Transwestern‘s Chicago Office in November brokered the sale of Intech I, II and III, a 433,972-square-foot suburban office portfolio in Indianapolis’ Northwest market.
Gary Nussbaum and Tom Gorman of Transwestern’s Investment Services Group, with assistance from John Robinson of Jones Lang LaSalle’s Indianapolis office, represented the sellers, affiliates of Northbrook, Ill.-based Romanek Properties, Ltd., in the transaction.
The asset was purchased for $85 million by an institutional investor focused on owning real estate leased to government tenants. The sale represents one of the largest office purchases in the Indianapolis market during the last 10 years.
“Recently, there have been very few large suburban office transactions in the Midwest as investor demand for suburban office product has remained weak,” says Gary Nussbaum, managing director of Transwestern’s Investment Services Group, “However, institutional investors are still attracted to modern, Class-A core suburban office assets if they have credit tenancy and long-term leases. The Intech I, II and III offering was a rare opportunity that met all of these requirements.”
Situated in Intech Park, the largest self-contained office development in Indiana, the property consists of three Class-A core office buildings. The 97-percent occupied property is anchored by the U.S. General Services Administration, which leases 56 percent of the project on behalf of various units within the Department of Homeland Security.
