Downtown’s Allen Plaza sold to local investment group – Indianapolis Business Journal

Allen Plaza on 1 Virginia Avenue (Image courtesy of Google)

The downtown building that once housed Scotty’s Brewhouse restaurant and several office users has been sold to a group of local investors.

The Allen Plaza, a nine-story building at 1 Virginia Avenue, has been sold by Jefferson Plaza LLC, an entity of the Allen Property Group. It was purchased by One Virginia LLC on January 13th at an undisclosed price.

Constructed in 1948, the building wraps around three sides of the Majestic Building on the corner of Pennsylvania and Maryland streets and is flanked by an 8,500-square-foot outdoor plaza on the north side facing Virginia Avenue.

This property has over 20 privately owned condos not for sale.

Developer J. Greg Allen acquired the building, formerly known as Jefferson Plaza, from a foreclosure in February 2005 and spent approximately $14 million to renovate the building and install a modern glass façade. Scotty’s occupied the ground floor from 2009 until he closed in December 2018 after the chain declared bankruptcy.

The building’s 58,800 square feet of office and retail space are now mostly vacant, following the recent exits of HomeAdvisor, third-party logistics firm Backhaul Direct, and the headquarters of local restaurant chain Noble Roman’s Pizza. I’m here. Allen Commercial Group, an affiliate of the previous owner, plans to vacate the property in the coming months.

“This is a great property with untapped potential,” said Rob Coombs, an Indianapolis broker who holds a minority stake in the holding company that buys the building. “Not so big [the downtown towers], but big enough to be the headquarters of any company that wants to make a statement about its commitment to Indianapolis. ”

Coombes, a broker for Shook Realty Group, said he has not yet been given the authority to disclose its members because the ownership group has not yet been finalized. However, he described the group as “all local real estate professionals and enthusiasts, and all people who believe very much in downtown Indianapolis.”

He has worked on projects such as the renovation of Gainbridge Fieldhouse (and a nearby plaza currently under construction), the redevelopment of Pan Am Plaza, plans for the Elevator Hill campus on the east side, and Indy Eleven owner Ersal Ozdemir’s project at Diamond. pointed out the project. Chain site as a contributing factor to the planning of owner groups to invest in buildings.

Coombes was used to find new tenants for the building now known as One Virginia, which includes approximately 9,500 square feet of ground floor restaurant space.

Part of the outdoor plaza is designated exclusively for restaurant tenants. The building also has his 49,500 square feet of office space available over four floors.

“The advantage of the building being vacant now is that some spaces are ready to move in. Likewise, we have a lot of flexibility in finding the space and layout that best suits our end users,” said Coombes. If one company chooses not to use the entire building, the leasing team can find other users, he added. Complements the primary tenant.

“It’s a great building in a great location for a tenant or combination of tenants that can really contribute to downtown Indianapolis,” he said.

The owner group hired ALO Property Group to manage the building. Managers are expected to work directly with the property’s condominium owner’s association on property maintenance. Coombes said the building will be renovated “from the inside,” including office spaces, plazas and streets. He said future major tenants will likely be able to make exterior improvements to match their branding.

Coombes represented the buyer in the purchase and John Robinson of JLL and John Cunningham of Allen Commercial Group represented the seller.

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