Griffin Capital Acquires Part Of Indianapolis Office Campus

The transaction price for the 133,400-square-foot, Class A office building was $29 million. The facility is one of three properties making up Midcontinent Independent System Operator Inc.’s headquarters and is fully leased for the next 11 years.

MISO HQ in Carmel, Ind.
MISO HQ in Carmel, Ind.

Griffin Capital Co., on behalf of Griffin Capital Essential Asset REIT II Inc., announced the acquisition of a three-story, 133,400-square-foot facility in Carmel, Ind., for $29 million. The seller was Inland Private Capital Corp., represented by Jerrod Wigal, director of Cushman & Wakefield’s Chicago branch.

The building was completed in 2008 as one of the three facilities serving as Midcontinent Independent System Operator Inc.’s (MISO) headquarters and is under an absolute-lease contract for the next 11 years.  The Class A property features an 80-seat cafeteria, a fitness center and group fitness room, men’s and women’s locker rooms, an employee training room and a nine-room conference center for stakeholder meetings.

The property not only houses the headquarters of MISO, but is also located in one of the top-performing office submarkets in Indianapolis, a market that continues to demonstrate growth and economic strength,” said Shawn Carstens, vice president of acquisitions with Griffin Capital.

The campus is fewer than 15 miles away from downtown Indianapolis and approximately 35 miles away from the Indianapolis International Airport. The nearest dining, shopping and entertainment venues, such as Carmel’s Arts and Design District, the Clay Terrace center and The Fashion Mall at Keystone are within a short driving distance.

In February, Griffin Capital acquired another Class A office complex in the Greater Denver metropolitan area.

Image courtesy of Griffin Capital