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INDIANAPOLIS-Portland, OR-based RealNet Investments LLC purchased Carmel Office Court, a 53,049-sf retail and office center, on behalf of seven tenant-in-common investors. The price was $7.6 million, or $143.24 per sf, with a cap rate of 7.76%

Scott Fouser, founder and managing principal of RealNet, says the eight-building property’s location in fast-growing Hamilton County was one of the many factors that made it an attractive buy. “This asset has great fundamentals and some of the best demographics we have seen in recent memory,” he says. “A strong rent roll, high tenant loyalty, and an absence of competing projects make Carmel Court attractive in any context.”

Constructed in 1990, the brick and wood trim buildings are 98% occupied. The property includes six multi-tenant, garden-style office buildings, a multi-tenant strip center and a single-tenant retail building. Carmel Court’s tenants are a mix of national and regional businesses, including Nationwide Insurance, Horace Mann, Cytec Industries, McNamara Florist and J.S. Marten Jewelers. Carmel Office Court is 30 minutes north of downtown Indianapolis and five minutes north of Interstate 465.

RealNet also recently closed on the acquisition of Oaklandon Plaza, a 32,114-sf class B retail center at 11725 Pendleton Pike in Indianapolis. The cap rate was 7.36%, according to company officials, but RealNet would not divulge the purchase price. Oaklandon Plaza, an L-shaped, single-story retail building, was built in 1965, expanded and renovated in 1989, and was given a new facade in 2005. It is 96% occupied.

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