A joint venture partnership between Middleton Partners and Romanek Properties, two Northbrook, Ill.-based real estate investment and management firms, has acquired The Hillsdale Office Portfolio in Indianapolis from Duke Realty.
Financial terms of the transaction were not disclosed. The investment marks a return to the Indianapolis market for Romanek following its late 2011 sale of the 430,000-square-foot INTECH I, II & III properties.
The Hillsdale Office Portfolio is a six-building, 446,000-square-foot, single-story office/flex campus, located on the northeast side of suburban Indianapolis. The campus is situated within the northeast quadrant of the Interstate-465 and Binford Boulevard intersection, about one quarter-mile from Community Hospital North.
“The acquisition of the Hillsdale office campus represents a great opportunity to add value by building on its consistent history of strong occupancy, and leasing up its existing vacancy,” said Mitchel Greenberg, a principal with Middleton Partners.
The six buildings in the campus were developed in 1986 and 1987 and range in size from 64,000 square feet to 84,050 square feet. The overall occupancy of the portfolio is about 88 percent. Four of the six buildings have occupancies greater than 91 percent.
Jones Lang LaSalle will provide property leasing and management services. Property leasing will be led by Jack Hogan of Jones Lang LaSalle.