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Jun. 14, 2013

Sourwine Real Estate to Deliver City’s First Speculative Office Project Since 2008

by Adriana Pop, Associate Editor

Sourwine Real Estate Services, a locally based three-generation real estate owner, developer and property management company, is about to complete the first speculative office building in the Indianapolis area since 2008.

According to the Indianapolis Business Journal, construction on the $12 million, three-story structure at 8335 Keystone Crossing will wrap up this month. The 80,700-square-foot Class A office building has been designed by CSO Architects. Shiel Sexton was the construction manager. As reported by the Commercial Property Executive, Sourwine broke ground on the project last summer.

Known as 8335 Keystone Crossing, the facility is part of the company’s Keystone Office Centre. The complex is located southeast of 86th Street and Keystone Avenue and includes two other buildings, at 8395 and 8365. One of the properties is fully leased, while the other has an occupancy rate of 96 percent.

In the true nature of speculative development, the new building has yet to find an anchor tenant. Leasing is being handled by the Indianapolis office of Cassidy Turley.

“We have belief not only in our own product but a belief in the Keystone submarket to perform above average,” Joe Sourwine, the developer’s asset manager told the newspaper. “We just think it’s an advantageous time to bring this to the market.”

With a current vacancy rate around 20 percent, and few projects in the pipeline, the Indianapolis office market is beginning to rebound from the economic downturn. The Keystone at the Crossing area in particular has been showing very positive signs recently. The only other office project in this submarket that matches Sourwine’s offering is the 80,000-square-foot Three Woodfield Crossing.

Five years ago, Indianapolis-based Edgeworth Laskey Properties completed the most recent speculative office development in central Indiana. Known as Lake Pointe Center 5, the six-story, 150,000-square-foot building is located at the southwest corner of Interstate 465 and Allisonville Road.

Photo credits: Sourwine Real Estate Services