Electric Plus Buys $38.6 Million Plainfield Headquarters

Avon-based electrical contractor Electric Plus closed October 1 on a $38.6 million purchase of a 500,192-square-foot building at 501 Airtech Parkway in Plainfield, Hendricks County, buying from Canadian REIT Granite REIT at $77.17 a square foot. The company, which grew from 3 employees in 2006 to more than 950 today, will occupy about 235,000 square feet for office, prefabrication, and workforce training space, lease out the remaining roughly 265,000 square feet, and move in spring 2027 after the Plainfield Redevelopment Commission approved a five-year vacant-building tax deduction tied to a projected 90 new jobs paying around $45 an hour. The building carries about 6,600 amps of three-phase power, which Electric Plus can use as both a training lab and a demonstration asset as it chases data center and large industrial project work currently dominated by Indianapolis-based Gaylor Electric, which posted $750 million in revenue and 72.6 percent year-over-year growth, and Greenwood's ERMCO. Granite REIT's willingness to sell well below Midwest industrial replacement cost reflects its own active 2026 disposition program, which has already shed $158.6 million in properties through July, not a distressed local market.