INDIANAPOLIS — Sansone Group and its joint venture partner Centersquare Investment Management have sold a 424,849-square-foot industrial facility in Indianapolis for an undisclosed price. Conrad Jacobs and Matt Kiger of Newmark assisted in the lease-up of the previously vacant property. Located at 7520 Georgetown Road, the property is now fully leased to Blue Marble Productions and DXL. The buyer was not disclosed.
GARY, IND. — Marcus & Millichap has brokered the $4.1 million sale of Melody Lane Mobile Home Park in Gary, about 25 miles southeast of Chicago. Located at 3625 Calhoun St., the property consists of 154 home sites, 54 of which are park-owned homes. There is also an onsite office. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, an out-of-state limited liability company.
WHITESTOWN, IND. — JLL Income Property Trust has purchased Whitestown Distribution Center in Whitestown, a northwest suburb of Indianapolis, for $62 million. The two-building distribution center spans 720,000 square feet. Completed this year, it is now fully leased. The larger of the two buildings is 440,000 square feet and is leased to an undisclosed investment-grade tenant, while the second building spans 280,000 square feet and is leased to a third-party logistics company servicing the healthcare industry. This acquisition brings JLL Income Property Trust’s aggregate industrial allocation to more than $850 million across 36 properties in 12 markets. The seller was undisclosed.
MICHIGAN CITY, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has completed development of a 200,000-square-foot industrial build-to-suit for GAF Materials Corp. in Michigan City. The property, which sits on 45 acres at 130 Tri Quad Drive, features office, warehouse and concrete storage capacity. GAF, a subsidiary of Standard Industries, is a roofing and waterproofing manufacturer. Larson Danielson served as general contractor. Bank of Texas provided construction financing.
INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.
WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.
INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.
FORT WAYNE, IND. AND FARMINGTON HILLS, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in 1987. Mid Eleven Center, built in 1980, was 97 percent leased at the time of sale. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a San Francisco-based private equity fund. An institutional buyer purchased the portfolio.
INDIANAPOLIS — Newmark has brokered the sale of The Avenue, a 358-bed student housing property near Indiana University-Purdue University Indianapolis (IUPUI). The asset features one-, two- and four-bedroom units with a variety of floor plans. The property sits on 3.4 acres directly adjacent to the northern edge of campus. Ryan Lang, Jack Brett and Debbie Corson of Newmark represented the seller, Preiss Cos., in a partnership with Investcorp. Atlanta-based Student Quarters was the buyer. IUPUI is a core campus of Indiana University that also offers Purdue University degrees. It is the result of a 1969 merger between Purdue Indianapolis Extension Center and Indiana University Indianapolis.
INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …
