INDIANAPOLIS — Northbrook, Ill.-based Romanek Properties has sold a three-property, 433,972-square-foot office property, located in Intech Park in Indianapolis, to an institutional investor for $85 million.
“Overall, the Indianapolis office market has not been robust, but this property has continued to maintain a much higher occupancy than the rest of the market,” said Gary Nussbaum, managing director of Transwestern’s Investment Services Group. “When a tenant leaves, [the property] tends to fill the vacancy pretty quickly. It’s got a track record of staying well-leased.”
The U.S. General Services Administration anchors the portfolio, which is approximately 97 percent leased. The GSA leases approximately 56 prcent on behalf of the Department of Homeland Security. The buildings include:
– The 140,231-square-foot Intech I, located at 6325 Digital Way. Major tenants include Indiana Wesleyan University, TriMedx and the GSA.
– The 141,466-square-foot Intech II, located at 6650 Telecom Drive. The GSA leases 94.6 percent of the building, which is fully leased.
– The 152,230-square-foot Intech III, located at 6600 Telecom Drive. The GSA and Blackboard Inc. anchor the building.
Nussbaum, along with Tom Gorman of Transwestern’s Investment Services Group’s Chicago office, along with John Robinson of Jones Lang LaSalle’s Indianapolis office, represented the seller in the transaction.
“Recently, there have been very few large suburban office transactions in the Midwest as investor demand for suburban office product has remained weak,” said Nussbaum in a statement. “However, institutional investors are still attracted to modern, Class A, core suburban office assets if they have the credit tenancy and long-term leases. The Intech I, II and III offering was a rare opportunity that met all of these requirements.”
Intech Park includes amentities such as on-site property management services, a fitness center, courtyard and conference facility
— Savannah Duncan