Pyramid Place Shops, a three-building retail center on the northwest side of Indianapolis, has been sold for $6.5 million, real estate brokerage Colliers International announced Wednesday.
The 51,974-square-foot center at the busy intersection of West 86th Street and Michigan Road was sold by Miami-based LNR Property Inc. to Mt. Pleasant, South Carolina-based Ziff Properties Inc. for $125.56 per square foot.
The center, which is 73-percent leased, is home to Georgia Reese’s Southern Table & Bar, Einstein Bros. Bagels, Noodles & Co., Qdoba, and Firehouse Subs.
Alex Cantu of Colliers represented LNR Property in the transaction.
The acquisition is Ziff Properties’ first in Indianapolis. The firm owns real estate in Tennessee, Florida, Virginia, the Carolinas and Georgia.
“We believe Pyramid Place Shops is a fantastic opportunity to make our first investment into Indianapolis,” Ziff Properties Vice President of Acquisitions Christian Chamblee said in a written statement. “The center’s consistently strong traffic counts and visibility drew us to its long- term potential.”
Indianapolis-based developer Centre Properties developed the retail center in 1986.