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Shelbyville firm pays $8.6M for North Meridian office park

September 30, 2015

Keystone Realty Group has sold a four-building office park along the highly desirable North Meridian corridor to Shelbyville-based Evergreen Investment Corp. for $8.6 million.

An affiliate of Keystone bought the 113,546-square-foot Waterplace Park in January 2014 out of receivership and paid about $7 million.

Occupancy at Waterplace is about 70 percent—nearly the same as when Keystone purchased the property. But Alex Cantu, vice president of capital markets at Summit Realty Group, who helped represent Keystone, said the company did a nice job improving the park’s aesthetics and renewing leases to stabilize occupancy.

“Waterplace Park’s combination of high visibility, efficient floor plates and beautiful park setting, located in a dynamic infill location, make this an ideal value-add opportunity along the increasingly popular Meridian corridor,” Cantu said in a prepared statement.

Tenants include Mid America Clinical Laboratories, Omnisource and GoldPoint Clinical Research.

The 12-acre office park was built in 1980 and is located on the east side of North Meridian just south of East 91st Street.

Besides Cantu, Alison Melton, a senior director at Summit, helped represent Keystone in the sale. Evergreen was represented by Matt Jackson of Jackson Investment Group.

Equicor Cos. LLC bought the property in 1998 but lost it to lender AIG in 2013.
 

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