Colliers International has completed the sale of Midtown III, a 77,793-square-foot office property in Carmel, Ind. Vice President Alex Cantu and Director Alex Davenport represented the seller, Ambrose Property Group. Balke Brown Transwestern purchased the building, backed by a $12.1 million acquisition loan from Enterprise Bank & Trust, according to Hamilton County records.
The property delivered in 2018. The seller and developer had taken a total of $13.7 million in construction financing from Associated Bank for the project. Old Town Development was the general contractor for the building.
Located on a 1-acre parcel at 571 Monon Blvd., the four-story building serves as the corporate headquarters of MJ Insurance. The property is attached to a 318-stall parking deck on its eastern side. Situated in the Carmel Arts & Design District, the site is 15 miles north of downtown Indianapolis.
Midtown III was the last office asset in Ambrose Property Group’s portfolio, according to President & Chief Investment Officer Jason Sturman. Moving forward, the company intends to focus its investment and development strategy on e-commerce and logistics properties.
Last year, the brokerage duo was part of the team that assisted Lexington Realty Trust in the sale of Crosspoint Plaza One, a 138,636-square-foot office asset in the neighboring suburb of Fishers. Tempus Realty Property purchased the property.