INDIANAPOLIS-PWA Real Estate LLC has purchased a three-building property here, across from the one-million-square-foot Keystone at the Crossing office park, for $15.5 million. BPG Properties had been the owner of 8500 Keystone Crossings, which includes a 100,000-square-foot office building.

The owners had purchased the office in 2005 from TIAA-CRE as part of the six-building Keystone at the Crossing portfolio, using the $550 million BPG Investment Partnership VII fund. The 8500 office building then was 79% leased. Now, the office is 88% occupied with tenants that include General Casualty Co., GSA/SBA, 20/20 Institute and M/I Homes. There are no lease expirations until 2013, says Christopher Locatell, VP with BPG.

The site also includes two retail outlots that BPG built for Fidelity Brokerage Services and Jared. Together, the retail buildings total about 17,000 square feet. The owner has completed a $15 million improvement program for the entire Keystone complex, including $1.5 million to refurbish the 8500 building.

Locatell says his firm decided to unload the site at a time to maximize the return for their fund. He says the occupancy of the site made it attractive to a few interested companies. “We had five decent bids,” he says. “It’s a challenge to sell in this market, everything is driven by financing, but this asset is well leased. And there definitely seems to be a change in attitude, there seems to be a reasonable floor reached. Debt can be found now, and buyers are willing to wade back in for particular assets that show value.” Rebecca Wells, SVP with Cassidy Turley, represented BPG in the sale.

The 37-acre Keystone at the Crossing property, originally developed between 1978 and 1988, consists of five office buildings and one retail building. The portfolio features mid- and high-rise buildings.