Colliers International has closed the sale of Haverstick Office Park, a two-building, Class B+, 80,696-square foot office park located in Keystone Crossing.
Colliers marketed the property on behalf of Citimark Capital Partners. Priam Capital, LLC, a private real estate investment manager based in Nashville, TN, purchased the asset.
Over the last 6 years, the previous owner had invested over $300,000 into improving and redesigning the buildings to meet the needs of the modern tenant. As a result of this investment, Citimark sold the building with an in-place occupancy of 90%.
“As our first acquisition in the Indianapolis office market, we saw Haverstick Office Park as a way to acquire a top-of-market location with an extremely healthy and diverse tenant base,” commented James Beard with Priam Capital. “We believe the Keystone Crossing office market contains very strong fundamentals. This makes it a viable long term option for Indianapolis businesses and provides sustained growth in the value of its office product.”
Haverstick Office Park represents Priam Capital’s first acquisition in Indianapolis. Priam also currently owns assets in Nashville and Louisville.
About Priam Capital, LLC
Priam Capital is a sponsor of boutique private equity real estate funds based in Nashville, TN and currently deploying capital from its second investment vehicle. Priam's focus is on acquiring stabilized multi-tenant office properties in secondary and tertiary markets in the Southeast and Midwest, including Nashville, Louisville, Memphis, Indianapolis. and Birmingham. Priam has acquired 600,000 square feet (each acquisition between $5 and $40 million) of commercial property.