Fishers Corporation Acquires $104 Million Industrial Building in Whiteland – Inside Indiana Business

A rendering of the new Whiteland 65 fulfillment center building recently completed at 319 Warrior Trail. (courtesy of Hines)

A subsidiary of the owner of Fishers-based developer Deem LLC earlier this year acquired a 1.1 million square foot industrial building in Whiteland for $104 million in one of the largest single-building industrial sales in central Indiana.

A holding company called Chill Pharma Ten LLC purchased the Whiteland 65 fulfillment center building at Warrior Trail 319 in early October, Johnson County property records show. The 84-acre property is located near Interstate 65 and Whiteland Road. County records list Gary Edwards, owner of Deem LLC, as a contact for the holding company.

The holding company’s address is the same as dozens of other companies Edwards has registered with the Indiana Secretary of State. Many of these companies appear to be used for real estate ownership, and some even bear names similar to Chill Pharma’s limited liability company.

While it’s not clear what Edwards intends to do with the building, the holding company’s name suggests it will be used as a cold storage facility or a pharmaceutical facility — or both. Deem specializes in electrical and mechanical contract work, but the company also operates a refrigeration division, outfitting buildings for cold storage, including industrial properties.

Edwards did not return messages asking for comment.

Deem planned in 2020 to move its operations from East 32nd Street to the former HHGregg Inc. headquarters along East 96th Street, but those plans were abandoned after the deal “fell apart,” according to a company official at the time.

The company would have occupied the entire 28.6-acre campus at 4105 and 4151 E. 96th St., including a 415,000-square-foot building. It would have been home to Deem’s corporate offices and those of its subsidiaries Victory Unlimited Construction LLC, Victory Surfaces and Central Security and Communications, all owned by Edwards.

Deem eventually relocated most of its operations to 11201 USA Pkwy in Fishers, the former headquarters of First Internet Bank.

The Whiteland building, constructed for logistical purposes, has only recently been completed. It was developed by Chicago-based companies Hines and Cresset Partners.

These companies bought the property in June 2021 as part of a larger plan that includes two smaller industrial buildings to the north of the Deem building. These buildings are expected to be 712,000 square feet and 168,000 square feet when constructed.

The first building was completed on a speculative basis and, according to Hines, was the first such structure to exceed one million square feet on the south side of Indianapolis.

“Industrial demand in the region has increased dramatically, making this location a valuable asset for a growing industrial market,” said Will Renner, general manager of Hines. “At the time we began construction, this was the only speculative building over 1 million square feet in Indianapolis’ southern submarket.”

The building includes a 40 foot headroom, 108 dock doors, 690 car parking spaces and 291 trailer spaces.

Colliers’ Cam Kucic represented Edwards, while Cushman & Wakefield’s Luke Wessel and Michael Weishaar represented the sellers.