KOKOMO, IND. — Stan Johnson Co. has brokered the $2.7 million sale of a 10,000-square-foot healthcare facility leased to Advanced Medical Imaging in Kokomo in central Indiana. The single-tenant property is located at 2008 W. Boulevard St. Constructed in 2003, the Class B building sits on 1.4 acres near two hospitals. Rachel Walz of Stan Johnson represented the buyer, a Chicago-based private investor. Advanced Nuclear Medicine LLC was the seller.
CROWN POINT, IND. — Greystone has provided a $14 million FHA-insured loan for the refinancing of Cypress Pointe Apartments, a 174-unit multifamily property located in Crown Point, about six miles southwest of Merrillville. The borrower was Bayshore Properties. The Section 223(f) loan carries a 40-year term, 35-year amortization and a fixed rate. The refinancing will enable Bayshore to continue with ongoing maintenance and renovations. Originally built in 1978, Cypress Pointe features six buildings along with a clubhouse, pool, fitness center and playground.
HUNTINGTON, IND. — Indiana Physical Therapy Inc. has signed a retail lease for 4,200 square feet at the Huntington Forum Shops in Huntington, about 25 miles southwest of Fort Wayne. The shopping center is located at 2880 Walmart Drive. Stanley Phillips and Dave Horacek of Bradley Co. represented the landlord, SHIV Huntington LLC, in the lease negotiations. Indiana Physical Therapy now operates 19 locations across the state.
INDIANAPOLIS — KeyBank Community Development Lending and Investment has secured $27.7 million of construction financing, $13.2 million of tax credit equity and $18.4 million of Freddie Mac permanent financing for the development of a 210-unit affordable seniors housing property in Indianapolis. Herman & Kittle Properties was the borrower. Known as The Reserve at White River, the project will include two four-story buildings, 14 cottage-style, single-story buildings and a 5,000-square-foot clubhouse. The project will use income averaging so that 150 units will be set aside for tenants earning 60 percent of the area median income (AMI), 51 units will be set aside for those earning 50 percent AMI and nine units will be reserved for those making 70 percent of AMI. All of the units will be restricted to residents age 55 and older, with 21 of the units accessible for those with special needs. Kyle Kolesar, Victoria O’Brien and Robbie Lynn of KeyBank structured the financing.
INDIANAPOLIS — Black Gate Partners has acquired Geist Centre in Indianapolis for an undisclosed price. The 72,348-square-foot shopping center is located at 11625-11715 Fox Road. Anchor tenants include CVS Pharmacy and Dollar Tree. CBRE represented the seller, Phillips Edison & Co. Columbus, Ohio-based Black Gate focuses on retail leasing, investment sales and development.
WHITELAND, IND. — Mohr Capital has begun development of a 1 million-square-foot warehouse and distribution center for Cooper Tires in Whiteland within metro Indianapolis. Cooper, a tire manufacturer focused on passenger car and light vehicle replacement tires, is relocating from an 807,042-square-foot facility in Franklin, Ind. Mohr Capital, a Dallas-based real estate investment firm, worked closely with Mark Writt of CBRE on the land acquisition. Pepper Construction, Curran Architects and American StructurePoint make up the project team. Completion is slated for the first quarter of 2021.
CARMEL, IND. — Cornerstone Cos. Inc. has purchased a three-acre parcel at 12174 N. Meridian St. in Carmel, a suburb of Indianapolis. Cornerstone plans to develop a 40,000-square-foot medical office building on the site. Known as Carmel Medical Arts Pavilion, the three-story project will be home to four healthcare tenants providing orthopedics, rehabilitation, primary care and pediatric dentistry services. The property will feature covered physician parking and an outdoor terrace on the third floor. Cornerstone will serve as developer, construction manager and property manager. The Indianapolis-based company specializes in healthcare real estate. A timeline for completion was not disclosed.
JEFFERSONVILLE, IND. — Chicken Salad Chick is set to open its first restaurant in Indiana within the Louisville suburb of Jeffersonville. Located at 1520 Veterans Parkway, the restaurant is set to open on Tuesday, June 16. The first 100 guests will receive free chicken salad for a year. Chicken Salad Chick is following state guidelines for the coronavirus and will open the Jeffersonville restaurant at limited capacity with social distancing measures in place. The location features a drive-thru and outdoor seating. Karen and Jon Riddle of Derby City Chicks LLC are the new franchise owners.
PLAINFIELD, IND. — Mygrant Glass Co. has inked a 69,005-square-foot industrial lease at the newly built Gateway V distribution center located at 845 Airtech Parkway in Plainfield near the Indianapolis International Airport. California-based Mygrant is an independent distributor of auto glass. The company plans to move into the facility in the fourth quarter once interior improvements are completed. The 262,758-square-foot Gateway V, owned by HSA Commercial Real Estate, is now 75 percent leased. The other building tenants are Safran Nacelles and LifeNet. Developed on a speculative basis and delivered in 2019, Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 car parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the new lease. Michael Jeppesen of IPG Commercial and Michael Weishaar of Cushman & Wakefield represented Mygrant. HSA has developed six buildings totaling approximately 900,000 square feet at Gateway Business Park.
INDIANA AND OHIO — Canada-based Granite Real Estate Investment Trust (NYSE: GRP.U) has acquired eight U.S. industrial properties totaling approximately 4 million square feet for $246.1 million. The buildings are fully leased to various tenants. The Midwest properties include: 445 Airtech Parkway in Indianapolis; 5415 Centerpoint Parkway in Obetz, Ohio; 6201 Green Pointe Drive South in Groveport, Ohio; 8779 Le Saint Drive in Hamilton, Ohio; and 8754 Trade Port Drive in West Chester, Ohio. Granite also acquired three properties in the Southeast. These include: 4460 E. Holmes Road in Memphis, Tenn.; 4995 Citation Drive in Memphis, Tenn.; and 8650 Commerce Drive in Southaven, Miss. The acquisitions are expected to close in the second quarter. Granite expects to fund the purchases using a combination of net proceeds from its recent equity offering and cash on hand. Granite’s portfolio consists of more than 90 properties totaling approximately 40.3 million square feet of leasable area.
