Corydon Acquires Historic Building for Occupancy; 16 Downtown Apartments for Sale
- Aug 24, 2012
by Adriana Pop, Associate Editor
The Corydon Group has acquired a 17,000-square-foot historic building in Indianapolis for $1.4 million. The public affairs firm purchased the vacant property at 125 W. Market Street from local businessman John Thompson.
According to the Indianapolis Business Journal, the Corydon Group plans to renovate the building by early November and occupy the 4,200-square-foot top floor of the three-story building. The first and second levels will be leased, Corydon Group founder Chris Gibson told the newspaper.
Financing of the purchase and the improvements is handled by Key Bank, and the renovations will be performed by Blaze Construction. An archivist has also been hired to investigate the property’s history, which could date back to the 1880s.
Brokers Jon Owens and Russ Van Til from Cassidy Turley represented the company in the purchase and will also find tenants for the building. Rich Forslund, office broker and senior vice president of Summit Realty, estimates that the property could rent for approximately $15 to $17 per square foot.
In other news, 16 downtown apartment complexes totaling 873 units are up for sale. Privately owned Zender Family L.P., owner of the buildings, has listed the properties without an asking price.
The Indianapolis Business Journal reports that Zender had attempted to sell the properties in 2008, and it expects better results with the improvement of the multifamily housing market. Moreover, the company is now willing to break up the portfolio and sell the complexes separately.
Most of the properties are located on North Delaware, North Meridian and North Pennsylvania streets, in areas that experience improving occupancy rates and rising rents. “The portfolio is doing very well now, and the downtown is as strong as it’s ever been,” the family’s broker, George Tikijian of Indianapolis-based Tikijian Associates, told the newspaper.
According to a report released by Marcus & Millichap, the Central area of Indianapolis registers a 3.4 percent apartment vacancy rate during this year’s third quarter, the lowest of any of the city’s submarkets. The $1.18-per-square-foot average rent is also the highest in the Indianapolis metro area.
Photo credits: www.loopnet.com