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Property Lines - Scott Olson

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Real Estate & Retail

New Parkwood Crossing owners spending $6M on amenity center

May 23, 2017

The new owners of the Parkwood Crossing office park on the north side are breaking ground Tuesday on a $6 million amenity center as part of a larger plan to invest $20 million in the property.

Parkwood Amenity rendering 250pxPhiladelphia-based Rubenstein Partners and Strategic Capital Partners of Indianapolis in August acquired Parkwood Crossing from local real estate investment trust Duke Realty Corp., paying $162.9 million.

The 1.2-million-square-foot complex at Interstate 465 and North Meridian Street was Duke’s largest Indianapolis-area office park. Consisting of eight buildings developed by Duke from 1989 to 2005, the park is 95 percent occupied, according to IBJ statistics.

The two-story, 14,000-square-foot amenity center (click image for larger view) will feature a 6,000-square-foot fitness center with locker rooms and showers, a state-of-the-art conference and training center, tenant lounge, gourmet cafe and outdoor deck.

“Creating a contemporary place for our tenants was a part of our original concept with Rubenstein Partners,” Strategic Capital President Richard Horn said in a prepared statement. “We know our tenants work hard to propel their individual businesses forward and we want to do all we can to make their time spent at Parkwood Crossing as enjoyable and productive as possible.”

Locally based CSO Architects is the architect on the project, and Pepper Construction is the building contractor.

Founded in 2005 by Horn and Gene Zink, both former executives at Duke Realty, Strategic Capital has a portfolio consisting of 2.5 million square feet of office, industrial and mixed-use space valued at $375 million. The company owns properties in Cincinnati; Raleigh-Durham, North Carolina; and in northern Virginia.

 

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