Indiana

Colliers Brokers $8.5M Sale of Affordable Housing Property in Shelbyville, Indiana

by Kristin Harlow July 31, 2020

SHELBYVILLE, IND. — Colliers International has brokered the sale of Shelby’s Crest in Shelbyville for $8.5 million. The 120-unit affordable housing property is situated about 30 miles southeast of Indianapolis. The Section 42 low-income housing community was fully occupied at the time of sale. Monthly rents start at $817. Kevin Morris, Christopher Rivera and Amy Burmeister of Colliers’ Affordable Housing Services Group represented the seller, Dominium Group Inc. The team also procured the buyer, Harmony Housing Advisors Inc.

July 31, 2020

Acquisitions Indiana Midwest Missouri Ohio Retail Wisconsin

Gorjian Acquisitions Sells 500,000 SF Midwest Retail Portfolio for $25M

by Kristin Harlow July 29, 2020

OHIO, WISCONSIN, INDIANA AND MISSOURI — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led by Joel J. Gorjian. The privately held commercial real estate investment and management firm holds an ownership interest in 75 properties nationwide. Buyer information was not disclosed.

July 29, 2020

Acquisitions Indiana Midwest Retail

Thompson Thrift Sells Multi-Tenant Retail Building in Indiana for $2.2M

by Kristin Harlow July 27, 2020

TERRE HAUTE, IND. — Thompson Thrift Retail Group (TTRG) has sold a multi-tenant retail building in Terre Haute for $2.2 million. Birmingham, Ala.-based Sanders Capital Partners purchased the asset. Known as Honey Creek Pointe, the 7,871-square-foot building is fully leased to Five Guys, ATI Physical Therapy, Royal Nails and Sports Clips. TTRG completed development of the property in 2016. Carly Gallagher Kelly and Rick Drogosz of Mid-America Real Estate represented TTRG in the sale.

July 27, 2020

Indiana Industrial Leasing Activity Midwest

Amazon Leases 530,400 SF Within Indiana Industrial Park

by Kristin Harlow July 22, 2020

WHITELAND, IND. — Amazon has leased a newly constructed, 530,400-square-foot industrial building within Whiteland Exchange in suburban Indianapolis. The 2.4 million-square-foot industrial business park is located at I-65 and Whiteland Road. Avison Young is the exclusive listing agent for the 167-acre development. Sean McHale and Peter Seoane of Avison Young represented the developer, Jones Development Co. in the new lease with Amazon. With the completion of this lease, Jones plans to begin its next speculative project at Whiteland Exchange.

July 22, 2020

Indiana Loans Midwest Multifamily

Berkadia Provides $16.6M Refinancing for Mid-Rise Multifamily Property in Indianapolis

by Kristin Harlow July 22, 2020

INDIANAPOLIS — Berkadia has provided a $16.6 million Freddie Mac loan for the refinancing of River House in Indianapolis. Built in 2018, the 90-unit multifamily property is located at 6311 Westfield Blvd. within Broad Ripple Village. Amenities include a rooftop balcony, fitness center and enclosed parking garage. Michael Zaremski and Michael Shmuely of Berkadia secured the permanent refinancing on behalf of the undisclosed borrower. The 10-year loan, which features a 30-year amortization schedule, was used to retire a construction loan.

July 22, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Opens 51-Unit Affordable Housing Community in Kokomo, Indiana

by Kristin Harlow July 20, 2020

KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.

July 20, 2020

Acquisitions Indiana Midwest Multifamily

Birge & Held Acquires 348-Unit Apartment Property in Noblesville, Indiana

by Kristin Harlow July 16, 2020

NOBLESVILLE, IND. — Birge & Held has acquired Northlake Village in Noblesville for an undisclosed price. The 348-unit apartment property is located at 1100 Northlake Drive near I-69. The community has undergone interior renovations for 273 of its 348 units. Renovations to the clubhouse and leasing office have also been completed and an outdoor kitchen has been added. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, Buckingham Cos.

July 16, 2020

Acquisitions Indiana Midwest Mixed-Use

Hanley Investment Group Negotiates Sale of Mixed-Use Building in Suburban Indianapolis

by Kristin Harlow July 15, 2020

FISHERS, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of the Bonn Building in Fishers within suburban Indianapolis. Although the sales price was undisclosed, the transaction marks the third for Hanley in the state of Indiana in the last five months for a total consideration of $12.2 million. Dylan Mallory and Corey Olson of Hanley represented the Toledo-based seller and developer, Republic Development. A Bloomington, Ind.-based private investor purchased the asset. Built in 2007, the Bonn Building sits on 2.3 acres at E. 131st St. within Saxony, a 3.5 million-square-foot office and industrial development. The Bonn Building was 92 percent leased at the time of sale to a mix of retail, food service, healthcare and office tenants.

July 15, 2020

Development Indiana Industrial Midwest

Ambrose Property Group to Develop 205,000 SF Build-to-Suit for Love’s Travel Stops in Indianapolis

by Kristin Harlow July 10, 2020

INDIANAPOLIS — Ambrose Property Group is developing a 205,000-square-foot build-to-suit for Love’s Travel Stops in Westpoint Business Park, which is situated in the Monrovia/Mooresville submarket of Indianapolis. Love’s will own the facility. Fritz Kauffman, Kevin Archer, Greg Dickerson and John Wilkinson of Cushman & Wakefield represented Love’s in the negotiations. Love’s plans to relocate a tire retread and distribution center from Plainfield, Ind. Construction is slated to begin soon with completion scheduled for February 2021. The 550-acre Westpoint Business Park is located nine miles from the Indianapolis International Airport.

July 10, 2020

Development Indiana Industrial Midwest

Meridian Design Build Completes Construction of 367,808 SF Spec Industrial Building in Indianapolis

by Kristin Harlow July 8, 2020

INDIANAPOLIS — Meridian Design Build has completed construction of a 367,808-square-foot speculative industrial building in Indianapolis on behalf of developer Exeter Property Group. The facility sits on 31.7 acres at 5325 Seerley Road and features a clear height of 36 feet, 80 dock positions, four drive-in doors, 304 car parking stalls and 41 exterior trailer stalls. JRA Architecture and Banning Engineering made up the project team.

July 8, 2020

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