INDIANAPOLIS—An affiliate of Equus Capital Partners, Ltd., a private equity real estate fund manager, has acquired Meridian Corporate Plaza, a three-building, 329,546-square-foot class A office park with 22 acres located in Carmel, an affluent suburb just north of Indianapolis, from Inland American Real Estate Trust. Officials from the Philadelphia-based Equus say the park was about 90% occupied at the time of closing. The exact terms of the transaction were not disclosed.
Equus has now made four acquisitions in the Indianapolis metropolitan area. Most recently in July 2012, Equus acquired 4400 West 96th Street, a 97,323-square-foot, class A office and warehouse complex located in Carmel that has subsequently been fully leased.
"We continue to expand our presence in the Midwest by investing in markets with strong supply/demand fundamentals,” says Joseph Neverauskas, head of Equus' regional office in Chicago.
“The Carmel/Meridian Corridor was, once again, the clear submarket standout, with companies absorbing 128,180-square-feet of office space in Q3,” according to a recent research report by Colliers. “The combination of strong leasing activity and no new supply continues to push vacancy rates in the Carmel/Meridian Corridor to historically low levels. In Q3, vacancy rates slipped 197 basis points, bringing aggregate submarket vacancy rates to 10.74%. In fact, Q3 absorption in the Carmel/Meridian Corridor was greater than every other suburban submarket combined."
The seller was represented by Jones Lang LaSalle Managing Director James Postweiler while JLL Executive Vice President Keith Largay helped secure acquisition financing for Equus. JLL Managing Director John Robinson and Senior Vice President Adam Broderick will also oversee leasing duties for the plaza and Cassidy Turley will provide property management services.
“The transaction provided an opportunity to acquire a top-of-class office park in the affluent city of Carmel at a discount to replacement cost,” adds Brant Glomb, vice president in Equus' Chicago office, who oversaw the transaction. “We plan to capitalize on Meridian Corporate Plaza's recent leasing momentum and success to increase occupancy above 90%. Additionally, we will add new and improved amenities such as an on-site management office, a new conference facility and a new fully-equipped fitness center which will all complement the quality of the park.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
