by Adriana Pop, Associate Editor
Hertz Investment Group of Santa Monica has closed on the purchase of the 650,000-square-foot Capital Center Office Tower Complex in Indianapolis.The seller was Invesco Real Estate, which was represented by the local office of CBRE.
According to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.
Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.
Connected by a lobby atrium, the buildings are 78 percent leased to tenants including Cummins, the Associated Press, BKD CPAs & Advisors, Fifth Third Bank, Burgess and Niple, HCC Medical Insurance Services, RCR Technology and The Huntington National Bank. The property’s net operating income is $4.5 million, the newspaper reports.
“We are delighted to take on the Capital Center towers, with an extraordinary existing roster of national and regional leaders who need to be here, at the very epicenter of Indianapolis. The project has high quality amenities – on site and nearby – which are simply not matched in the City of Indianapolis,” Gary Horwitz, president of Hertz Investment Group said in a prepared statement.
In other news, the Indianapolis Business Journal reports that two local developers are repurposing the former Litho Press building into 111 apartment units.The 105-year-old historic property is located on North Capitol Avenue in downtown Indianapolis.
The Whitsett Group and Ambrose Property Group are behind the $16 million redevelopment project known as 800 North Capitol Apartments. About forty percent of the units will be affordable.
Upon completion towards the end of the year, the new complex will include an interior courtyard and rooftop pool. Local architecture firm DkGr Architects is the designer of the project.
According to George Tikijian of brokerage firm Tikijian Associates, the downtown apartment market has very good absorption. Currently at 96 percent, the area’s occupancy level is expected to remain strong this year, even as new units are being delivered.
Photo credits: http://www.hertzgroup.com/capitalcenter.html