Q&A with Ambrose Property Group Executive Team

CPE discussed some sale strategies and general real estate trends for the Indianapolis market with Ambrose Property Group's executive team.
Aasif M. Bade, President of Ambrose Property Group

Aasif M. Bade, President of Ambrose Property Group

Ambrose Property Group is a full-service commercial real estate firm based in Indianapolis. The company’s experience includes office, health care, industrial, and retail projects. Most recently, Ambrose closed on the sale of the revived Landmark Center in downtown Indianapolis, which it bought out of receivership in 2013. CPE discussed some of the strategies behind this sale and general real estate trends for the Indianapolis market with Ambrose Property Group’s executive team.

Q: This is quite a success story. Can you tell us more about the Landmark Center project?

A: This particular project certainly required an “all hands on deck” approach, which included the collaborative efforts of an external brokerage firm and our internal asset management team.  We’re especially grateful for the assistance and support of John Vandenbark and the entire CBRE group here in the Indianapolis.

Q: You founded this company around the time of the Great Recession. What were your strategies, challenges and sources of inspiration?

Patrick M. Chittenden, Vice President of Ambrose Property Group

Patrick M. Chittenden, Vice President of Ambrose Property Group

A: The establishing of Ambrose Property Group was certainly strategic in terms of both timing and corporate structure.  We had nowhere to go but up, gaining a foothold by embracing a boutique style of commercial real estate.

Q: What types of assets do you typically focus on?

A: Distressed office properties and creative land acquisitions will serve as the primary cornerstones upon which we will heavily invest our time and resources.

Q: You have invested in the revitalization of the century-old, 15-story Consolidated Building in downtown Indianapolis. When you acquired the property in 2012, you were planning to turn it into 98 apartments. How is this project coming along?

Ryan M. Jones, Chief Administrative Officer of Ambrose Property Group

Ryan M. Jones, Chief Administrative Officer of Ambrose Property Group

A: Though we are no longer a partner in this project, we are certainly impressed with the terrific work of TWG Development as it relates to this carefully restored site.

Q: You also purchased 85 acres of land near the Indianapolis International Airport for your upcoming Plainfield Logistics Center. Can you tell us more about this project? Do you think the industrial market is strong enough for speculative developments in this area?  

A: The continued strength of the industrial marketplace reaffirms our recent purchase decision.

Q: What trends do you see in the Indianapolis multifamily and office real estate market, in general?

A: Though we’re not significantly involved within the multifamily space, we anticipate that it will remain healthy.  Regarding the office arena, we’re forecasting a resilient uptake in terms of downtown workplaces, as the residential markets continue to gravitate toward Monument Circle.

Q: What are the company’s future plans?

A: In our business, the only predictable aspect is change itself.  As Ambrose continues to evolve, we remain incredibly optimistic regarding our company’s future, as well as its contributions to the surrounding community.