The Indiana Public Retirement System (INPRS) has committed $236 million to real estate funds managed by The Carlyle Group and Ambrose.
The Indiana Public Retirement System (INPRS) has committed $236 million to real estate funds managed by The Carlyle Group and Ambrose.
Investor demand for income, downside protection and opportunistic returns is creating a barbell-shaped market for real estate capita
INDIANAPOLIS – Ambrose, a vertically integrated real estate investment manager that specializes in the acquisition and development of modern industrial, logistics and e-commerce real estate, has broken ground on Buildings V and VI of Indianapolis Logistics Park – Northwest, a 104-acre modern industrial park located in Whitestown, Indiana, within Greater Indianapolis. The construction of the properties on a speculative basis commences Phase II of the park’s master-planned development. Both properties are targeted for completion in summer 2027. This milestone follows the recent disposition of Building III at the park, which is fully leased to a global healthcare services and products company. The park’s other existing buildings are also fully occupied, with Building I occupied by Safavieh, Building II by KattSafe and Royal Interpack and Building IV by Amazon.
“We originally broke ground on the first phase of this industrial park amid a general slowdown in the broader market for speculative development. Thanks to our conviction in the long-term need for high-quality bulk industrial product to meet occupiers’ increasingly sophisticated needs, our investment thesis is bearing fruit as we continue to achieve critical milestones at this property,” said Ambrose Senior Vice President of Investments Stephen Lindley. “Both of these buildings are designed to accommodate a range of modern industrial uses, from bulk distribution to light or advanced manufacturing. Combined with Greater Indianapolis’ strong economic fundamentals and the site’s access to major north-south and east-west interstate corridors, that flexibility positions the buildings to serve both local and regional occupier demand.”
Once completed, Building V will offer approximately 182,000 SF of space for lease including 2,800 SF of office space with a minimum divisibility of 45,000 SF. The property, which is targeting LEED Silver certification, will feature a 32-foot clear height, a seven-inch-thick reinforced slab, 4,000 amps of power, dock-high and grade-level doors, and ample auto and trailer parking.
Building VI will offer approximately 765,000 SF of space for lease, including 2,800 SF of office space with a minimum divisibility of 380,000 square feet. The building, which is also targeting LEED Silver certification, will feature a 40-foot clear height, an eight-inch-thick unreinforced slab, 8,000 amps of power, dock-high and grade-level doors, and ample auto and trailer parking.
Situated within the Northwest industrial submarket of Indianapolis, the property is located just an eight-minute drive from I-465 via I-865, offering convenient connectivity to I-65, I-70, I-69, and I-74; and a 25-minute drive to Indianapolis International Airport, placing the property within a one-day’s drive of 50% of the U.S. population. The general contractor on the project is Compass Commercial Construction, with design services provided by Curran Architecture and Kimley-Horn. The Indianapolis-based Colliers International team is managing leasing and marketing for the property. Ambrose has partnered with Fifth Third Bank on the construction loan. The offsite infrastructure work is being completed by The Peterson Company.
INDIANAPOLIS – Ambrose, a vertically integrated real estate investment manager that specializes in acquiring, developing and operating modern industrial, logistics and e-commerce real estate, today announced the sale of a 233,348-square-foot modern distribution facility located at 5163 Perry Worth Road, in Whitestown, Indiana within Greater Indianapolis. The building, which is part of the wider Indianapolis Logistics Park – Northwest, a four-building, 95.5-acre industrial park developed by Ambrose, is fully leased to a global healthcare services and products company that provides customized solutions for hospitals, health systems, pharmacies, and ambulatory surgery centers. The property was sold to a private REIT.
Ambrose completed construction of the speculative property in 2025 and secured a long-term lease later that year. The state-of-the-art facility features 32-foot clear height, dock-high and grade-level doors, a 135-foot truck court depth, 4,000 amps of power, ample trailer parking and 13,996 SF of office space. The facility, which is LEED Silver certified, also has an ESFR sprinkler system and LED lighting. Situated within the leading Northwest industrial submarket of Indianapolis, the property offers convenient connectivity to I-65, I-465, I-74 and the I-865/I-465 interchange, placing it within a one-day’s drive of 80% of the U.S. population.
“This successful disposition underscores Ambrose’s conviction in developing modern industrial facilities designed to meet the increasingly sophisticated needs of today’s occupiers,” said Erin Shepherd, Vice President of Asset Management at Ambrose. “We broke ground on the facility on a speculative basis because we believed strongly in the site and its fundamentals. The property’s location, connectivity and power capacity positioned us to secure a long-term lease with a credit-grade tenant and, ultimately, achieve an attractive outcome for the investment, validating our original thesis.”
Earlier this month, Ambrose also completed the disposition of Building IV at Westpoint Business Park, a 500,406-square-foot, LEED Silver certified industrial facility in Mooresville, Indiana, to SkyREM. Completed in 2022, the Class A facility is fully leased to a leading packaging and manufacturing company. Together, the two transactions represent nearly 734,000 SF of industrial dispositions in the Greater Indianapolis market this month.
The Indianapolis industrial market has continued to show signs of strength in recent quarters, with vacancies approaching historic lows as the overall rate dropped to 5.9% in Q2 2026, with the Northwest submarket at 2%, per CBRE. Strong demand from occupiers has commanded higher rents with the asking rates per square foot rising from $6.33 to $6.43 (1.6%) during the quarter.
Ambrose was represented and advised in the transaction by Zach Graham and Ryan Bain of CBRE National Partners.
A Q&A with Founder and CEO of Ambrose, Aasif Bade.
The Indianapolis-based investor divested the property from its Ambrose Fund IV.
Founded during the 2008 financial crisis, this vertically integrated investment manager has evolved into one of the nation’s fastest-growing firms, boasting over $1.3 billion in assets under management.
INDIANAPOLIS – Ambrose, a vertically integrated real estate investment manager specializing in the acquisition and development of modern industrial, logistics and e-commerce real estate, today announced the groundbreaking of Buildings I & II at Plainfield Innovation Park, a 720-acre, modern business park in Plainfield, Indiana, a southwest suburb of Indianapolis. The groundbreaking follows the recent announcement of a $138 million investment by Boston Scientific Corporation (NYSE: BSX) to develop a new 500,000-square-foot medical device distribution and light manufacturing facility at Plainfield Innovation Park.
“For more than ten years, we have worked closely with the Town of Plainfield to assemble land and advance a thoughtfully designed, state-of-the-art business park that will support innovation, job creation and long-term economic growth for Plainfield and the state of Indiana,” said Executive Vice President and Chief Operating Officer Grant Goldman. “We are proud to celebrate this important milestone for Plainfield Innovation Park, grateful for the partnership of the Town and the State of Indiana and excited to bring this project to life in a way that creates long-term value for future occupiers and the local community.”
Building I will be approximately 181,000 square feet, while Building II will be approximately 217,000 square feet, each including a 2,925-square-foot office area and minimum divisibility of 50,000 square feet. The buildings are targeting LEED Silver certification and feature 32-foot clear heights and ample power services. Construction on both assets is expected to be completed in Q1 2027.
Upon completion, Plainfield Innovation Park will include approximately 14 bulk modern industrial buildings across 720 acres in one of the most sought-after industrial submarkets in the Midwest region. The project, which is currently the only speculative industrial development under construction in the Plainfield submarket, is designed to strategically support regional and national industrial, logistics, advancing manufacturing and technology and research operations.
“Plainfield is considered one of the most advantageous industrial submarkets in the Midwest thanks to its favorable supply and demand dynamics, strong interstate highway connectivity, proximity to key regional and global logistics hubs and access to a labor force of nearly 200,000 skilled workers,” said Ambrose Senior Vice President of Investments Stephen Lindley. “With Plainfield Innovation Park, we are advancing the development of modern, high-quality spaces designed to serve the evolving distribution, logistics and manufacturing needs of regional, national and global occupiers in a market with demonstrated demand for new industrial space.”
Situated along Interstate 70, a primary east-west corridor connecting major markets across the U.S., Plainfield Innovation Park is ideally positioned for local, regional and national distribution networks. The park is located just under five miles from the Indianapolis International Airport, home to the world’s second-largest FedEx hub, and just seven miles from I-465, which provides convenient access to I-65, I-69, I-70 and I-74, placing the property within a one-day drive of approximately 50% of the U.S. population.
“Plainfield Innovation Park represents years of thoughtful planning, strong partnerships and a shared vision for our community’s future,” said Plainfield Town Council President Robin Brandgard. “We’re proud to celebrate this milestone with Ambrose as they continue investing in Plainfield. This development strengthens our position as a premier location for advanced manufacturing, logistics and innovation while creating opportunities for quality jobs and long-term economic growth. It’s exciting to see a vision years in the making become a reality, and we look forward to the positive impact Plainfield Innovation Park will have on our residents, businesses and the region for generations to come.”
The general contractor on Phase I is Compass Commercial Construction Group, with design/architect services provided by ATA Architects, LLC. The Indianapolis-based Cushman & Wakefield team is handling leasing and marketing for the park. Ambrose has partnered with Lake City Bank on construction financing for Phase I of the development.
INDIANAPOLIS – Ambrose, a vertically integrated real estate investment manager that specializes in acquiring, developing and operating modern industrial, logistics and e-commerce real estate, today announced the sale of a 554,024-square-foot, modern warehouse located at 2211 Grand Prairie Boulevard, in New Iberia, Louisiana, part of the Greater Lafayette metro area. The facility is fully occupied by First Solar, a U.S.-based photovoltaic solar technology and manufacturing company. The buyer is global real estate private equity firm LCN Capital Partners.
Ambrose completed construction of the property in 2025, working closely with First Solar throughout the full design, construction and financing of the build-to-suit (BTS) project. The state-of-the-art facility includes 40-foot clear heights, 41 docks, 83 auto parking spots, 36 trailer parking spots and truck courts with 150-foot depths. First Solar is using the facility as a hub to store machinery and raw materials to support an adjacent solar panel manufacturing facility. In October 2025, Ambrose completed the disposition of a separate, 554,000-square-foot property also fully leased to First Solar located in Trinity, Alabama.
“In alignment with our previous build-to-suit development success with First Solar, we designed and built this property to modern, tech-forward industrial specifications to ensure that it is capable of effectively facilitating the firm’s growing advanced manufacturing operations,” said Grant Goldman, Chief Operating Officer, Ambrose. “The high level of institutional interest throughout the disposition process is reflective of the quality build of the asset, the appeal of an in-place national credit tenant and Ambrose’s track record of developing modern industrial facilities that meet the sophisticated operational needs of 21st-century occupiers and are positioned to deliver compelling investment returns upon exit.”
First Solar, founded in 1999, is America’s leading photovoltaic solar technology and manufacturing company and the only U.S.-headquartered company among the world’s largest solar manufacturers. First Solar is focused on competitively and reliably enabling power generation needs with its advanced, uniquely American thin film PV technology. The firm has five operational factories in Ohio, Alabama, and Louisiana. First Solar expects to have a global annual manufacturing capacity of approximately 25 Gigawatts by 2026, with a manufacturing footprint that spans the U.S., India, Malaysia, and Vietnam.
The Lafayette market continues to reflect positive fundmentals with an industrial vacancy rate of 3.97%, well below the national average of 7.5%, according to Lee & Associates’ Q1 2026 Lafayette market report. Limited new construction and strong competition from occupiers supports long-term rent growth and high occupancy levels.
Ambrose was represented in the transaction by the JLL Capital Markets team that included John Huguenard and Will McCormack.