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Read MoreAssociation Lands Prime Location in Statehouse Neighborhood with Harrison Building Purchase
The Indiana Association of REALTORS® has a new home in the heart of the state’s capital city.
Last Thursday, August 13, IAR closed on the purchase of the Harrison Building at 143 W Market St in downtown Indianapolis. Located at the southeast corner of Market Street and Capitol Avenue, the investment puts the 15,000 plus-member association directly across the street from the Statehouse, just steps from its main entrance.
“It’s fitting that the organization that represents location, now owns a prime location in the Statehouse neighborhood,” said CEO Karl Berron. “Our hope is that the building stands as a symbol of what our industry so strongly advocates for everyday—property ownership and vibrant communities—to state policy makers for many years to come.”
Real estate broker Ryan Zickler of the Indiana-based Zickler Associates, LLC advised IAR in the acquisition from the Indiana Public Retirement System.
“The Harrison Building is literally in the shadows of the Statehouse which benefits the membership, but the historic building is also a rare find in the heart of the Wholesale District,” said Zickler. “I envision the Harrison Building becoming a hub for businesses engaged in government relations work which can take advantage of the proximity to the Statehouse while also enjoying the benefits of being within walking distance to Lucas Oil Stadium, restaurants, and multiple hotels.”
Built in 1928 and used as a hotel until the 1970s, the Harrison Building has eight floors and 46,800 square feet. IAR plans to occupy two floors and lease the remaining six including the ground floor. Interested tenants can contact Ryan Zickler at 317-809-9955 or ryan@zickler.com.
Berron concluded, “It’s too early to share definite plans for the building. But it’s safe to say we’re committed to its history and architecture. And the rooftop offers an incredible view of the Statehouse dome and downtown Indy, one that makes you feel the buzz of Monument Circle and the convention center. We’re excited to put this opportunity back on the market.”
IAR represents approximately 15,500 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange, or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.
Indianapolis, IN- The reopening of the 86-year-old Indiana Parking Garage, located at 145 East Market Street, will supply much needed parking capacity to the parking-constricted downtown Indianapolis area following its purchase and renovation by Cranfill Development, a local real estate company. The 315 parking spaces will serve the emerging Market Square Arena District which is undergoing a development surge with over $100 Million in new construction slated to begin in 2015.
On January 23, 2015, Cranfill Development purchased the Indiana Parking Garage from Indiana Parking Garage Associates II, which owned and operated the garage since 1999. In 2014, the parking garage was voluntarily closed due to deferred maintenance and structural restoration.
Cranfill Development Corporation has specialized in retail and residential development in the since 1990. The purchase of the Indiana Parking Garage by Cranfill was driven by its desire to diversify the company portfolio and develop a presence in the downtown Indianapolis renaissance. “The transaction allowed us to acquire a key piece of real estate in the long-awaited redevelopment of the Market Square Arena District,” said Mark Cranfill, President, Cranfill Development. With the changing landscape of downtown Indianapolis, Cranfill added “We are excited to bring new life to a property that has a historic aspect, while providing the much needed parking to support the dramatic growth in the Market Square Arena District.”
Real estate broker Ryan Zickler of Zickler Associates, LLC, who advised and represented Cranfill Development in the acquisition, said “Our market research indicated a shortage of available parking in the central business district, and that shortage will only increase with the new development slated for the Market Square Arena District, including the planned $30 Million Cummins’ distribution headquarters, the $80 Million residential high rise building being developed by Flaherty & Collins as well as the $20 Million IndyGo Downtown Transit Center, among other projects underway.” Zickler added that the off-market acquisition opportunity resulted from his work in following the growth and development patterns of downtown Indianapolis and matching those opportunities with Cranfill’s appetite for investment
Restoration efforts on the historic building, constructed in 1929, will commence within the next 30 days. The garage is expected to re-open in early Summer 2015. The restoration work will be performed by Carl E. Most & Son, Inc., a general contractor specializing in concrete repair and restoration.
Zickler Associates, LLC
T +317-809-9955
E info@ZicklerAssociates.com
