The 1.08 million-square-foot complex is expected to sell for significantly less than the $150 million it fetched in 2019, real estate sources told IBJ.
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The connected buildings contain 161,500 square feet of office space, which is all leased to the Indiana Department of Health.
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The building’s 58,800 square feet of office and retail space is now mostly vacant, following exits in recent years by Scotty’s Brewhouse, HomeAdvisor and third-party logistics company Backhaul Direct.
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The purchase comes just three years after the 151-unit complex on the Central Canal was sold for $40.7 million to Chicago-based Promus Holdings LLC.
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The Indianapolis Airport Authority is expected to consider the deal Friday during its monthly board meeting, although no sale would be finalized until the heliport is fully decommissioned.
Greenfield-based Elanco said the facility has played a vital role in producing a number of product lines for the firm, representing $160 million to $180 million in annual farm animal revenue.
The following information was published in IBJ’s Real Estate Weekly e-newsletter on Sept. 10, 2024.
The agreement calls for Hillenbrand Inc.’s Ohio-based subsidiary, Milacron LLC, to sell the two Ohio properties, then lease them back for about $5 million per year.
The project is expected to include existing and new-to-market restaurant concepts occupying lots ranging from 1 to 2 acres.
The quasi-government entity has secured roughly 9,000 acres of land in Boone County for its LEAP Lebanon Innovation and Research District.
While it’s not clear what the new owner plans to do with the building, the name of the holding company indicates uses as a cold-storage or pharmaceutical facility—or both.
The redevelopment of what is now an 18-acre manufacturing site downtown is expected to include apartments, a hotel, an office building and retail space—in addition to a 20,000-seat stadium. Keystone Corp. CEO Ersal Ozdemir said the project’s cost will likely top $1 billion.
National retailer RH is teaming with a developer to take over Linden House—the 152-acre Indianapolis estate of late businesswoman and philanthropist Christel DeHaan—and turn it into a huge home furnishings showroom, interior design gallery, upscale restaurant, wine bar and outdoor furniture gallery.
A pair of Southern California firms bought the properties—which total just over 1.1 million square feet—in a deal with Indianapolis-based Mann Properties LP that quietly closed in late 2021.
The buyer, who is based in Houston, has had multiple restaurants in downtown Indianapolis, including a Mo’s, A Place for Steaks, along with Nook and most recently Pomodoro.
The Indianapolis Public Schools Board of Commissioners approved a plan Thursday to sell the John Marshall school building to a yet to be determined not-for-profit organization for $725,000.
In addition to two Indianapolis communities, the acquisition involved properties in Bedford, Bloomington, Lebanon, New Albany and Shelbyville.
That’s nearly three times the acreage purchased in the two decades prior, and a major expansion for a municipal parks agency with no land-acquisition budget.
The 195-unit Meridian Towers Apartments on the near-north side of Indianapolis has been sold to an out-of-state development partnership that plans to renovate the property.
The Indianapolis City-County Council’s Parks and Recreation Committee on Thursday unanimously advanced a plan to acquire four plots of land adjacent to existing parks.
Indianapolis-based Landmark Properties plans to buy the five-story Center Township Trustee’s building, with an eye toward office and first-floor retail uses.
Chicago-based Cloverleaf Group now owns three retail plazas in the Indianapolis area. Pyramid Place boasts a high density of nearby homes, offices, industrial sites, health-care facilities and highway traffic.
The combination of Indianapolis-based Kite Realty Group Trust and Oak Brook, Illinois-based Retail Properties of America Inc. will create a company worth $7.5 billion that will continue to operate under the Kite name.
The Indianapolis-based GEO Foundation will make one building the new home of its Next Generation High School and lease the other to elementary charter school Indy STEAM.
