IBJNews

Minneapolis firm buys Fishers business park

Back to TopCommentsE-mailPrintBookmark and Share

The North by Northeast Business Park in Fishers has been sold to an affiliate of Minneapolis-based Meritex Enterprises Inc., commercial real estate brokerage Cassidy Turley announced Monday.

Cassidy Turley said it negotiated the sale of the 306,408-square-foot business park to Meritex NXNE LLC on behalf of Wells Fargo Bank. Cassidy Turley Principal Jeff Castell declined to divulge the purchase price.

North by Northeast was developed in 1989 and was last owned by Sacramento, Calif.-based Kobra Properties. It filed for Chapter 11 reorganization in December 2008.

A Johnson County judge granted a request by Wells Fargo and ordered that North by Northeast be sold at a sheriff sale in April 2010.

Meritex’s interest in the property began about two years ago after learning of Kobra’s financial challenges, said Dan Williams, chief investment officer of Meritex.

“We waited out a foreclosure process followed by the non-performance of several other buyer groups,” he said in a written statement.

North by Northeast, which includes three buildings ranging in size from 98,000 square feet to 107,000 square feet, is located east of Interstate 69 between 96th and 106th streets.

The business park has seven tenants and is 79-percent occupied. Tenants include McNamara Florists, Cooper Industries and Patio Enclosures Inc.

Meritex has hired Brian Seitz and Brian Buschuk from the Indianapolis office of Chicago-based Jones Lang LaSalle as leasing agents.

Buschuk said Meritex will invest in the property by repaving parking lots, installing new landscaping, and making roof and general maintenance repairs.

Meritex now owns 801,000 square feet of multi-tenant commercial properties in the Indianapolis area, including 218,880 square feet at Airport Park on the city’s west side; an 83,353-square-foot building at Park Fletcher, also on the west side; and the seven-building Noblesville Business Center under development at 148th Street and Howe Road.

The company also owns a building on North by Northeast Boulevard just north of the business park it just purchased.

Meritex’s presence in the Indianapolis area should serve the North by Northeast Business Park well, said Jeff Castell, a principal at Cassidy Turley.

“Quite frankly, the only reason the property was not performing better is that the owner was in bankruptcy,” he said. “They were just in an uncompetitive position.”
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. "bike lanes, specialized lighting, decorative signage, public art, grass medians, trees and rain gardens" These are all nice things to have, but can we freaking get the hundreds of potholes all over the city fixed first?!?!?!!?!?!

  2. When a criminal with multiple prior convictions serves five days of a one year sentence and later kills a police officer with a weapon illegally in his posession, residents of Boone County need to pay a tax to drive to work... PERFECT Progressive logic.. If, on the other hand, a fund were to be set up to build more prisons and hire more guards to keep the known criminals off the streets, I'd be the first to contribute.

  3. Not a word about how much the taxpayers will be ripped off on this deal. Crime spirals out of control and the the social problems that cause it go unheeded by an administration that does not give a rats behind about the welfare of our citizens. There is no money for police or plowing snow (remember last winter) or or or or, but spend on a sports complex, and the cash flows out of the taxpayers pockets. This city is SICK

  4. Sounds like a competitor just wanted to cause a problem. I would think as long as they are not "selling" the alcohol to the residents it is no different than if I serve wine to dinner guests. With all the violent crime happening I would think they should turn their attention to real criminals. Let these older residents enjoy what pleasures they can. Then again those boozed up residents may pose a danger to society.

  5. Where did the money go from the 2007 Income tax increase for public safety that the Mayor used to stir opposition and win the election and then failed to repeal (although he promised he would when he was running for election)? Where did the money go from the water utility sale? Where did the money go from the parking meter deal? Why does the money have all these funds for TIF deals and redevelopment of Mass avenue, and subsidy for luxury high rises, parking garages in Broad Ripple, and granola chain grocery stores but can not find the money to take care of public safety. Commuters shouldn't have to pay the tax of failed leadership in Marion County by leaders that commuters have no say in electing. Taxation without representation.

ADVERTISEMENT