March 22, 2018 Comments Off on Institutional Investors Buy Indy Assets for $33M Views: 1874 Indiana, Midwest, National News

Institutional Investors Buy Indy Assets for $33M

Meridian Plaza Two and Three, a pair of Class A office buildings in Indianapolis’ North Meridian/Carmel submarket, have been sold for $33.1 million. The property was acquired by Chicago-based M&J Wilkow and New York-based DRA Advisors from a partnership comprising Zeller Realty Group, RSF Partners and CIII.

Built in 1979 and 1989, the buildings total 240,312 square feet and are 86% leased to a diversified tenant base. Both assets were extensively renovated in 2014, and include best-in-class amenities such as a conference center, fitness center, lounge, café and outdoor patio.

James Postweiler and Peter Harwood led the JLL team on the transaction.

“These buildings have been exceptionally well maintained and managed in recent years and, in addition to having solid in-place income, provide the owner an opportunity to add value over time through additional office leasing as well as potential redevelopment of the extensive surface parking,” said Postweiler.

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