INDIANAPOLIS—A joint venture between Middleton Partners and Romanek Properties Ltd., both Northbrook, IL-based private real estate investment firms, has decided to put its Hillsdale Business Park, a 445,892-square-foot, six-building business complex in Indianapolis up for sale. The owners have retained Transwestern's Chicago office as their exclusive sales agent for the portfolio. Officials say they expect the buildings to trade at about $33 million.
Tenants currently occupy 84.6% of the space. Completed in phases in 1986 and 1987, Hillsdale features a mix of office, medical office, flex and light industrial space. The business park sits less than one-half mile from Community Hospital North, one of the largest and newest medical campuses in the region, at the intersection of I-465 and I-69, and currently, medical providers comprise 28% of the tenancy at Hillsdale.
The Indianapolis metro region has exhibited a good deal of strength lately. For example, a central location, combined with a reviving national economy and access to good highways and an international airport, has fueled its rise as a logistics and distribution market. “Net absorption for the year ended above 1.9-million-square-feet with a vacancy rate that remains among the lowest in the Midwest at 4.9%, despite the delivery of over 2.5-million-square-feet of speculative development,” according to a recent study of the Indianapolis market by Cassidy Turley.
Furthermore, “the Indianapolis-metro office market ended 2013 on its strongest footing since the beginning of the recession,” according to a recent report by the real estate firm Colliers. “Employment growth in office-intensive sectors has outpaced nearly every other industry.”
Transwestern managing directors Gary Nussbaum and Thomas Gorman, along with senior associate David Matheis, will represent the joint venture owners.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
