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News release

Indianapolis

Indianapolis office buildings attract institutional investor interest

JLL handles $33.1 million sale of two-building complex in suburban Indianapolis


INDIANAPOLIS, March 21, 2018 – JLL's Capital Markets experts today announced the company completed the sale of Meridian Plaza Two and Three, a pair of Class A office buildings in Indianapolis' North Meridian/Carmel submarket. Meridian Plaza was acquired by Chicago-based M&J Wilkow and DRA Advisors of New York from a partnership comprising Zeller Realty Group, RSF Partners and CIII. 

Managing Directors James Postweiler and Peter Harwood led the JLL team on the transaction.

"These buildings have been exceptionally well maintained and managed in recent years and, in addition to having solid in-place income, provide the owner an opportunity to add value over time through additional office leasing as well as potential redevelopment of the extensive surface parking," said Postweiler.

"We are proud to have been a part of transitioning Meridian Plaza back into a top tier asset in the Meridian Corridor," said Tristan Glover, Senior Vice President of Zeller Realty Group. "The growth and activity we have seen in Carmel over the recent years contributed to the success at the property."

Built in 1979 and 1989, the buildings total 240,312 square feet and are 86 percent leased to a diversified tenant base.  Both buildings were extensively renovated in 2014 and include best-in-class amenities such as a conference center, fitness center, lounge, café and outdoor patio. The buildings offer parking for 805 vehicles. The property is close to I-465 and is within a five minute drive of a major regional mall.

"Meridian Plaza is a prime asset that checked all the boxes for our reentry into Indianapolis," said John Wiechart, Senior Vice President of M&J Wilkow. "The property has undergone recent renovations, and  we plan to further those improvements to drive lease-up efforts."

Added Dean Sickles, Managing Director of DRA Advisors, "The time was right to capitalize on the momentum of the Indianapolis office market. Our investment thesis continues to position us in key markets with high quality value-add product, and we are proud to continue our partnership with M&J Wilkow on these projects."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.