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Rubenstein Partners, SCP Acquire 1.1 Million-SF Office Park in Indianapolis

LaSalle Investment Management Sells 19-Bldg Precedent Office Park
January 10, 2018
Rubenstein Partners LP, a vertically-integrated real estate investment manager based out of Philadelphia, PA, partnered with Indianapolis-based Strategic Capital Partners (SCP) LLC in its acquisition of the 1.1 million-square-foot Precedent Office Park in Indianapolis, IN from LaSalle Investment Management, Inc. for an undisclosed fee.

The Precedent Office Park acquisition marks the joint venture’s second suburban Indianapolis office campus purchase within the last 18 months, previously purchasing the 1.2 million-square-foot Parkwood Crossing office park in August 2016.

The partnership now owns an aggregate of 2.3 million square feet across 27 buildings in Indianapolis between the Precedent and Parkwood Crossing, making the joint venture one of the largest office property owners in Indianapolis.

Similar to what the joint venture did with Parkwood Crossing, Rubenstein and SCP will implement a capital program to enhance the 19-building Precedent Office Park's on-site amenities, make strategic aesthetic improvements and upgrade buildings systems. Per Rubenstein’s announcement of the transaction, the partnership also plans to amenitize the 38-acre lake located within the Precedent to improve the landscaping and walkability near the lake, renovate the fitness center and build a new tenant lounge and cafeteria.

At the time of the sale, the Precedent was approximately 80 percent leased. The office park was reported to have been 91 percent leased during LaSalle Investments’ 2014 acquisition of the office park, according to CoStar information.

“This investment offers a unique opportunity to acquire a low-density office campus located at a strategic ‘main and main’ location,” said Brandon Huffman, principal and portfolio manager of equity investments for Rubenstein Partners. Huffman also noted the capital improvements will bolster both the Precedent and Parkwood Crossing as prominent office parks, given the limited supply of Class A office space in the market.

Located across I-495, the Precedent is in close proximity to the Fashion Mall at Keystone, accessible via River Rd. There are also several improvements underway near the Precedent, including the construction of a new hotel within the campus and new traffic roundabouts at major intersections along 96th Street.

The JLL team of James Postweiler, Peter Harwood, John Robinson and Tammy Faulk represented the seller in the transaction.

Robinson and Faulk, alongside colleague Traci Kapsalis, will be handling the leasing efforts of the Precedent.

Please see CoStar COMPS #4103987 for more information on this transaction.
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