Institutional Joint Venture Marketing Industrial

A joint venture between CalPERS and LaSalle Investment Management is selling a 12-building portfolio of office/flex buildings in Indianapolis. The joint venture, dubbed CalEast, has enlisted Cushman & Wakefield to sell the 656,000 sq. ft. portfolio, which is located in two business parks along Interstate 465 close to downtown and the airport.

According to a local source, the deal is valued at $64 per sq. ft., or around $42 million. Occupancy stands at 84%. Primary tenants include the Department of Agriculture, the U.S. Geological Survey and U.S. Customs.

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