JV Acquires $133M IN Office Park
- Jan 12, 2018
Strategic Capital Partners and Rubenstein Partners have acquired the Precedent Office Park, in Indianapolis’ Keystone Crossing submarket. The purchase was made from LaSalle Investment Management for $132.7 million. JLL Capital Markets represented the seller in the transaction.
The 19-building campus is situated on 184 acres and comprises 1.1 million square feet across single-, two- and multi-story properties. The campus also includes a six-acre parcel that is zoned for up to 80,000 square feet of office space, one of the last remaining parcels in the Keystone submarket. Positioned around a 38-acre central lake, the 90 percent leased Precedent Park is the second Indianapolis office campus acquired by the partnership in the last 18 months, the other being Parkwood Crossing. These two acquisitions make the partnership one of the largest office property owners in Indianapolis.
Renovation Plan Underway
The companies will be implementing a capital program focused on upgrading on-site amenities, making aesthetic improvements and updating building systems. Specifics include:
- amenitizing the lake
- improving landscaping and walkability
- renovating the fitness center
- building a tenant lounge and cafeteria
“This investment offers a unique opportunity to acquire a low density office campus located at a strategic “main and main” location,” said Brandon Huffman, principal & portfolio manager, Equity Investments for Rubenstein Partners, in prepared remarks. “With limited competitive Class A office supply expected to deliver in the near-term, we believe our planned improvements will further reinforce the Precedent and Parkwood Crossing as the premier office campuses in the market. We remain bullish on Indianapolis and look forward to executing our business plans at these campuses.”
The Class A campus is located less than 10 minutes from the northern Indianapolis suburbs of Carmel, Fishers and Zionsville, 20 minutes from downtown Indianapolis, and the amenities along the I-465 northern corridor, which include The Fashion Mall at Keystone. Other notable projects in the area include the construction of a new hotel within the campus and new traffic roundabouts at major intersections along the 96th Street border of the office park.
Vice President Tammy Faulk, as well as Managing Directors James Postweiler, Peter Harwood and John Robinson led the deal for JLL.
In a separate partnership, Rubenstein Partners and Northpoint Realty Partners unveiled plans for the design and renovations of Carlyle Tower and the Shops at Carlyle Tower in Alexandria, Va., last November.
Image courtesy of Strategic Capital Partners and Rubenstein Partners