Dealmaker: Indianapolis Office Park Trades for $132M

JLL, Chicago, helped LaSalle Investment Management sell 19-building Precedent Office Park in Indianapolis to Rubenstein Partners, Philadelphia, and Strategic Capital Partners, Indianapolis, for $132.75 million.

LaSalle acquired the 1.1 million-square-foot portfolio in July 2014.

JLL Managing Directors James Postweiler, Peter Harwood and John Robinson led the deal team with Vice President Tammy Faulk.

Postweiler called the deal a good opportunity for the buyers to acquire scale in a growing Indianapolis market with institutionally maintained assets. “We continue to see demand for large portfolio-style investments, especially with upside through lease-up and mark-to-market strategies,” he said.

Located 12 miles north of downtown Indianapolis in the Keystone submarket, the Precedent Office Park campus includes a 38-acre lake and accessibility to 96th Street and I-465. Campus assets include both low-rise and mid-rise Class A office buildings, currently 90 percent leased.

The campus also includes a six-acre parcel zoned for up to 80,000 square feet of office space.

JLL also secured $65 million in financing for Pontikes Development, Houston. The firm is developing Port 10 Logistics Center near Port Houston, Texas. First Tennessee Bank, Memphis. Tenn., provided the first lien, while Nationwide Insurance Co., Columbus, Ohio, provided mezzanine financing.

Port 10 Logistics Center’s first phase includes four buildings on a 100-acre site. When completed, the project will include eight buildings totaling more than 3 million square feet over an additional 146 acres.

JLL Managing Director Paul House and Senior Vice Presidents James Brolan and Jonathan Paine led the team that secured the financing.

“This strategic location is a vital starting point for logistics delivery throughout southeast Texas and provides a concentrated location for Port of Houston’s primary outbound container trade with Latin America and Asia,” House said. He noted more than 241 million tons of cargo move through Port Houston annually.