{"id":1004054919,"date":"2012-12-10T16:52:16","date_gmt":"2012-12-11T00:52:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=86133"},"modified":"2020-04-28T01:41:26","modified_gmt":"2020-04-28T09:41:26","slug":"local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\/","title":{"rendered":"Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis"},"content":{"rendered":"<p><em><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/Indy-skyline.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-86134\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/Indy-skyline.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a>by Adriana Pop, Associate Editor <\/em><\/p>\n<p>Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed.<\/p>\n<p>The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company\u2019s principal, has owned the center once before, from 2005 to 2007.<\/p>\n<p>\u201cWe\u2019re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,\u201d said Meyers. \u201cThe timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.\u201d<\/p>\n<p>According to the <em>Indianapolis Business Journal<\/em>, San Francisco-based Wells Fargo Bank attempted to foreclose on the 78-year-old building in January. The bank sued former owner Indianapolis Enterprise Center LLC to recoup a $3.1 million loan balance.<\/p>\n<p>In regional news, the Bloomington City Council has approved a plan to vacate a downtown property to allow for the construction of a $27 million Hyatt Hotel.<\/p>\n<p>The <em>Herald-Times<\/em> reports that REI Investments and White Lodging are planning to develop a 168-room Hyatt on West Kirkwood Avenue between Gentry Street and the B-Line Trail. Construction on the project is expected to begin next spring. Upon completion during the second quarter of 2014, REI would own 75 percent of the new hotel, while White Lodging would own 25 percent and be in charge of the property\u2019s management.<\/p>\n<p><em>Photo credits:<\/em> <em>www.ntea.com <\/em><em><\/em><\/p>\n<p><em>For more market data on Indianapolis, <\/em><strong><em><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-weak-demand-for-lower-tier-product-leads-to-stagnant-vacancies-in-indianapolis\/1004063599.html\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a><\/em><\/strong><em><strong>.<\/strong><\/em><strong><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed. The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company&rsquo;s principal, has owned the center once before, from 2005 to 2007. &ldquo;We&rsquo;re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,&rdquo; said Meyers. &ldquo;The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.&rdquo;<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[1815],"class_list":["post-1004054919","post","type-post","status-publish","format-standard","hentry","category-indianapolis","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis\" \/>\n<meta property=\"og:description\" content=\"Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed. The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company&rsquo;s principal, has owned the center once before, from 2005 to 2007. &ldquo;We&rsquo;re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,&rdquo; said Meyers. &ldquo;The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.&rdquo;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-11T00:52:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T09:41:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/Indy-skyline.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis\",\"datePublished\":\"2012-12-11T00:52:16+00:00\",\"dateModified\":\"2020-04-28T09:41:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/\"},\"wordCount\":290,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/12\\\/Indy-skyline.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Indianapolis\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/local-investor-group-acquires-188000sf-office-storage-industrial-space-in-indianapolis\\\/\",\"name\":\"Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis - 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She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. 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