COMMERCIAL REAL ESTATE
Kite Realty Group
Sam Smith, CCIM, SIOR, SLCR, MCR.w
Executive Managing Director | Principal
Services Provided
Advisory & Brokerage Services
Tenant Representation
Buyer Representation
Tenant Representation
Buyer Representation
Statistics
321,000 SF
854 parking spaces
854 parking spaces
Client
Kite Investments
Client
Case Study
30 South Meridian Street
Indianapolis, Indiana
Background
Bradley Company tenant / buyer representative, Sam Smith was aware of a unique purchase opportunity – the former Sallie Mae 321,000 square-foot headquarters office in downtown Indianapolis at 30 South Meridian Street. The deal also included the Union Station parking garage with 854 spaces.
Note:Bradley Company professionals substantial client transactional experience prior to joining Bradley Company, which is included in this case study.
Strategy
Sam quickly and successfully identified a buyer and correctly projected the final sale price. The same value that was indicated previously to Sallie Mae, which was substantially lower than the competitors’ forecast. He also correctly identified many of the tenants that ultimately leased space in the building, such as Eli Lilly’s vendors (100,000 s.f.).
Results
Sam represented Kite Investments in their successful purchase of the property and also represented Lumina Foundation for Education (27,000 s.f.) on their headquarters location within the building.
STRATEGY
Sam was tasked by Sallie Mae to identify sales strategies and buyers. Sam quickly identified a buyer, Kite Investments. The company had a strong marketing capability to backfill the facility, a proven redevelopment track record, and the ability to close on such a large and unique asset in a downtown office market with 20%+ vacancy rate.
RESULTS
Sam represented Kite Investments in their successful purchase of the property and also represented Lumina Foundation for Education (27,000 s.f.) on their headquarters location within the building.
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