Twenty-three students from the Dean V. White Real Estate Finance Program at Purdue University’s Mitchell E. Daniels, Jr. School of Business recently made a series of site visits as part of a city trek to Indianapolis.
“Site visits are important because they allow students to connect what they learn in class to professional practice,” says Mike Eriksen, director of the program. “They get to see the fruits of their labor in an end product, which is what makes real estate different from accounting, finance, and other careers. It’s much more exciting to see an actual building than looking at a spreadsheet.”
The November 2023 trip began with a visit to Eli Lilly and Company’s new development within the LEAP District in Lebanon, 30 miles north of Indianapolis. Lilly’s proposal to bring two new manufacturing facilities to the LEAP District has moved forward, and sitework has commenced. The development will encompass more than 1.6 million square feet and will act as an anchor to the Indiana Economic Development Corporation’s LEAP Lebanon Innovation and Research District.
Hosted by Purdue construction engineering and management alumnus Drew Sanders, co-founder and principal at Pure Development, the undergraduates then visited the real estate firm’s site at Box Factory, a former manufacturing facility located in Indianapolis’ North Mass Avenue District that was built in 1920 for Corrugated Box Co. In a nod to its rich industrial and entrepreneurial history, the building will maintain an industrial aesthetic while being converted through adaptive reuse into an innovative space for creative users. On-site amenities and features include interstate and trail access, green space, and revitalized neighborhoods. Students were particularly impressed by the 45,770 square feet of indoor climbing and fitness studio space they viewed as part of their tour of the building.
The students next visited another adaptive reuse project spearheaded by the Keystone Group, which Purdue civil engineering alumnus Ersal Ozdemir leads as president and CEO. The $80 million conversion of a 20-story office building along Meridian Street into luxury apartments is the largest project of its kind in downtown Indianapolis. Built in 1974 for AT&T predecessor Indiana Bell Co., the building now has a brand-new three-story parking garage within the original footprint, a massive all-glass front entrance, and completely reengineered infrastructure and utilities for the apartments.
“These adaptive reuse projects not only require people to apply their practical skills in real estate finance and development, but also their creative side in rethinking how existing spaces can be repurposed,” Eriksen says. “You really have to use every part of your brain.”
The group’s final stop was Integrated Distribution Services (IDS), a third-party logistics fulfillment services distribution provider founded by Purdue agricultural economics alumnus Mark DeFabis that utilizes the latest in automated warehouse technology and proven processes. The company serves clients in a wide range of industries, including apparel, nutraceuticals, food and beverage, toys and games, sporting goods, and health and beauty, among others. On their visit, the students learned firsthand how automation is transforming how warehouse space is designed and used.
The day concluded with a real estate career panel hosted by Boilermaker alumnus Pete Quinn, national director of industrial business development for Sansone Group, followed by a reception where 45 Purdue alumni greeted the students and toasted the continued success of the Daniels School. “We’re fortunate to have such a strong alumni network at Purdue,” says Eriksen. “Their contributions to our program elevate the student experience in so many ways.”
