrial, logistics and e-commerce product. Given our deployment timelines, we expect the vintages in this portfolio will be well timed to capitalize on anticipated decreases in supply across our target markets over the next few years.”
Since its founding in 2008, Ambrose has built an impressive track record of developing projects on time and on budget, having completed $2.9 billion in industrial assets since 2020 comprising 61 projects and 19.4 million square feet. Moreover, Ambrose has a robust pipeline of strategically located entitled and powered land that is well positioned to benefit from increasing demand for warehousing, manufacturing and data center space.
James Mattingly, Director of Real Assets at INPRS, said, “Over the past 15 years, INPRS has watched Ambrose grow their business into an institutional platform that generates incredible returns for its investors. It is impressive what they have been able to accomplish, specifically with regard to Fund IV and during what has been a challenging economic period within the market. We are proud to be their largest investor to date and look forward to partnering together in generating continued high returns for the members we serve across Indiana.”
Hodes Weill Securities acted as financial advisor and placement agent for Ambrose in connection with the formation and capitalization of the fund. Goodwin Procter, LLP served as legal advisor.
