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A highly visible office complex on the city’s north side has been sold to an out-of-state company that’s finding the Indianapolis market an attractive one.
Minneapolis-based Onward Investors LLC said late last month that it bought the two-building River Road property between Interstate 465 and Keystone Avenue. Sources said Onward paid about $21.9 million, or roughly $95 per square foot.
The four-story buildings at 9025 and 9045 River Road were developed and owned by Indianapolis-based Duke Realty Corp. The sale is part of Duke's continuing strategy to sell its office properties to focus on its industrial and medical portfolio.
Built in 1997, River Road I is106,710 square feet and 78 percent leased. The 121,512-square-foot River Road II building was constructed in 2008 and is 95 percent leased. Overall occupancy in the Keystone Crossing office market is about 86 percent.
Tenants include Ryland Homes and the Fanning Howey architecture, engineering and design firm. One of the complex’s largest tenants, Strayer University, has ceased operations, creating much of the vacancy in River Road I.
Onward said it plans to stabilize the buildings, improve their common areas and upgrade the parking areas and mechanical systems.
The Indianapolis office of Jones Lang LaSalle will lease and manage the properties.
For Onward, the River Road complex represents at least its third purchase in the city in the past year. The firm in September paid $9.25 million for a 12-story building at 130 E. Washington St. downtown.
The 203,250-square-foot building is 55 percent occupied and for years was known as the Disciples Center in deference to its largest tenant, the Christian Church-Disciples of Christ.
Onward is embarking on a major renovation of the building.
In February 2015, Onward bought College Park Plaza from Los Angeles-based Griffin Capital Essential Asset REIT Inc. for $14.3 million. The northwest-side office building houses the headquarters of Republic Airways Holdings Inc.