On December 17, 2013, Neyer Properties acquired Two & Three Woodfield Crossing for $26 million. The 386,000-square-foot, Class-A suburban office complex is within Indianapolis’ popular Keystone submarket. This is the company’s first acquisition in the Indianapolis market.
The acquisition is consistent with the company’s acquisition strategy of purchasing properties within a 150 mile radius of Cincinnati. Neyer Properties will continue to look towards increasing its presence in Indianapolis and the surrounding market.
“We have tried to enter the Indianapolis market for quite some time and couldn’t be more excited about this opportunity,” said Dan Neyer, President/CEO of Neyer Properties. “Woodfield Crossing is a premier development in an amenity-rich submarket that is very popular with a wide variety of tenants.”
With the large floor plates and currently available space the buildings can also be very attractive to larger users looking in the marketplace. This is the third acquisition within the company’s Neyer Value-Add Fund III, a private placement fund the company closed in spring 2013. The fund actively pursues and repositions high quality and under-performing real estate assets.
As part of their acquisition strategy, Neyer Properties is planning a variety of renovations to the building, Neyer said. The five story atrium lobby within Woodfield III will be completely transformed to make it interactive and lively with amenities and gathering spaces for the tenants. Additional improvements include modernizing all the bathrooms and common areas, while also adding parking spaces and providing a state-of-the-art fitness an on-site conference center for tenants use.
Neyer is also looking to provide a tenant-friendly retailer on a newly to be created outlot at the high-traffic corner of Keystone Avenue and Woodfield Crossing.
The company has hired the Indianapolis office of Jones Lang LaSalle as the leasing agent and Cassidy Turley as the property management firm. Neyer acquired the complex from the special servicers C-III Realty Services.