Keystone Realty Sells Office Park in Indianapolis

A new owner has emerged for this suburban office complex located in the largest and most dominant Indianapolis submarket.

Cushman & Wakefield / Summit Realty Group has arranged the sale of Waterplace Park, a four-building, 113,546-square-foot suburban office portfolio located along the Meridian Corridor in Indianapolis.

Waterplace Park in Indianapolis

Waterplace Park in Indianapolis

An affiliate of Keystone Realty Group sold the property at 8935-9011 N Meridian St. to Evergreen Investment Corp. of Shelbyville, Ind. for an undisclosed amount. Keystone had owned the park since the beginning of 2014, when the company invested around $9 million to acquire and renovate the campus.

The C&W/Summit sales team representing the seller was led by Capital Markets Vice President Alex Cantu and Senior Director Alison Melton. C&W|Summit also marketed the assets on behalf of Keystone Realty.

Built in 1980, the office complex is currently 69 percent leased. Mid America Clinical Laboratories, Omnisource, and GoldPoint Clinical Research are among the property’s tenants.

“Waterplace Park’s combination of high visibility, efficient floorplates and beautiful park setting located in a dynamic infill location make this an ideal value add opportunity along the increasingly popular Meridian Corridor,” Alex Cantu stated. “Evergreen Investors will benefit from a highly stable rent roll as well as significant upside via the lease up of the remaining vacancy.”

Image via Summit Realty Group