WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.
INDIANAPOLIS — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. CoOhatch offers coworking spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.
GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.
NEW HAVEN, IND. — Bradley Co. has negotiated the sale of a 53,000-square-foot industrial building located along Hartzell Street in New Haven, just east of Fort Wayne. The sales price was undisclosed. Bill Drinkall and Dave Horacek of Bradley represented the seller, an entity doing business as Debray LLC. Marquardt Property Management LLC was the buyer.
INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.
MUNCIE, IND. — JLL Capital Markets has arranged the sale of Muncie Marketplace in Muncie for $14.6 million. Built in 2014, the 77,871-square-foot retail center is fully leased to seven national tenants, including Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Kay Jewelers and GameStop. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murray of JLL represented the seller, AlbaneseCormier Holdings LLC. War Chest Real Estate LLC was the buyer.
EVANSVILLE, IND. — The Investment Properties Group of SRS Real Estate Partners has arranged the sale of an 81,619-square-foot shopping center in Evansville, a city in Southwest Indiana. The sales price was $4.7 million. The fully leased property is home to Big Lots, Ruler Foods and Barton’s Home Outlet. Kyle Stonis and Pierce Mayson of SRS represented the seller, Bodin Properties 6 LLC. The buyer was Anchor Investments LLC.
GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.
MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
WESTFIELD, IND. — TWG is underway on construction of Grand Park Village, a $57 million apartment development in Westfield, a northern suburb of Indianapolis. The project will consist of several buildings located directly south of Grand Park, a 400-acre youth and recreational sports complex. The 240-unit apartment community will feature amenities such as a dog park, fitness center, clubhouse, pool and grilling stations. Centier Bank provided project financing. Completion is slated for summer 2024.
