Hanley Investment Group Real Estate Advisors has brokered the sale of the 36,000-square-foot, mixed-use Bonn Building in the northeast Indianapolis suburb of Fishers, Ind. Vice President Corey Olson and Senior Associate Dylan Mallory worked on behalf of the seller. The buyer, Republic Development, represented itself. In May, Mallory was part of a different team responsible for closing a two-property retail disposition in Knoxville, Tenn., and Somerset, Ky.
Public records show the new owner received $7 million in acquisition financing from German American Bank. The loan matures in 2030.
Located at 13578 E. 131st St., the asset is within the 3.5 million-square-foot Saxony office and industrial development, which covers an area both north and south of Interstate 69. At the time of sale, the asset was 92 percent leased to a mix of retail and office users, including Edward Jones, RE/MAX, a gym and a number of health-care and food service tenants.
According to the brokers, residents of Fishers have an average annual household income of $155,000. The population within 3 miles of the property has grown tremendously since 2010, jumping by 33 percent. This growth is anticipated to continue by another 23 percent during the next three years.