LaSalle Investment Management has bought an office park in Indianapolis for its value-added growth fund.
The US investment manager said the acquisition was made for its Income & Growth series, which is targeting value-add real estate opportunities in the office, retail, industrial and multi-family residential sectors.
The fund part of a series of funds launched in 1996 looks to enhance returns through leasing, repositioning and asset management.
The Precedent Office Park is the fund’s first acquisition in Indianapolis.
Reports in the US press estimated the price paid to be around $100m (€73.5m).
Jim Hutchinson, president of LaSalle Income & Growth Funds, said the location made sense due to its “stable, diversified and rapidly growing economy” and strong population and job growth.
“Tenants are attracted to the location and amenities of the Keystone submarket,” he said. “The property will generate a strong income return for our investors.”
The 1.2m sqft park is 94% let to tenants including Zurich Insurance.