Indiana

White Lodging Reacquires Indianapolis Marriott Downtown for $165M

by Christina Cannon July 19, 2016

INDIANAPOLIS — The original developer of the Indianapolis Marriott Downtown has reacquired a property it opened more than 15 years ago. Affiliates of Merrillville, Ind.-based White Lodging Services Corp. and REI Investments bought the 622-room hotel from LaSalle Hotel Properties (NYSE: LHO) for $165 million and plan to begin renovations in the first quarter of 2017. White Lodging has managed the hotel since its inception. The renovation will include 10 additional guestrooms as well as two new restaurants and a new lobby bar. White Lodging, REI Investments and Kite Cos. originally owned and opened the Indianapolis Marriott Downtown in February 2001. The hotel offers more than 40,000 square feet of meeting and event space with two restaurants and a Starbucks.

July 19, 2016

Indiana Industrial Midwest

Colliers International Arranges $6.3M Sale of Industrial Center in Indianapolis

by Haisten Willis July 15, 2016

INDIANAPOLIS — Colliers International has arranged the sale of the FedEx distribution center located at 7250 E. 90th St. in Indianapolis. The facility is an 89,024-square-foot industrial building located in the city’s northeast submarket. Colliers International marketed the property on behalf of the seller, Citimark. Greenstone Partners, a firm based in Chicago, purchased the asset for $6.3 million at a 6.5 percent cap rate. Built in 1998 for Federal Express, 7250 E. 90th St. is located in the Northeast Business Center, an industrial park near I-69 and I-465. Alex Cantu and Jason Speckman led the Colliers International team representing the seller. The buyer represented itself in the transaction.

July 15, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Brokers Sale of 72-Unit Apartment Community in Anderson, Indiana

by Christina Cannon July 11, 2016

ANDERSON, IND. — RESOURCE Commercial Real Estate has brokered the sale of a 72-unit multifamily community in Anderson, approximately 40 miles northeast of Indianapolis. Broadway Park Apartments consists of one-, two- and three-bedroom apartments that range from 550 to 950 square feet. Consolidated Lots LLC sold the property to DWRES LLC for an undisclosed price. Amenities at Broadway Park Apartments, built in 1964, include a courtyard, laundry facility, on-site parking and a playground. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.

July 11, 2016

Indiana Midwest Retail

Novak Construction Finishes 153,000 SF Costco in Indianapolis

by Christina Cannon July 8, 2016

INDIANAPOLIS — Novak Construction has completed a 153,000-square-foot Costco Wholesale in Indianapolis. The building includes a food court, meat preparation area, bakery, freezer and cooler, optical center, photo processing area, pharmacy and tire center. The project also features a fuel center. Construction was completed in 110 days. Costco Wholesale is a chain of membership warehouses with 494 locations throughout the United States and Puerto Rico.

July 8, 2016

Indiana Midwest Retail

The Boulder Group Brokers $1.5M Sale of Building Near Chicago Net Leased to Advance Auto Parts

by Christina Cannon July 7, 2016

EAST CHICAGO, IND. — The Boulder Group has arranged the sale of a retail building net leased to Advance Auto Parts for $1.5 million. The facility is located at 1200 W. Chicago Ave. in East Chicago. A Midwest-based developer sold the asset to an East Coast-based private investor in a 1031 exchange. Advance Auto Parts’ lease expires in 2030 and features 7.5 percent rental escalations each renewal period. The immediate area features retailers such as Walgreens, PNC Bank, Strack & Van Til Grocers, McDonald’s, Dollar General, Burger King and Citizen Financial Bank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

July 7, 2016

Indiana Loans Midwest Retail

NorthMarq Capital Arranges $1.4M Loan for Strip Center Near Louisville

by Christina Cannon July 6, 2016

NEW ALBANY, IND. — NorthMarq Capital has arranged a $1.4 million loan to refinance the Silver Run Center in New Albany, approximately five miles northwest of Louisville, Ky. The 11,355-square-foot property, located at 2860-2880 Charlestown Road, is shadow anchored by Kroger. The financing features a fixed-rate, three-year term and 20-year amortization schedule. Randall Waddell of NorthMarq Capital placed the loan with a local bank.

July 6, 2016

Indiana Loans Midwest Multifamily

Dougherty Mortgage Closes $8.3M Acquisition Loan for Apartment Complex in Indianapolis

by Christina Cannon July 5, 2016

INDIANAPOLIS — Dougherty Mortgage LLC has closed an $8.3 million Fannie Mae loan for the acquisition of a 192-unit apartment property in Indianapolis. Amenities at Madison Village include a clubhouse, laundry facilities, grilling stations, swimming pool with sundeck, technology lounge and fitness center. Oak Hills Village LLC was the borrower. The loan features one year of interest-only payments and a 30-year amortization schedule.

July 5, 2016

Indiana Midwest Retail

CBRE Arranges Sale-Leaseback of 19 Facilities Operated by Raben Tire Co.

by Christina Cannon July 1, 2016

EVANSVILLE, IND. — CBRE has assisted Raben Tire Company Inc. in the sale-leaseback of 19 property across five states. A private REIT, Broadstone Net Lease, acquired the assets, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri. The properties total 450,711 square feet. Raben Tire Co. currently operates 28 stores, three retreading facilities and two wholesale distribution centers. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE’s Chicago office, along with Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office, represented Raben Tire Co. in the transaction.

July 1, 2016

Hospitality Indiana Midwest

Drury Hotels Opens New 303-Room Hotel in Indianapolis

by Christina Cannon June 30, 2016

INDIANAPOLIS — Drury Hotels Co. has opened the Drury Plaza Hotel Indianapolis Carmel. The hotel features 303 guest rooms and over 7,000 square feet of event space. Amenities include Wi-Fi, a complimentary breakfast, business center, fitness center and an indoor/outdoor pool with hot tub. The Drury Plaza offers king, queen and two-room suites. Missouri-based Drury Hotels Co. owns and operates over 130 hotels in 21 states.

June 30, 2016

Indiana Midwest Multifamily Seniors Housing

Exceptional Living Centers Opens 42-unit Assisted Living Community in Indiana

by Christina Cannon June 24, 2016

BRAZIL, IND. — Exceptional Living Centers has opened Towne Park Assisted Living of Brazil, a 42-unit assisted living community located approximately 60 miles southwest of Indianapolis. The community is situated on the campus of Exceptional Living Center of Brazil, a 105-bed skilled nursing facility. The proximity will allow residents to age in place. Exceptional Living Centers is an operator of 16 facilities in the Midwest that span the continuum of care.

June 24, 2016

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