{"id":1004071512,"date":"2013-04-22T08:42:20","date_gmt":"2013-04-22T16:42:20","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=119789"},"modified":"2022-12-05T00:58:44","modified_gmt":"2022-12-05T08:58:44","slug":"hertz-investment-acquires-650000-sf-office-property-in-indianapolis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\/","title":{"rendered":"Hertz Investment Acquires 650,000 SF Office Property in Indianapolis"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Capital-Center-Indianapolis1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-119804\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Capital-Center-Indianapolis1.jpg\" alt=\"\" width=\"246\" height=\"300\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Hertz Investment Group of Santa Monica has closed on the purchase of the 650,000-square-foot Capital Center Office Tower Complex in Indianapolis.The seller was Invesco Real Estate, which was represented by the local office of CBRE. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <\/span><a href=\"https:\/\/www.ibj.com\/california-firm-snaps-up-downtown-office-towers\/PARAMS\/article\/40691\"><em><span lang=\"EN-US\">Indianapolis Business Journal<\/span><\/em><\/a><span lang=\"EN-US\">, the complex is the 12th-largest in the city and the fifth-largest downtown.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center. <span>\u00a0<\/span><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Connected by a lobby atrium, the buildings are 78 percent leased to tenants including Cummins, the Associated Press, BKD CPAs &amp; Advisors, Fifth Third Bank, Burgess and Niple, HCC Medical Insurance Services, RCR Technology and The Huntington National Bank. The property\u2019s net operating income is $4.5 million, the newspaper reports. <span>\u00a0<\/span><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cWe are delighted to take on the Capital Center towers, with an extraordinary existing roster of national and regional leaders who need to be here, at the very epicenter of Indianapolis. The project has high quality amenities \u2013 on site and nearby \u2013 which are simply not matched in the City of Indianapolis,\u201d<\/span><span lang=\"EN-US\"> Gary Horwitz, president of Hertz Investment Group said in a prepared statement. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, the <em><a href=\"https:\/\/www.ibj.com\/construction-begins-on-16m-downtown-apartment-project\/PARAMS\/article\/40788\">Indianapolis Business Journal<\/a><\/em> reports that two local developers are repurposing the former Litho Press building into 111 apartment units.<\/span><span lang=\"EN-US\">The 105-year-old historic property is located on North Capitol Avenue in downtown Indianapolis.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Whitsett Group and Ambrose Property Group are behind the $16 million redevelopment project known as 800 North Capitol Apartments. About forty percent of the units will be affordable.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Upon completion towards the end of the year, the new complex will include an interior courtyard and rooftop pool. Local architecture firm DkGr Architects is the designer of the project.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to George Tikijian of brokerage firm Tikijian Associates, the downtown apartment market has very good absorption. Currently at 96 percent, the area\u2019s occupancy level is expected to remain strong this year, even as new units are being delivered. <\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: https:\/\/www.hertzgroup.com\/capitalcenter.html<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hertz Investment Group of Santa Monica, CA has closed on the purchase of the 650,000 square-foot Capital Center Office Tower Complex in Indianapolis from Invesco Real Estate. The local office of CBRE represented the seller in the transaction.<br \/>\nAccording to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.<br \/>\nLocated on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.<\/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":[],"class_list":["post-1004071512","post","type-post","status-publish","format-standard","hentry","category-indianapolis","category-latest"],"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>Hertz Investment Acquires 650,000 SF Office Property 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\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hertz Investment Acquires 650,000 SF Office Property in Indianapolis\" \/>\n<meta property=\"og:description\" content=\"Hertz Investment Group of Santa Monica, CA has closed on the purchase of the 650,000 square-foot Capital Center Office Tower Complex in Indianapolis from Invesco Real Estate. The local office of CBRE represented the seller in the transaction.  According to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.  Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hertz-investment-acquires-650000-sf-office-property-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=\"2013-04-22T16:42:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T08:58:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Capital-Center-Indianapolis1.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\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Hertz Investment Acquires 650,000 SF Office Property in Indianapolis\",\"datePublished\":\"2013-04-22T16:42:20+00:00\",\"dateModified\":\"2022-12-05T08:58:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/\"},\"wordCount\":368,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/04\\\/Capital-Center-Indianapolis1.jpg\",\"articleSection\":[\"Indianapolis\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-investment-acquires-650000-sf-office-property-in-indianapolis\\\/\",\"name\":\"Hertz Investment Acquires 650,000 SF Office Property in Indianapolis - 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