WEDNESDAY, JANUARY 27, 2010

Mann Properties acquires mortgage debt on 140,000-square-foot commerce park

by Midwest Real Estate News Reports
Indianapolis

Indianapolis-based Mann Properties, along with a group of investors, recently formed a new real estate investment group that acquired the senior mortgage debt on Georgetown Commerce Park, a 148,845-square-foot industrial park located on the northwest side of Indianapolis. The property is made up of two buildings - an 83,946-square-foot medium-distribution building and a 64,899-square-foot flex building.

The new investment group, GCP Investment LLC, plans to use Mann Properties to lease and manage the property.

"We see a lot of upside for Georgetown Commerce Park. It has a significant amount of available space for lease because of the uncertainty associated with the previous ownership and property management" said Brian Mann, the managing member of the venture, and managing partner of Mann Properties. "Our group can create a lot of value by returning the property to stability, and it's a good strategic fit with the rest of the properties in our management portfolio."

Kurt Meyer, partner of local commercial real estate brokerage Baseline and a member of the investment group, agreed: "It's in a superior location next door to Park 100, has great curb appeal and will now be one of the best leasing values in that market area."

GCP Investment LLC acquired the senior mortgage on the real estate with the intent to own and manage the property. Although the project has a history of strong performance, its vacancy recently has increased, and the property entered foreclosure in mid-2009. Mann Properties is now working closely with the court-appointed receiver to complete the foreclosure process over the next few months.

Notable tenants include Methodist Health Care Center, the National MS Society, Vibbert DDS and Symbios Technologies.

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