Commercial Real Estate and Real estate deals and Real Estate & Retail

Greenwood firm buys building near Lucas Oil Stadium

January 7, 2014

A building near Lucas Oil Stadium that played a major role in the city’s hosting of the Super Bowl two years ago has a new owner.

REW The building recently served as the headquarters for the Super Bowl Host Committee.(IBJ Photo)

The Alderson Commercial Group of Greenwood closed on the purchase Dec. 31 and plans to move into the vacant building in April. The six-year-old development and construction firm declined to divulge how much it paid for the half-acre property at 425 W. South St.

But Tony Alderson, the company’s president and co-founder along with Chris Hoffee, said the total investment should run about $2.2 million.

“We’re changing the exterior of the building,” Alderson said. “We’re putting a lot of money into the project.”

The two-story, 23,000-square foot building once housed a printer before the Indiana Stadium & Convention Building Authority leased space there. Most recently, it served as the headquarters for the Super Bowl Host Committee.

The seller of the half-acre property was West Hotel Partners LLC, whose four partners include local hotelier Tim Dora. West Hotel had hoped to use the site to build a large hotel, said Cathy Richards of the Lee & Associates brokerage, who represented West Hotel in the sale.

The group tried to get the entire block under contract, from South to Merrill streets fronting West Street. But they couldn’t pry the Basey’s Downtown Grill & Spirits property from its owner, Richards said.

“They [instead] ended up building the parking garage behind the [Alderson] building and the Staybridge [hotel] to the south,” she said.

After the hotel plan fell through, the Dora group had planned to lease out the building before Alderson expressed interest in buying it.

The building provides Alderson with the additional space it needs. The firm, which specializes in developing and remodeling medical and dental facilities, has grown to 22 employees and $24 million in annual revenue since its founding in late 2007.

It currently occupies 1,700 square feet in the 48,000-square-foot Signature Building at Interstate 65 and Main Street, which Alderson helped build.

“We have people on top of each other,” Alderson said.

Alderson Commercial plans to take 6,500 square feet of the 23,000 square feet available at the new building. The remainder could be divided among two additional tenants, Alderson said.

Tavern on South is immediately east of the building. Given its proximity to the stadium and Indiana Convention Center, the building is well-suited for a restaurant, he said.

“It’s such a great site,” Alderson said. “We’re going to take our time and find the right tenant mix.”

The building’s downtown location puts Alderson closer to its  clients, most of which are downtown or in the Keystone Crossing area, Alderson said.

Matt Jackson of Jackson Investment Group represented Alderson in its purchase of the building. Jackson and his brother, Bart Jackson of Lee & Associates, are co-listing the remaining space.

 

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