PWA Real Estate LLC has entered into an agreement to purchase 8480-8520 Keystone Crossings, a three building office and retail property totaling 117,276 square feet in Indianapolis, Indiana for $15,500,000 according to IBJ.com. PWA acquired the properties from BPG Properties, Ltd. which originally purchased one of the buildings in the complex in 2005 as part of a six building portfolio transaction, with two buildings later developed as part of build-to-suit lease transactions for Fidelity Brokerage Services and Jared the Galleria of Jewelry. BPG was represented in the negotiations by Rebecca Wells, a senior vice president of Cassidy Turley's Indianapolis office.
"We were pleased to announce the sale of 8480-8530 Keystone Crossing," commented Christopher J. Locatell, vice president of BPG who is in charge of the firm's disposition activity. "Despite the challenging market conditions, the asset's strong occupancy, credit tenancy and diverse tenant mix attracted numerous bidders." The complex is currently 88% occupied by tenants including the General Casualty Company, GSA/SBA, 20/20 Institute and M/I Homes with no lease expirations during the next three years.
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