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Jan. 18, 2013

Duke Realty Divests Six-Building Office Portfolio in Indianapolis

by Adriana Pop, Associate Editor

A joint venture between Middleton Partners and Romanek Properties has acquired the six-building Hillsdale Technecenter in suburban Indianapolis from locally based Duke Realty Corp. John Huguenard and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction. Financial terms were not disclosed.

According to the Indianapolis Business Journal, the sale of the 446,000-square-foot office complex is part of Duke’s plan to reduce its ownership of suburban office properties. The company’s long-term goal is to have 60 percent of its holdings in industrial, 25 percent in office and 15 percent in medical office.

The Hillsdale Technecenter was developed in 1986 and 1987 and its single-story buildings range in size from 64,000 square feet to 84,050 square feet. The property’s overall occupancy rate is 88 percent and its tenants include Verizon Wireless, with about 38,400 square feet; Community Health, with 34,300 square feet; and Ingersoll-Rand, with 29,300 square feet.

“The Hillsdale complex is highly regarded in the marketplace and considered an excellent infill location close to major highways and local demand drivers,” Romanek Principal Peter Holstein told the newspaper.

In other news, Hendricks Commercial Properties is planning a $30 million, mixed-use apartment project at the corner of 86th Street and Keystone Avenue in suburban Indianapolis. Dubbed Ironworks at Keystone Village, the new five-story development would replace the long-vacant Woodfield Centre retail strip near the Fashion Mall with more than 36,000 square feet of ground-level retail space and 130 high-end apartments.

Mike Cook, the local attorney representing the developer, told the Indianapolis Business Journal that construction could start this spring and be complete by the end of the year. The project is expected to go before the full Metropolitan Development Commission on Feb. 6.

Photo credits: www.amichaelpublishing.com

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