Alex Cantu and Alex Davenport with Colliers International of Indianapolis facilitated the transaction on behalf of the seller, Ambrose Property Group.
“As the last office building in our portfolio, the sale of Midtown III marks the end of a notable chapter in Ambrose’s company history,” said Ambrose President and Chief Investment Officer Jason Sturman. “We appreciate Colliers International’s excellent execution on this transaction and are excited as we continue our business’s forward-looking strategy as an e-commerce and logistics real estate investor and developer.”
Diamond Income Fund, LP, an investment fund based out of St. Louis, Missouri, purchased the asset.
“We are ecstatic to make our first acquisition in Indianapolis by way of our purchase of 571 Monon Boulevard in Carmel. We believe Midtown Carmel is the cultural center of the northern suburbs of Indianapolis and the Midtown III building perfectly meets the user demand increasingly gravitating to this center,” commented Mike Donovan, spokesperson for Diamond Income Fund.
The beautifully designed Midtown III building was completed in 2018 and serves as the headquarters of Indianapolis-based MJ Insurance. The property sits directly on the twenty-five mile Monon Trail within walking distance of the Carmel Arts & Design District and Carmel City Center. The site also includes a 318-space covered parking garage with covered access into the front lobby of the building.