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Sale of Midtown III Office Building

Drone shot of Midtown III Office Building
Colliers International has closed the sale of Midtown III, a recently completed three-story Class A office building located at 571 Monon Boulevard in Carmel, Indiana. The 77,793 square-foot building is strategically located along the Monon Trail in the heart of Carmel.

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.

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Alex Cantu

Executive Vice President


As leader of the Indianapolis Capital Markets and Investment team, Alex specializes in the disposition and acquisition of single-user and multi-tenant investment properties on behalf of institutional and private capital clients. Alex has been involved with transactions throughout the Midwest with a primary focus on the Indianapolis market. He has exclusively represented sellers of office, retail, and industrial product, as well as advised select investors on acquisitions. With his thorough knowledge of the investment markets and extensive background in asset and market analysis, Alex provides disposition expertise in pricing, market penetration, and targeting active buyers. 

Alex is a 4-time recipient within the coveted Colliers Everest Club – recognizing the top 10% of brokers, production-wise, across the entire U.S. 

Over the past 24 months, the Indianapolis Capital Markets Team has executed on $1 Billion in transactional volume.  Previously, Alex was part of the office landlord advisory group for NAI Olympia Partners. His extensive work with landlords and prospective tenants has given him an in-depth understanding of marketing, leasing, and driving value for his clients’ investments.

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Alex Davenport

Senior Vice President


Alex Davenport specializes in capital markets advisory services and the acquisition and disposition of investment properties. On the firm’s Capital Markets team, Alex works with Alex Cantu to service private and institutional real estate investors in Indianapolis and the greater Midwest region. Since joining in 2016, he has been involved in executing over $1.50 billion in transaction volume encompassing over 20 million square feet of industrial, office and retail product throughout the Midwest. 

Alex is a graduate of Indiana University and holds a bachelor’s degree in Economics with a minor in Entrepreneurship & Small Business Management from IU’s Kelley School of Business.  At IU, he was active in his fraternity, Sigma Chi, coordinating special events and philanthropic activities – driving these events gave Alex beneficial insight and an appreciation of the critical start-to-finish details required for a successful outcome.

Alex lives a very active lifestyle – weightlifting, running, cooking and traveling.

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