Colliers International (Nasdaq: CIGI) announced Wednesday the sale of Pyramid Place Shops in Indianapolis. The nearly 52,000 square foot, three-building retail center on the city’s northwest side was purchased by Ziff Properties, Inc., a South Carolina-based real estate manager.
Ziff Properties purchased the retail center for $6.52 million. It’s the first acquisition in Indianapolis for Ziff, which owns properties in Tennessee, Florida, Virginia, the Carolinas and Georgia.
“We believe Pyramid Place Shops is a fantastic opportunity to make our first investment into Indianapolis,” said Christian Chamblee, vice president of acquisitions for Ziff Properties. “The center’s consistently strong traffic counts and visibility drew us to its long term potential. Additionally, the dynamic growth of Zionsville and West Carmel will help drive robust fundamentals in the single family housing, multi-family, and office markets — which ultimately will result in increased demand for retail in the northwestern submarket.”
Pyramid Place Shops is currently occupied by tenants including Georgia Reese, Einstein Bros. Bagels, Noodles & Co., Karma Records and Skyline Chili. Ziff Properties did not state any immediate plans for the retail center.