ELKHART, IND. — Berkadia has provided a $16.8 million Fannie Mae loan for the acquisition of Walnut Trails in Elkhart. Built in 1991, the 210-unit, garden-style apartment community is located at 3530 E. Lake Drive North. Amenities include a pool, business center and clubhouse. John Schorgl of Berkadia originated the 10-year loan on behalf of the borrower, California-based Revitate Cherry Tree.
INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as the acquisition lead for MDH Partners, which now owns more than 1 million square feet in Indiana.
TERRE HAUTE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sale of South Pointe Crossing in Terre Haute for $10 million. The sale of the retail property was executed in two separate transactions. Dylan Mallory of Hanley, in association with ParaSell Inc., represented the seller, Thompson Thrift Commercial, a wholly owned company of Thompson Thrift. The first transaction consisted of a 2,212-square-foot single-tenant property occupied by Starbucks that sold for $1.8 million. The drive-thru building was constructed in 2007 and renovated in 2017. Drew Baldwin and Jake Duska of Baldwin Brothers Inc. represented the buyer, a Pennsylvania-based family office completing a 1031 exchange. The second transaction included a 41,633-square-foot retail center across four separate buildings. Built in 2002, the property was 97 percent occupied at the time of sale by tenants such as Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John’s, Once Upon a Child, Plato’s Closet, Big Red Liquors and Indiana Farm Bureau Insurance. The sales price was $8.2 million. Scott Pollom and Jane Drew Pollom of F.C. Tucker Co. Inc. represented the buyer, an Indianapolis-based private partnership completing a 1031 exchange.
PORTAGE, IND. — The Boulder Group has brokered the $4.1 million sale of a single-tenant retail property occupied by Firestone in Portage, a city in Northwest Indiana. The 6,116-square-foot building is located on Highway 6. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based investor completing a 1031 exchange. A national development firm was the seller.
ILLINOIS AND INDIANA — Morgan Properties has acquired two multifamily portfolios totaling eight communities and 2,986 units in Illinois and Indiana for $410 million. With the addition of these new assets, Morgan Properties now owns and operates 2,035 units in Illinois, 3,692 units in Indiana and more than 95,000 units nationwide. The Illinois portfolio consists of The Lakes of Schaumburg in Schaumburg, Blackhawk Apartments in Elgin and The Gates of Deer Grove in Palatine. The Indiana portfolio consists of The Boardwalk at Westlake, Parkside at Castleton Square, Lakeside Crossing at Eagle Creek, The Elliott at College Park and The Preserve on Allisonville. Morgan Properties plans to invest more than $40 million in capital improvements across the two portfolios. The seller was undisclosed.
GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …
CARMEL, IND. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp. Used car dealer CarMax operates more than 220 locations across the United States.
MOUNT COMFORT, IND. — Core5 Industrial Partners has broken ground on C5 Indianapolis East, a 1.2 million-square-foot speculative industrial building in the Indianapolis suburb of Mount Comfort. The project will be the largest speculative building in the Indianapolis market, according to Core5. Completion is slated for the second quarter of 2023. The development will offer 635 auto parking spaces, 259 trailer spaces, 120 dock doors, two drive-in doors, electric vehicle charging stations, 12,000 square feet of office space and a clear height of 40 feet. The project is situated in Hancock County along I-70. Steve Schwegman and Brian Seitz of JLL will market the project for lease.
FISHERS, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased a 350,000-square-foot office campus in the Indianapolis suburb of Fishers. Known as 11100 USA Parkway, the property is situated near The Yard at Fishers District, a new mixed-use development. The nearly 40-acre office campus, developed in 1990 and 1995, features a cafeteria, auditorium, fitness center and conference space. Tenants include Navient Solutions, First Data Resource and Pendrick Capital Partners. John Robinson, Abby Zito and Kevin Gillihan of JLL represented the seller, Navient, which will remain a tenant in the building. JLL will also oversee leasing efforts on behalf of new ownership.
CARMEL, IND. — JLL has completed the lease-up of The Agora at the Proscenium in the Indianapolis suburb of Carmel. The 100,000-square-foot office building is now home to Valeo, Schwarz Partners, Lauth, Gallagher, Lambda Chi Alpha, Cityscape Residential, Indy Knitwear and Renaissance Specialty Insurance. Lauth completed development of the property in the fall of 2020. The development also features luxury apartments and condos along with 40,000 square feet of retail space. John Vandenbark of JLL was the leasing agent for the office space.