Midpoint USA Building Recognized by NAIOP, Commercial Real Estate Development Association
Tobin Development and TCB Development, developers of Midpoint USA at Ameriplex at the Port (Portage) received special recognition by NAIOP, the Commercial Real Estate Development Association, Chicago Chapter, as one of two finalists for the Industrial Speculative Development of the Year at the 23rd Annual Awards for Excellence held in mid-November.
Though Midpoint USA did not capture the top prize, it did capture the judges’ attention as it was the only Indiana building among the honorees. In comparison with the competition, Duke Realty, Midpoint USA offered more than 71,000 additional square feet of space for $2 million less in capital investment.
Midpoint USA is the largest speculative industrial building developed in Northwest Indiana at 574,249 square feet and represents a $22 million dollar investment. Midpoint USA sits on 31 acres with an adjacent 23 acres for anticipated growth. BP leased the entire 574,249sf building in December 2009.
“Midpoint USA is just one example of the cost savings and benefits of building and locating businesses in Northwest Indiana. We were thrilled to be in the running for such a prestigious award given the economy of the last 18 months,” said Kevin Tobin, President of Tobin Development. “We would not have received this nomination without the assistance of our partners, especially the Northwest Indiana Forum, Holladay Properties and the Indiana Economic Development Corporation.”
He continued, “BP is one of the best companies in the world. We could not have a higher quality or more safety conscious company as a tenant. BP is the reason for our success.”
The Midpoint USA project met the nomination requirements including the execution of a non-contingent lease/sales contract between July 1, 2009 and June 30, 2010 and the project must be 50% leased. The spec building was evaluated for economic success, design and functionality, scale and scope as well as the challenges faced in the development process.
Tobin looks to further his investment in Northwest Indiana and is currently looking at several opportunities throughout the region. “Northwest Indiana sits at the apex of Midwest with numerous expressways and rail lines. Combined with lower labor rates, workers compensation costs, employer insurance rates, and significantly lower costs of doing business, Northwest Indiana is the choice location for forward thinking companies and executives.”