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Duke Realty Sells Parkwood Crossing Office Park in Indianapolis for $163M

Rubenstein, Strategic Capital Partners JV Acquires 1.2M-SF Complex, Planning to Add Onsite Amenities Under $20M Capital Upgrade Program
August 24, 2016
Investment manager Rubenstein Partners LP teamed with Indianapolis-based Strategic Capital Partners (SCP) to acquire the eight-building Parkwood Crossing office park in Indianapolis from Duke Realty for $162.9 million, or about $135 per square foot.

The 1.2 million-square-foot office park was developed between 1989 and 2005 by Duke Realty at 250-900 E. 96th St., in the Meridian Corridor submarket of Hamilton County. Situated at the junction of two major thoroughfares, US-31 / Meridian Street and I-465.

"This investment offers an exciting opportunity to acquire a market-leading property in a micro-market which we are very bullish on," said Brandon Huffman, regional director - Midwest for Rubenstein Partners. "Parkwood Crossing was well-designed and built by Duke and has benefited from its long-term ownership. We intend to further differentiate the property by implementing a strategic capital program focused on creating urban-like amenities within the suburban campus."

The buyers said they plan to invest at least $20 million into the complex by adding a standalone amenity center as well as other property updates. The amenities will include dining facilities, a fitness center, conference rooms and collaborative spaces open to all tenants located in the complex.

Bank of America provided $107.5 million in acquisition financing for the buyer.

JLL brokered the deal and has been retained to handle leasing at the complex going forward. James Postweiler, John Robinson and Peter Harwood headed the marketing effort for the seller. JLL's Keith Largay and Paul Spellman arranged the acquisition financing, and Adam Broderick and Traci Kapsalis will be heading the leasing team for Parkwood Crossing.

"Demand for high quality office assets in Indianapolis is growing as the city’s vacancy is nearing historic lows, and Parkwood Crossing is the highest quality office park in the city," concluded Postweiler. "The Carmel and North Meridian submarkets in particular are poised for tremendous rent growth given increased tenant demand and lack of remaining quality development sites."

Please see CoStar COMPS #3678733 for more information on this transaction.

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