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CBRE Global Investors Sells Precedent Office Park for $102.7M

LaSalle Investment Management Acquires Office, Flex and Land Portfolio in Indianapolis
August 5, 2014
Bldg 81 - 9229 Delegates Row in Indianapolis, IN
Bldg 81 - 9229 Delegates Row in Indianapolis, IN
LaSalle Investment Management acquired 19 buildings totaling 1,008,729 square feet and two vacant lots totaling 14.2 acres in the Precedent Office Park in Indianapolis, IN from CBRE Global Investors for $102.67 million.

The sale was part of a larger 21 building acquisition by LaSalle Investment Management, and involved the sale of 1.14 million square feet for a total transaction price of $120.1 million. Though assembled from different sellers, LaSalle closed both sales at the same time.

The park was built in the 1990s at the corner of Priority Way South Dr. and Delegates Row in the Keystone Crossing submarket of Marion County. Most of the buildings are multi-tenant and fall within the 30,000- to 70,000-square-foot range, but the largest building in the portfolio (Bldg 81, pictured) totals 167,000 square feet. Average occupancy across the portfolio was 91 percent.

Andrew Banister of CBRE represented the seller. Michelle Rubin of LaSalle Income & Growth Fund V and John Robinson at JLL represented the buyer.

Please see CoStar COMPS #3059647 for more information on this transaction.
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