Colliers Arranges Suburban Indianapolis Office Sale

Vice President Alex Cantu and Director Alex Davenport negotiated on behalf of the seller, Ambrose Property Group.
Midtown III. Image courtesy of Colliers International

Colliers International has completed the sale of Midtown III, a 77,793-square-foot office property in Carmel, Ind. Vice President Alex Cantu and Director Alex Davenport represented the seller, Ambrose Property Group. Balke Brown Transwestern purchased the building, backed by a $12.1 million acquisition loan from Enterprise Bank & Trust, according to Hamilton County records.

The property delivered in 2018. The seller and developer had taken a total of $13.7 million in construction financing from Associated Bank for the project. Old Town Development was the general contractor for the building.

Located on a 1-acre parcel at 571 Monon Blvd., the four-story building serves as the corporate headquarters of MJ Insurance. The property is attached to a 318-stall parking deck on its eastern side. Situated in the Carmel Arts & Design District, the site is 15 miles north of downtown Indianapolis.

Midtown III was the last office asset in Ambrose Property Group’s portfolio, according to President & Chief Investment Officer Jason Sturman. Moving forward, the company intends to focus its investment and development strategy on e-commerce and logistics properties.

Last year, the brokerage duo was part of the team that assisted Lexington Realty Trust in the sale of Crosspoint Plaza One, a 138,636-square-foot office asset in the neighboring suburb of Fishers. Tempus Realty Property purchased the property.

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