Intech 12 Case Study
$8.4 MM Office Acquisition & Sale – Indianapolis, IN
Intech 12 is representative of Encore’s value-add strategy in the office sector. The asset is institutional quality, well-located, and a class A office building with convenient access to the airport and commercial business district. Situated in Indianapolis, IN, the area consistently saw a healthy demand for space among large, high-credit tenants due to the region ranking high in most logistics categories (over 75% of the U.S. and Canadian population can be reached within a one-day truck drive). Once acquired, Encore’s strategy was to re-position the building for a single tenant user. Through its relationships in the local brokerage community, the company was aware of several large tenants intending to relocate to Indianapolis within the next 12 months. Encore approached these potential tenants, and during negotiations of a long-term lease with Lowe’s Companies, Encore eventually negotiated the sale of the building to Lowe’s at a substantial profit.