Strategic Capital Partners
No one can accuse SCP of thinking small. The local investment firm led by former Duke Realty execs bought Precedent Office Park with Philadelphia-based Rubenstein Partners in January for $132.7 million. The enormous property near 96th Street and Keystone Avenue included 19 buildings and a 38-acre lake, which they believe is underutilized. Tentative plans include adding restaurants, shopping, and other amenities around it to create a more urban feel. The two companies also recently purchased Parkwood Crossing at I-465 and Meridian Street for $162.9 million with similar upgrades in mind.
City of Fishers
Property owners rebuffed the suburb when it offered nearly $10 million for 70 acres along Geist Reservoir last year, but Fishers doesn’t do a lot of losing these days. The city exercised its eminent-domain rights in January to get the land on the east side of Ohio Road at 111th Street. Plans are in place to build a public park on the waterfront that will include an observation tower, fishing pier, and marina, along with playgrounds and splash pads.
Butler University
The private school answered a few prayers when it purchased 40 acres from the Christian Theological Seminary in December. Having wandered from building to building, the Butler College of Education intends to renovate and move into the seminary’s main structure in time to accommodate students for the 2018 fall semester. The sale also includes student apartments and a counseling center. Financial details of the sale remain unknown, but the Indiana Department of Local Government Finance estimates the value of the spread at $27.6 million. What’s more, Butler continues to buy houses surrounding its campus.
Browning Investments
As Browning’s purchases go, Old National Centre would be particularly large. but the historic concert venue would be a feather in the developer’s cap if it can close on the property, which it has been pursuing and the county says is worth about $6.5 million. Browning also plans to create a massive office park at 11th and Pennsylvania streets. The park would include 11 office buildings, a hotel, and a 10,000-square-foot restaurant – one of the largest such complexes in Central Indiana.
Originally published in Indianapolis Monthly, 2018. Republished here for archival and portfolio purposes.