What Patch Development does

Patch Development LLC is a privately held commercial real estate development firm founded in 2019 by Pat Chittenden and headquartered in Fishers, Indiana. The firm specializes in land development, built-to-suit construction, site selection, and market analysis across three core service lines: industrial, mixed-use, and commercial development. As of the latest reporting, Patch has developed more than 4 million square feet of properties with a portfolio value of approximately $500 million, and is ranked the #14 largest commercial real estate developer in Indiana by IBJ and was named NAIOP Indiana Developer of the Year in both 2022 and 2025.

Name

Patch Development

Legal name

Patch Development LLC

Website

https://patch-development.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Patch Development is a Fishers, Indiana-based commercial real estate developer founded in 2019 that delivers industrial, mixed-use, and commercial build-to-suit and speculative projects for enterprise tenants and municipalities across the Indianapolis metro area.

Ownership category

akta.pro rank

Headquarters

HQ city

Fishers

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Development Fees and Project Management: Revenue generated through commercial real estate development services including land development, built-to-suit projects, site selection, and consulting. The firm develops industrial, mixed-use, and commercial properties and serves as developer and general partner.
2. Property Development and Leasing: Development and leasing of commercial properties including industrial buildings, mixed-use developments, and commercial spaces. Properties developed include speculative and build-to-suit facilities across Indiana.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Patch Development is a commercial real estate development firm that develops industrial, mixed-use, and commercial properties across the Indianapolis metro area. The firm delivers both speculative and built-to-suit projects, supported by land development, site selection, and market analysis consulting, and serves as developer and general partner on its portfolio exceeding 4 million square feet and $500 million in value.

Product overview

Patch Development is a commercial real estate development firm founded in 2019, offering three core service lines: Industrial Development (speculative and build-to-suit warehouses, manufacturing, and distribution facilities), Mixed-Use Development (integrated residential, retail, and commercial spaces), and Commercial Development. The company operates across the Indianapolis metro area with portfolio of over 4 million square feet valued at $500 million. Key named developments include Washington Business Park, Deer Creek Business Park, McCordsville Commerce Park, Metro Park in Fishers, Northpoint in Westfield, and Gateway at Whiteland for industrial; Innovation Mile and Midtown Plaza Carmel for mixed-use. The firm also develops event venues including The Arena at Innovation Mile and manages property portfolio for tenants.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Development Specialized industrial land and building development including bulk warehouse, light manufacturing, e-commerce, and omni-channel distribution facilities. Delivered as speculative and build-to-suit industrial properties across the Indianapolis metro area for large industrial users.
• Mixed-Use Development Integrated mixed-use developments combining residential, retail, commercial, and hospitality spaces, including master-planned communities with public spaces and infrastructure.
• Commercial Development Commercial real estate development including office, retail, and hospitality properties tailored to client specifications for commercial tenants and developers.
• Washington Business Park Industrial business park in Noblesville, IN offering multiple spec buildings and lots. Lot C is 100% leased to BioLife Solutions (life sciences anchor tenant), with expected completion May 2026.
• Northpoint Westfield 80,000 SF speculative industrial building development in Westfield, IN with interstate access.
• Deer Creek Business Park 239,000 SF industrial park in Noblesville, IN near I-69. Home to Gared Performance Sports new 300,000 SF, $35M headquarters (175 new jobs, 125 retained).
• McCordsville Commerce Park Approximately 35 acres of industrial/flex development in McCordsville, IN with 94k SF spec building available. Includes a planned inPwr Indianapolis HQ.
• Metro Park (Fishers) 125,000 SF multi-tenant industrial facility in Fishers, IN. Home to Prema Racing (95,000 SF) and Rivian's 41,700 SF service center.
• Innovation Mile 600-acre mixed-use development in Noblesville, IN. Includes The Arena at Innovation Mile (123,000 SF, 4,200 seats), Noblesville Event Center, USA Gymnastics headquarters, and Caterpillar Innovation Mile facility.
• Gateway at Whiteland 159-acre mixed-use development in Whiteland, IN featuring 620,000-743,000 SF speculative industrial building, residential, retail, and restaurant spaces. Includes Sugar Foods production facility (105 jobs created).
• Midtown Plaza Carmel 15+ acre mixed-use redevelopment along Carmel's Monon Trail. $125M+ project blending residential, retail, hospitality, and office spaces.
• Cumberland Pointe 56,400 SF industrial facility in Noblesville, IN. Home to The Picklr Noblesville (57,000 SF, 19 indoor pickleball courts).
• The Arena at Innovation Mile 123,000 SF multi-purpose sports venue in Noblesville, IN seating up to 4,200. Home to the Indiana Pacers G-League franchise (Noblesville Boom). $93M development.
• Innovation Park at Franklin College 250-acre planned unit development in Franklin, IN in partnership with Franklin College, following the college's shift to private funding after losing a $25 million Eli Lilly Foundation grant.
• Limp Farms (Lebanon) 220-acre development opportunity in Lebanon, IN along S.R. 39, seeking rezoning to Patch Limp Farms Planned Unit Development.

Named customers14 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Franklin CollegecoreStrategic or Co-development Partner · 22 October 2025Partnership with Westfield-based Patch Development for Innovation Park Planned Unit Development. Franklin College received concept plan approval for approximately 250 acres in Franklin, Indiana. The project involves a partnership with Patch Development for development services following the college's shift to private funding after losing a $25 million Eli Lilly Foundation grant.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Becknell Industrial: Indianapolis-based industrial real estate developer focused on build-to-suit and speculative distribution/manufacturing facilities across the Midwest. Comparable product type and customer base (large logistics and light-industrial tenants).
• Browning Investments: Indianapolis-based diversified real estate developer active in industrial, office, retail and multifamily across the Midwest. Highly comparable given Patch's leadership includes John Cohoat (former SVP at Browning for 12 years) and Paige Gaddis (former Treasurer at Browning).
• Scannell Properties: Indianapolis-headquartered national developer of industrial, office, and mixed-use properties with deep Indiana activity. Directly comparable on speculative industrial build-to-suit and master-planned business parks (e.g., Washington Business Park, Deer Creek).
• Lauth Property Group: Indianapolis-based commercial real estate developer of office, industrial, healthcare and mixed-use projects in the Midwest. Comparable on relationship-driven build-to-suit delivery and Indiana-centric master planning.
• CRG (Clayco Related): National real estate development firm specializing in industrial, multifamily, mixed-use and senior living with active Midwest presence. Comparable on large-scale master-planned mixed-use and industrial BTS delivery.

Broad incumbents

• Opus Development Company: National commercial real estate developer with a strong industrial, office, mixed-use and senior-living platform across the Midwest. Comparable on speculative and build-to-suit industrial product similar to Patch's Washington BP and McCordsville parks.
• Duke Realty (Prologis): Indianapolis-headquartered industrial REIT (acquired by Prologis in 2022) that was historically the dominant industrial developer in Indiana. Larger, publicly-traded incumbent in the same industrial development niche Patch operates in.
• Kite Realty Group Trust: Indianapolis-based publicly-traded REIT focused on open-air shopping centers and mixed-use development. Comparable on the mixed-use/lifestyle component of Patch's Innovation Mile and Midtown Plaza Carmel product.

Regional players

• Pizzuti Companies: Columbus, Ohio-based commercial real estate developer of industrial, office, retail and multifamily projects across the Midwest. Comparable on industrial park development and BTS execution in adjacent geography Patch could expand into.
• Van Trust Real Estate: Kansas City-based commercial real estate developer specializing in industrial, office and mixed-use projects across the central U.S. Comparable industrial product type and BTS-led GTM motion, though geographically non-overlapping with Patch's Indiana focus.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/patch-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Patch Development