INDIANAPOLIS — KennMar has acquired The Pyramids office park in Indianapolis for an undisclosed price. New York City-based Sterling American Property Inc. was the seller, according to the Indianapolis Business Journal.
Located at 3500 Depauw Blvd., The Pyramids consists of three 11-story office buildings totaling 366,704 square feet. KennMar acquired the landmark, pyramid-shaped property with assistance from INVST LLC, an SEC-registered investment advisor based in Indianapolis, and lender Teachers Credit Union.
Indianapolis-based KennMar plans to renovate the property by upgrading the façade, enhancing interior common areas and adding some new external amenities.
“While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years,” says Brent Benge, president and CEO of KennMar. “We want to create an office environment that gets people excited about returning to work.”
KennMar says the acquisition fits in well with its strategy to redevelop the site formerly occupied by Caribbean Cove, an indoor water park and hotel located on the same road as The Pyramids that closed in late 2017. KennMar currently has several projects underway on that site, including a freestanding Starbucks and a 10,000-square-foot retail center named College Park Shoppes.
Kevin Gillihan and Beth Sallee of JLL are leading leasing efforts for The Pyramids. The Indianapolis Business Journal reports that property was about 72 percent occupied in 2021. Tenants include the American Academy of Osteopathy, AT&T, Cushman & Wakefield, the Indiana Institute of Technology, Katzman & Katzman PC, the National Multiple Sclerosis Society and Transitions of Indiana.
KennMar specializes in the retail, office and hospitality sectors. Its primary objective is to add value to assets and communities through the acquisition, development and repurposing of existing land and buildings.
— Kristin Hiller