Indiana

JLL Provides $18.2M Acquisition Loan for Affordable Housing Community in Lafayette, Indiana

by Kristin Harlow March 30, 2023

LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.

March 30, 2023

Acquisitions Indiana Midwest Retail

Quantum Brokers $4M Sale of Retail Center in Portage, Indiana

by Kristin Harlow March 30, 2023

PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $4 million sale of a 26,500-square-foot retail center in Portage, a city in Northwest Indiana. Built in the mid-2000s, the property was 89 percent leased at the time of sale to tenants such as Rush Physical Therapy, Indiana Farm Bureau and Edible Arrangements. Chad Firsel of Quantum represented the seller, an Illinois-based developer. A Colorado-based private investor completing a 1031 exchange was the buyer.

March 30, 2023

Affordable Housing Development Healthcare Indiana Midwest Multifamily

Venture Unveils $65M Master Redevelopment Plan for Meridian Street in Indianapolis

by Kristin Harlow March 27, 2023

INDIANAPOLIS — Local healthcare provider Adult & Child Health, Colliers, healthcare real estate company Innovcare and national development firm TWG have unveiled a master plan for the redevelopment of Meridian Street in Indianapolis. Project costs are estimated at $65 million. Plans call for the redevelopment of six buildings along the North Meridian Corridor. The development team plans to convert the properties into new uses such as primary care services, mental health services and affordable housing. All of the buildings are located within a federal Opportunity Zone and near the IndyGo Red Line. The project is made possible through support from the City of Indianapolis. Innovcare will pay real estate property taxes to further the redevelopment and investment of the Meridian corridor. Adult & Child Health signed a long-term lease to relocate to 1840 N. Meridian St. upon completion of the redevelopment project. The 40,000-square-foot building and parking area, previously owned by Indianapolis Public Schools, has sat vacant for seven years. Colliers assisted Adult & Child Health in its new lease as well as the sale of two existing assets at 603 E. Washington St. and 222 E. Ohio St. Indianapolis-based TWG has acquired four vacant buildings and plans to redevelop …

March 27, 2023

Development Indiana Industrial Midwest

Pure Development Completes 111,734 SF Industrial Facility for Domino’s Pizza in Merrillville, Indiana

by Kristin Harlow March 21, 2023

MERRILLVILLE, IND. — Pure Development has completed a 111,734-square-foot industrial facility for Domino’s Pizza in Merrillville, a city in Northwest Indiana. The development is now open and is utilized for production, storage and distribution of pizza dough in support of Domino’s operations throughout Indiana, Illinois, Michigan and Wisconsin. Pure Development broke ground on the project in August 2021.

March 21, 2023

Development Illinois Indiana Leasing Activity Michigan Midwest Minnesota Office Ohio Wisconsin

IWG Adds 34 New Flexible Workspaces Across Midwest

by Kristin Harlow March 20, 2023

NEW YORK CITY — New York City-based International Workplace Group (IWG) has added 34 new flexible workspaces in the Midwest region in the last six months. Including these new locations, IWG has added roughly 150 locations nationwide across the U.S. since October 2022. IWG intends to add 1,000 new locations globally. IWG’s new locations stretch across brands such as Spaces, Regus and HQ, and are situated in both urban and suburban areas across markets such as Chicago; Columbus, Ohio; Jeffersonville, Ind.; Grand Rapids, Mich.; Lakeville, Minn.; and De Pere, Wis. The Midwest offices total more than 280,000 square feet. About 76 percent of the new workspaces are located in smaller towns and communities outside of metro areas. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.

March 20, 2023

Acquisitions Indiana Midwest Multifamily Seniors Housing

ESI Arranges Sale of 48-Unit Assisted Living Community in Merrillville, Indiana

by Kristin Harlow March 16, 2023

MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.

March 16, 2023

Development Indiana Industrial Midwest

Mohr Capital Completes Development of 846,260 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow March 15, 2023

WHITELAND, IND. — Mohr Capital has completed the development of an 846,260-square-foot industrial facility at its Mohr Logistics Park in the Indianapolis suburb of Whiteland. The property at 5365 N. Graham Road features a clear height of 40 feet. So far, one tenant has signed a lease for 513,000 square feet. A lease for the remaining space is currently under negotiation. Both tenants are expected to occupy the building this summer. The project team included Pepper Construction, Curran Architecture and American Structurepoint. Mark Writt of CBRE handles the leasing.

March 15, 2023

Indiana Industrial Loans Michigan Midwest

iBorrow Provides $13.5M Loan for Refinancing of Two Industrial Properties in Michigan, Indiana

by Kristin Harlow March 14, 2023

ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.

March 14, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Property in Granger, Indiana

by Kristin Harlow March 8, 2023

GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.

March 8, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Merrillville, Indiana

by Kristin Harlow March 7, 2023

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

March 7, 2023

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