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RealNet Buys Indy Office and Retail Properties

INDIANAPOLIS-The Portland, OR-based company's recent acquisitions include a 53,049-sf retail and office center in Carmel, IN, and a 32,114-sf retail center in Indianapolis.

By Danielle Anderson | Updated on November 14, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

INDIANAPOLIS-Portland, OR-based RealNet Investments LLC purchased Carmel Office Court, a 53,049-sf retail and office center, on behalf of seven tenant-in-common investors. The price was $7.6 million, or $143.24 per sf, with a cap rate of 7.76%

Scott Fouser, founder and managing principal of RealNet, says the eight-building property’s location in fast-growing Hamilton County was one of the many factors that made it an attractive buy. “This asset has great fundamentals and some of the best demographics we have seen in recent memory,” he says. “A strong rent roll, high tenant loyalty, and an absence of competing projects make Carmel Court attractive in any context.”

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