{"id":1004203439,"date":"2018-01-12T06:46:44","date_gmt":"2018-01-12T14:46:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203439"},"modified":"2022-12-08T12:09:50","modified_gmt":"2022-12-08T20:09:50","slug":"jv-acquires-133m-in-office-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-133m-in-office-park\/","title":{"rendered":"JV Acquires $133M IN Office Park"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004203440\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004203440\" data-attachment-id=\"1004203440\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-133m-in-office-park\/precedent-park-aerial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4.5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC6310&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1501950413&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;8.8&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Precedent Park aerial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Precedent Park aerial&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg?w=800\" class=\"wp-image-1004203440 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg\" alt=\"Precedent Park aerial\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Precedent-Park-aerial.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004203440\" class=\"wp-caption-text\">Precedent Park aerial<\/p><\/div>\n<p>Strategic Capital Partners and Rubenstein Partners have acquired the Precedent Office Park, in Indianapolis&#8217; Keystone Crossing submarket. The purchase was made from LaSalle Investment Management for $132.7 million. JLL Capital Markets represented the seller in the transaction.\u00a0<\/p>\n<p>The 19-building campus is situated on 184 acres and comprises 1.1 million square feet across single-, two- and multi-story properties. The campus also includes a six-acre parcel that is zoned for up to 80,000 square feet of office space, one of the last remaining parcels in the Keystone submarket. Positioned around a 38-acre central lake, the 90 percent leased Precedent Park is the second Indianapolis office campus acquired by the partnership in the last 18 months, the other being Parkwood Crossing. These two acquisitions make the partnership one of the largest office property owners in Indianapolis.\u00a0<\/p>\n<h2>Renovation Plan Underway\u00a0<\/h2>\n<p>The companies will be implementing a capital program focused on upgrading on-site amenities, making aesthetic improvements and updating building systems. Specifics include:<\/p>\n<ul>\n<li>amenitizing the lake<\/li>\n<li>improving landscaping and walkability\u00a0<\/li>\n<li>renovating the fitness center<\/li>\n<li>building a tenant lounge and cafeteria\u00a0<\/li>\n<\/ul>\n<p><em>\u201cThis investment offers a unique opportunity to acquire a low density office campus located at a strategic \u201cmain and main\u201d location,\u201d<\/em> said Brandon Huffman, principal\u00a0&amp; portfolio manager, Equity Investments for Rubenstein Partners, in prepared remarks. <em>\u201cWith limited competitive Class A office supply expected to deliver in the near-term, we believe our planned improvements will further reinforce the Precedent and Parkwood Crossing as the premier office campuses in the market. We remain bullish on Indianapolis and look forward to executing our business plans at these campuses.\u201d<\/em><\/p>\n<p>The Class A campus is located less than 10 minutes from the northern Indianapolis suburbs of Carmel, Fishers and Zionsville, 20 minutes from downtown Indianapolis, and the amenities along the I-465 northern corridor, which include The Fashion Mall at Keystone. Other notable projects in the area include the construction of a new hotel within the campus and new traffic roundabouts at major intersections along the 96th Street border of the office park.\u00a0<\/p>\n<p>Vice President\u00a0Tammy Faulk, as well as Managing Directors\u00a0James Postweiler,\u00a0Peter Harwood\u00a0and\u00a0John Robinson\u00a0led the deal for JLL.<\/p>\n<p>In a separate partnership,\u00a0Rubenstein Partners and Northpoint Realty Partners unveiled plans for the design and renovations of\u00a0Carlyle Tower\u00a0and the <a href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-northpoint-embark-on-nova-mixed-use-renovation\/\">Shops at Carlyle Tower in Alexandria<\/a>, Va., last November.\u00a0<\/p>\n<p><em>Image courtesy of\u00a0Strategic Capital Partners and Rubenstein Partners\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strategic Capital Partners and Rubenstein Partners purchased the 19-building Precedent Office Park, which comprises 1.1 million square feet across single-, two- and multi-story properties.<\/p>\n","protected":false},"author":746,"featured_media":1004203440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1590,13,21742,21747],"tags":[32796,33722,36039,33289],"class_list":["post-1004203439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-indianapolis","category-midwest","category-latest","category-office","tag-jll","tag-lasalle-investment-management","tag-rubenstein-partners-lp","tag-strategic-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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