“They've done a great job with infrastructure improvements,” he says. The roads around these office properties can now handle the traffic, and tenants don't worry about employees struggling with their commutes.

He also speaks highly of the local buildings' general quality, which match up well with the best product in other markets. Like Meridian, many provide tenants with good window lines, 9' ceilings and excellent parking. “What was built was built professionally.”

Built in 1979 and 1989, the Meridian Plaza Two and Three buildings total 240,312 square feet. A diversified tenant base leases 86% of the space. The previous owner extensively renovated both buildings in 2014 and each now includes best-in-class amenities such as a conference center, fitness center, lounge, café and outdoor patio. The buildings offer parking for 805 vehicles. The property is close to I-465 and is within a five-minute drive of a major regional mall.

“These buildings have been exceptionally well maintained and managed in recent years and, in addition to having solid in-place income, provide the owner an opportunity to add value over time through additional office leasing as well as potential redevelopment of the extensive surface parking,” Postweiler says.

The owners of many properties in the metro area recently finished similar renovations, further boosting its reputation. “Indianapolis is a market that is perceived very highly,” he says. “Most of the sales we've done have had an out-of-town component.”

“Meridian Plaza is a prime asset that checked all the boxes for our re-entry into Indianapolis,” says John Wiechart, senior vice president of M&J Wilkow. “The property has undergone recent renovations, and we plan to further those improvements to drive lease-up efforts.”