The Westminster Funds sold the 522,358-square-foot Northeast Business Center in Indianapolis to locally-based Citimark Management Co., Inc. for an undisclosed price this week. The Westminster Funds, diversified real estate investment partnerships for private investors and their foundations, was represented by Cassidy Turley's Indianapolis office, which also assisted with leasing services. Citimark, a full service real estate and construction company, represented itself in the transaction. Terms of the deal were not disclosed, but according to Indy Star archives Westminster purchased the property in 2005 for $26.4 million.
"I'd like to thank the Cassidy Turley associates for their efforts and professionalism throughout the disposition process," said Charles E. King, Principal for The Westminster Funds. "We look forward to working with them in the future."
"As evidenced by the considerable market interest in this business park portfolio offering, Greater Indianapolis remains attractive to industrial property investors," said Jeff Castell of Cassidy Turley.
The Northeast Business Center sits near the I-69 corridor on the northeast side of Indianapolis. The commercial business park is designed for a variety of users, including office, office/flex, wholesale/showroom, and light distribution. With multiple tenants, the occupancy rate is 92%. The center includes nine one-story office and warehouse buildings at the following locations: 8730-8932 Corporation Dr., 7226 and 7202 E. 87th St., 8802,8804,8904,8930 and 8805-8875 Bash St., and 7301 E. 90th St.
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