Indiana

Union Hospital in Western Indiana Receives $266.6M Mortgage Refinancing

by Jeff Shaw October 14, 2016

TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …

October 14, 2016

Indiana Midwest Office

Colliers Brokers Sale of 106,404 SF Office Building in Carmel, Indiana

by Amy Works October 12, 2016

CARMEL, IND. — Colliers International has arranged the sale of 550 Congressional, an office building located in Carmel, a northern suburb of Indianapolis. An affiliate of Tryperion Partners purchased the property from a joint venture between REI Real Estate Services and Perennial Investments in an all-cash transaction for an undisclosed sum. The three-story building features 106,404 square feet of Class A office space, a bocce ball court, fire pit and grill, outdoor meeting areas and a bike share program. Colliers represented the seller in the deal. This purchase is Tryperion’s first acquisition in the Indianapolis area.

October 12, 2016

Indiana Industrial Midwest Office Retail

Bradley Company Commercial Real Estate Completes Five Transactions in Indiana

by Amy Works October 11, 2016

AUBURN AND FORT WAYNE, IND. — Bradley Company Commercial Real Estate has completed five transactions in Auburn and Fort Wayne. In the first transaction, Carl Diehm of Bradley represented the landlord, Cenway Center, and the tenant, Agri-Labs Inc., in the lease of 2,160 square feet of retail space at 915 Cardinal Court within Cenway Business Center in Auburn. In the second deal, Tyler Binkley of Bradley represented the Feuser Contracting Inc. in the sale of an 11,992-square-foot office building at 7702 Bluffton Road in Fort Wayne. The name of the buyer and acquisition price were not released. In the third transaction, Stanley Phillips and Kelly Castle of Bradley represented the landlord, RITS Ltd. Brokers in the lease negotiation of retail space at 6127 Stellhorn Road within Maplewood Plaza in Fort Wayne. The name of the tenant and lease size were not released. In the fourth deal, Phillips represented the landlord, Fort Wayne Associates, and Binkley represented the tenant, Phil’s Hobby Shop, in the lease of retail space located within Parkwest Center at 3938 W. Jefferson Road in Fort Wayne. In the last deal, Paul Refakis of Bradley represented the landlord, Lynn Leasing, and Kienan O’Rourke of Bradley represented the tenant, Blasius …

October 11, 2016

Indiana Midwest Retail

Lee & Associates Arranges 1,860 SF Retail Space for Pure Barre Location in Indianapolis

by Amy Works October 10, 2016

INDIANAPOLIS — Lee & Associates has brokered the lease of retail space at 6280 N. College Ave. in Indianapolis. An undisclosed lessee plans to open a 1,860-square-foot Pure Barre location at the site within The Broad Ripple Garage. Crystal Kennard and Scot Courtney of Lee & Associates represented the undisclosed landlord in the transaction.

October 10, 2016

Indiana Midwest Office

Colliers Arranges Sale of 201,276 SF Office Park in Indianapolis

by Amy Works October 3, 2016

INDIANAPOLIS — Colliers International has brokered the sale of Waterfront Office Park, an office park located at 2611-2780 Waterfront Parkway E. Drive in Indianapolis. New Boston Fund sold the four-building, 201,276-square-foot park for an undisclosed price. Alex Cantu, Rich Forslund and Matt Langfeldt of Colliers Indianapolis | Capital Markets represented the seller in the deal. The name of the buyer was not released.

October 3, 2016

Indiana Industrial Midwest Wisconsin

STREAM Capital Partners Brokers $8M Sale-Leaseback of Industrial Portfolio in Wisconsin, Indiana

by Amy Works October 3, 2016

KENOSHA, WIS., AND WARSAW, IND. — STREAM Capital Partners has arranged the sale-leaseback of a three-building portfolio of more than 151,000 square feet of industrial space in Kenosha and Warsaw. The properties are located at 3724 N. State Road and 486E 350N in Warsaw and 5307 95th Ave. in Kenosha. Tecomet sold the portfolio to an undisclosed REIT for $8 million. The seller then leased back three of properties as a long-term triple-net lease with periodic rent increases and multiple options for renewal from the new owner. Jonathan Wolfe and Jordan Shtulman of STREAM represented the seller in the transaction.

October 3, 2016

Indiana Midwest Retail

Quantum Real Estate Advisors Negotiates $3M Sale of Multi-Tenant Retail Property in Portage, Indiana

by Amy Works October 3, 2016

PORTAGE, IND. — Quantum Real Estate Advisors has arranged the sale of a newly constructed, multi-tenant retail building located at 6030-6036 U.S. Highway 6 in Portage. A Chicago-based developer sold the property to a private real estate investor for $3 million. At the time of sale, the 5,934-square-foot property was fully leased to Starbucks Coffee, Domino’s Pizza and Five Guys. Chad Firsel of Quantum Real Estate Advisors represented the seller in the deal.

October 3, 2016

Indiana Midwest Retail

The Boulder Group Brokers Sale of Net Leased Jiffy Lube in Indiana

by Haisten Willis September 27, 2016

LAFAYETTE, IND. — The Boulder Group has brokered the sale of a single-tenant Jiffy Lube property located at 3115 South St. in Lafayette for $910,000. The property is located at the southwest corner of South Street and South Earl Avenue near Purdue University. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. A Midwestern private partnership was the seller, while a private REIT was the buyer. The corporately guaranteed Jiffy Lube lease expires Oct. 31, 2022. The lease features 3 percent rental escalations in each of three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co.

September 27, 2016

Indiana Midwest Retail

Baceline Investments Sells Retail Center in Indianapolis for $7.9M

by Haisten Willis September 23, 2016

INDIANAPOLIS — Baceline Investments LLC has sold Raceway Commons, a 33,000-square-foot retail center in Indianapolis, for $7.9 million. Baceline purchased the property in May 2012 for $4.3 million as part of its No Debt Fund III. Located at 55 S. Raceway Road and situated on 4.9 acres, Raceway Commons is one of five Indiana-based retail properties owned by Baceline. The center, consisting of retail and office space in two single-story buildings, was constructed in 2003. The property was 94 percent occupied at the time of sale.

September 23, 2016

Indiana Midwest Multifamily Student Housing

Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana

by Haisten Willis September 20, 2016

BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.

September 20, 2016

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