Keystone Realty Acquires 114,000-Sq.-Ft. Office Complex in Suburban Indianapolis

An affiliate of Keystone Realty Group has recently acquired the four-building Waterplace Office Park on the east side of the North Meridian corridor in Indianapolis.

by Adriana Pop, Associate Editor

An affiliate of Keystone Realty Group has recently acquired the four-building Waterplace Office Park on the east side of the North Meridian corridor in Indianapolis.  

According to Indy Star, KG Waterplace LLC purchased the 12-acre property at the southeast corner of 91st Street and U.S. 31 through a receivership controlled by Cassidy Turley. Keystone CEO Ersal Ozdemir told the newspaper that the company’s total investment in the acquisition and renovation of the campus would amount to $9 million.   

Situated around a small lake with mature landscaping, the Class-A Waterplace Office Park offers approximately 114,000 square feet of space. It was developed by Jackson Cos. in the early 1980s and it is currently 72 percent occupied. American Legion, Indiana Mentor, Nursefinder, Decatur Vein Clinic, Pyramid Life Insurance and Indiana Nephrology are among the property’s tenants.    

In a recent transaction, Keystone has also acquired the landmark Illinois Building in downtown Indianapolis, with plans to convert it into a boutique hotel, or office and retail space. An affiliate of locally based HDG Mansur sold the vacant 145,000-square-foot property for $5.5 million.

Other notable projects owned or developed by Keystone in the Indianapolis metro area include the Broad Ripple Parking Garage and Shoppes; the Sophia Square Lofts; Shoppes & Garage in Carmel; and the 3 Mass Condominiums along Mass Ave.  

In regional news, Chambers Street Properties of New Jersey has purchased a massive single-tenant warehouse/distribution center in Plainfield for $30.2 million.

According to the Indianapolis Business Journal, Browning Investments and Prologis developed the 622,440-sq.-ft. property at 445 Airtech Parkway in early 2013. Hartz Pet Products has a long-term lease for the entire space. The acquisition also included an adjacent parcel of land that could accommodate an expansion of up to 227,000 square feet of space.

“Having a long-term lease in place with a solid tenant makes this acquisition an exceptional addition to our portfolio,” Chambers’ executive vice president and COO Philip L. Kianka said in a news release.

Photo credits: www.loopnet.com