Indiana

CBRE Global Investors Purchases 505,872 SF Warehouse in Metro Indianapolis

by Kristin Harlow August 5, 2021

GREENFIELD, IND. — A fund sponsored by CBRE Global Investors has purchased a 505,872-square-foot warehouse in the eastern Indianapolis suburb of Greenfield for an undisclosed price. Completed this year, the property is known as Mount Comfort Logistics Center II and is fully leased. The building sits on a nearly 43-acre site at 4268 W. County Road. The property features a clear height of 36 feet, 50 dock doors, three drive-in doors, 50 trailer parking spaces and 155 auto parking spaces. The facility is expandable by more than 220,000 square feet. Seller information was not disclosed.

August 5, 2021

Indiana Midwest Retail

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Kristin Harlow August 3, 2021

INDIANAPOLIS — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.” Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share Monday, Aug. 2, up from $126.53 per share on Friday, July 30.

August 3, 2021

Indiana Loans Lument Midwest Multifamily

Lument Provides $50.4M Acquisition Loan for Apartment Community in Carmel, Indiana

by Kristin Harlow August 2, 2021

CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.

August 2, 2021

Acquisitions Indiana Industrial Midwest

Livingston Street Capital Sells Indiana Industrial Facility for $55.3M

by Kristin Harlow July 30, 2021

COLUMBUS, IND. — Livingston Street Capital has sold a 393,817-square-foot industrial facility in Columbus, about 45 miles south of Indianapolis. Bridge Investment Group purchased the asset for $55.3 million. Faurecia Emissions Control Technologies USA LLC, part of the Faurecia Clean Mobility Group, occupies the property on a net-lease basis. Jason DeWitt, Brian Shanfeld, Ed Halaburt, Nick Franklin and Steve Okon of JLL represented Livingston Street Capital, which acquired the facility in November 2018.

July 30, 2021

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $5.6M Sale of Office Portfolio in Indianapolis

by Kristin Harlow July 29, 2021

INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an owner-occupant.

July 29, 2021

Acquisitions Healthcare Indiana Midwest North Dakota

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

by Kristin Harlow July 27, 2021

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.

July 27, 2021

Indiana Loans Midwest Retail

Parkview Financial Provides $34M Bridge Loan for Lifestyle Center in Plainfield, Indiana

by Kristin Harlow July 26, 2021

PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.

July 26, 2021

Development Indiana Industrial Midwest Wisconsin

HSA Commercial Begins Development of Three Spec Warehouses Totaling 855,748 SF in Indiana, Wisconsin

by Kristin Harlow July 26, 2021

PLAINFIELD, IND. AND CUDAHY AND BRISTOL, WIS. — HSA Commercial Real Estate has begun development of three warehouses totaling 855,748 square feet in metro Indianapolis and southeast Wisconsin. All of the developments are being built on a speculative basis. The first building is Gateway Industrial VI within the Gateway Business Park in Plainfield, a western suburb of Indianapolis. The 278,148-square-foot warehouse is the sixth building that HSA has developed in the 55-acre industrial park since 2004. Scheduled for completion in late 2021, it will feature a clear height of 32 feet, 28 truck docks and 621 parking spaces. The second project will span 130,600 square feet at 4850 S. Pennsylvania Ave. in Cudahy, a southern suburb of Milwaukee. The building, which replaces a vacant structure, is slated for delivery in June 2022. It will feature a clear height of 32 feet, 13 truck docks and 102 parking spaces. Lastly, HSA is developing its third warehouse within Bristol Highlands Commerce Center in Bristol, about 40 miles south of Milwaukee. The 447,000-square-foot building is scheduled for completion in early 2022. It will feature a clear height of 36 feet, 73 truck docks and ample parking for employees. Premier Design + Build Group …

July 26, 2021

Development Indiana Industrial Midwest

Dayton Street Partners Acquires Land in Northwest Indiana, Plans 538,038 SF Spec Industrial Project

by Kristin Harlow July 23, 2021

PORTAGE, IND. — Dayton Street Partners LLC has acquired a 42-acre site in Portage with plans to develop a three-building speculative industrial project spanning 538,038 square feet. The development will be known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller. Upon closing, the duo will be retained to market the buildings for lease or sale on behalf of Dayton Street. A timeline for construction was not released.

July 23, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates Sale of 114,867 SF Shopping Center in Indiana

by Kristin Harlow July 20, 2021

MICHIGAN CITY, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Lake Park Plaza in the northwest Indiana town of Michigan City. The sales price was undisclosed, but the listing price was $6.3 million. Anchored by Hobby Lobby, the 114,867-square-foot shopping center is also home to Joann, Citi Trends and a variety of other tenants. Built in 1992, Lake Park Plaza was 91 percent occupied at the time of sale. Eric Wohl and CJ Kiehler of Hanley, in association with Scott Reid & ParaSell Inc., represented the seller, Atlanta-based RCG Ventures. A private investment company located near Miami was the buyer.

July 20, 2021

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