Transforming Greenwood: A Strategic Sale and Development of 70 Acres for Mixed-Use Innovation

CLIENT PROFILE:

Endress Hauser USA and Wawa Gas Station

Endress Hauser USA, a leading provider of measurement instrumentation, established its new industrial campus on the east side of a 70-acre parcel, contributing to the region’s industrial sector. The campus is set to feature state-of-the-art facilities, reflecting the company’s commitment to innovation. Concurrently, Wawa, a renowned convenience store and gas station chain, will establish a new gas station as part of a mixed-use retail area on the parcel. With modern amenities and a focus on customer convenience, the Wawa gas station enhances the area’s appeal and serves as a convenient stop for residents and commuters. Together, these developments bring job opportunities, economic growth, and enhanced amenities to the community, shaping the area as a hub for industrial innovation and convenience.

CHALLENGE:

The challenge was to successfully sell 70 acres of Industrial/Commercial zoned land located off the East side of US 31 in Greenwood, IN. The sellers, who held the land in a trust, aimed to transition their investment into more productive assets. It was critical to find a buyer who could leverage the land’s strategic location and capitalize on its potential for mixed-use development.

ACTION:

JDM Partners, the listing broker, took swift action after being hired to market the property. The prime location of the land, adjacent to US 31 with access from US 31 and E Worthsville Rd, presented a compelling proposition for developers. The challenge of rezoning part of the land and developing comprehensive plans for both industrial and commercial uses required diligent effort. JDM Partners collaborated closely with the buyer, whose identity remains confidential, to secure lease agreements with retail and industrial tenants, rezone a portion of the property, and secure financing.

RESULTS:

  • Within 12 months of the listing going live in August 2022, the land sale and development transaction were successfully completed.The property, strategically located off the 150 Bypass from I-65, boasted 56,128 square feet on 17.5 acres of PUD-zoned land, featuring 16 overhead doors and a durable concrete warehouse.
  • The property was placed under contract within 3 months of listing, and the deal closed at the end of July 2023.
  • A portion of the 70 acres was rezoned to accommodate the construction of a mixed-use retail area featuring a Wawa gas station, and a regional shopping center.
  • Endress Hauser USA established its new Industrial campus on the east side of the parcel.