Thriving Business Park Sold by Wells Fargo

March 23, 2011 / Elizabeth Buckley, Commercial Property Analyst

A business park called North by Northeast Business Park located at Fishers, Indiana, was recently sold to Minneapolis-based Meritex Enterprises Inc’s affiliate. The selling price was not disclosed by a Cassidy Turley Principal’s Jeff Castell, the real estate broker and firm who handled the transaction for the seller, Wells Fargo Bank — who purchased the business park in April 2010 at a sheriff sale.

Thriving Business Park Sold by Wells Fargo

In Costa Mesa, California, inline with commercial property acquisition, real estate investment company, Irvine Co has acquired an assortment of office buildings— Pacific Arts Plaza. Terms of the deal were also not disclosed in the company’s released statement.

The business park, North by Northeast, was previously owned developed in 1989 by Sacramento, California-based Kobra Properties, but in December 2008 the company filed for Chapter 11 reorganization.

According to the chief investment officer at Meritex Enterprises, Dan Williams, the company has shown interest in the business park for two years, but waited for the foreclosure process, which was followed by the non-performance of quite a lot of other buyer groups.

Consist of three commercial building ranging in sizes, the business park is 79-percent leased and has major seven tenants. Among the seven tenants includes the Patio Enclosures Inc — a home builder, Cooper Industries — manufacturer of electrical products, and McNamara Florists — a local florist in Indianapolis.

The new owner, Meritex Enterprises, according to company information, hired leasing agents from Indianapolis office of Jones Lang LaSalle — Brian Buschuk and Brian Seitz.

Meritex will be having some improvements in the business park, including installing new landscaping, general maintenance repairs, repaving the parking lots, roof repairs, and more.

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