Management Company Acquires DevelopmentPosted: Updated:
A commercial business park near the I-69 corridor in Indianapolis has been sold. Citimark Management Co. Inc. in Indianapolis has acquired the Northeast Business Center from Illinois-based The Westminster Funds. Terms of the deal are not being disclosed. October 24, 2013
INDIANAPOLIS, Ind. - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that Lake Forest, IL-based The Westminster Funds sold the 522,358-square-foot Northeast Business Center to locally-based Citimark Management Co., Inc.
Building owner The Westminster Funds, diversified real estate investment partnerships for private investors and their foundations, was represented by Jeff Castell, SIOR, CCIM, Senior Managing Director and Principal, in Cassidy Turley’s Indianapolis office. Cassidy Turley’s Todd Vannatta, SIOR, Senior Vice President and Principal, assisted with leasing services. Citimark, a full service real estate and construction company, represented itself in the transaction.
"I'd like to thank the Cassidy Turley associates for their efforts and professionalism throughout the disposition process," said Charles E. King, Principal for The Westminster Funds. "We look forward to working with them in the future."
The Northeast Business Center is located near the I-69 corridor in one of the strongest submarkets on the northeast side of Indianapolis. "As evidenced by the considerable market interest in this business park portfolio offering, Greater Indianapolis remains attractive to industrial property investors," said Mr. Castell.
The commercial business park is designed for a variety of users, including office, office/flex, wholesale/showroom, and light distribution. With multiple tenants, the occupancy rate is 92 percent. The center includes nine one-story office and warehouse buildings at the following locations: 8730-8932 Corporation Dr., 7226 and 7202 E. 87th St., 8802,8804,8904,8930 and 8805-8875 Bash St., and 7301 E. 90th St.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services - including capital markets, tenant representation, corporate services, project leasing, property management, project and development services and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets.
Cassidy Turley has been named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce for each of the past seven years. Please visit www.cassidyturley.com for more information.
Source: Cassidy Turley