Carmel Office Park Sold For $160M

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A large office park in Carmel is under new ownership. Philadelphia-based Rubenstein Partners LP and Indianapolis-based Strategic Capital Partners have acquired Parkwood Crossing from Indianapolis-based Duke Realty Corp. (NYSE: DRE) for nearly $163 million.

The 1.2 million square-foot office park includes eight buildings in what Rubenstein Partners calls "the premier office campus in suburban Indianapolis."

The two companies plan to build a standalone, state-of-the-art amenity center in the center of the Parkwood Crossing which Rubenstein says will include facilities for dining, fitness, conferences and workplace collaboration. A new campus trail will also be constructed that will offer pedestrian access throughout the office park.

"This investment offers an exciting opportunity to acquire a market-leading property in a micro-market which we are very bullish on," said Brandon Huffman, regional director of midwest for Rubenstein Partners. "Parkwood Crossing was well-designed and built by Duke and has benefited from its long-term ownership. We intend to further differentiate the property by implementing a strategic capital program focused on creating urban-like amenities within the suburban campus."

Rubenstein says it, along with Strategic Capital Partners, also plans to upgrades to the various buildings in Parkwood Crossing. Duke Realty developed the campus between 1989 and 2005.

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