Indianapolis-based KennMar has announced the acquisition of The Pyramids office park on the north side of Indianapolis. The three 11-story buildings total more than 366,000 square feet.
KennMar made the acquisition with assistance from INVST LLC and lender Teachers Credit Union. KennMar President and Chief Financial Officer Brent Benge says his firm has been interested in purchasing the buildings for some time.
“While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years.”
Benge says the acquision also fits well with the company’s plans to develop the nearby former Carribean Cove site. KennMar currently has several projects under construction on the site, including a Starbucks and a 10,000 square-foot retail center to be named College Park Shoppes.