Monday, January 20, 2025
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Indiana

AcquisitionsIndianaMidwestRetail

Block & Co. Brokers Sale of 30,300 SF Retail Center in Decatur, Indiana

by Kristin Harlow

DECATUR, IND. — Block & Co. Inc. Realtors has brokered the sale of a 30,300-square-foot retail center in Decatur, about 20 miles southeast of Fort Wayne. The sales price was undisclosed. The Rural King-anchored property is located at the northwest quadrant of Nuttman Avenue and 13th Street. David Block and Phil Peck of Block & Co. represented the undisclosed seller, and the asset sold to a local buyer. The transaction marks the final sale in a 13-property shopping center portfolio, which was comprised of primarily Walmart Supercenter or Rural King-anchored properties in six Midwest states. Block & Co. was also the management and leasing company for all 13 shopping centers.

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AcquisitionsIndianaMidwestRetail

Boulder Group Negotiates $5.8M Sale of O’Reilly Auto Parts-Occupied Retail Property in Indiana

by Kristin Harlow

HOBART, IND. — The Boulder Group has negotiated the $5.8 million sale of a 42,097-square-foot retail property net leased to O’Reilly Auto Parts in Hobart, a city in northwest Indiana. The building is located at 2881 E. 81st Ave. just west of I-65 and serves as an outparcel to The Home Depot and Target. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a Midwest-based real estate investment trust.

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AcquisitionsHealthcareIndianaMidwest

Northmarq Arranges $13.5M Sale-Leaseback of Outpatient Primary Care Portfolio in Metro Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — Northmarq has arranged the $13.5 million sale-leaseback of two outpatient primary care properties in Noblesville, a northern suburb of Indianapolis. The portfolio totals 32,744 square feet and includes Riverview Health’s locations at 205 Noble Creek Drive and 865 Westfield Road. Christian Vaughan of Northmarq brokered the transaction. Riverview Hospital sold the assets to Four Corners Property Trust. The transaction represented a cap rate of 7.3 percent.

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AcquisitionsIndianaIndustrialMidwest

Colliers Negotiates Sale of Two-Building Industrial Portfolio Totaling 245,000 SF in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Colliers has negotiated the sale of a two-building industrial portfolio totaling 245,000 square feet in the Southwest submarket of Indianapolis for an undisclosed price. The fully leased properties, located at 4316 W. Minnesota St. and 4750 Kentucky Ave., are home to wholesale industrial packaging company BASCO as well as logistics and warehousing providers Golden Tiger Transportation and Kid Glove Service. Alex Cantu and Alex Davenport of Colliers represented the seller, Clarion Partners. New York-based Diamond Properties was the buyer.

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

Berkadia Negotiates Sale of Two-Property Seniors Housing Portfolio in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS AND AVON, IND. — Berkadia has negotiated the sale of two seniors housing properties totaling 242 units in metro Indianapolis for an undisclosed price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a private equity firm. A publicly traded REIT was the buyer. Traditions Management operates both communities and will continue to do so. Built in 2014, Traditions of Reagan Park in Avon features 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Built in 2014, Traditions of Solana in Indianapolis features 117 independent living, assisted living and memory care units, including 24 independent living villas built in 2014 and 2016.

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AcquisitionsIndianaMidwestRetail

Cooper Group Brokers $10.9M Sale of Shopping Center in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — The Cooper Commercial Investment Group has brokered the sale of the Market Square Shopping Center in Lafayette for $10.9 million. Anchor tenants at the 132,429-square-foot property include Dollar General, the State of Indiana, Indiana BMV and Arni’s Pizza. Dan Cooper of Cooper Group represented the seller, a private investment group out of Kansas. The Michigan-based buyer purchased the asset at 99 percent of the list price. The property was 84 percent leased at the time of sale.

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AcquisitionsIllinoisIndianaIowaMichiganMidwestMinnesotaRetailWisconsin

JLL Brokers Sale of Napa Auto Parts Retail Portfolio in Midwest for $70.2M

by Kristin Harlow

MICHIGAN, MINNESOTA, INDIANA, ILLINOIS, WISCONSIN AND IOWA — JLL Capital Markets has brokered the sale of a 41-property Napa Auto Parts retail portfolio in the Midwest for $70.2 million. The net-leased assets total 342,986 square feet and are located in Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa. There are roughly 18.5 years of weighted average lease term remaining. Alex Sharrin, Jaime Fink, Marcus Pitts and Matt Hazelton of JLL represented the undisclosed buyer and seller. According to JLL, the portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Sullivan Development Breaks Ground on 34-Unit Willow Creek Villas in Winamac, Indiana

by Kristin Harlow

WINAMAC, IND. — Sullivan Development LLC has broken ground on Willow Creek Villas, a 34-unit affordable housing community in Winamac, a city in northwest Indiana. The development site is within walking distance of a shopping plaza and the largest grocery store in the county, Sanders Foods. Completion is slated for late 2025, and the $9.9 million project will include five buildings. The Indiana Housing and Community Development Authority awarded tax credits through the 2024 Rental Housing Tax Credit General Set-Aside. The project is made possible through collaboration with local partners, including Winamac Town Manager Brad Zellers, Nathan Origer of the Pulaski County Community Development Commission, Charles Mellon Jr. of the Pulaski County Board of Commissioners, and service partners Community Foundation of Pulaski County and PEAK Community Services.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Opens $200M Event Center at Fishers District in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has opened Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District in the Indianapolis suburb of Fishers. The venue will serve as a home to three professional sports teams — Indy Fuel Hockey Club of the ECHL, Indy Ignite of the Professional Volleyball Federation and Fishers Freight of the Indoor Football League. The arena will also host a variety of community events and concerts. The event center marks a $200 million investment by the city within Thompson Thrift’s $750 million Fishers District mixed-use development. Once completed, the 123-acre project will incorporate multifamily, townhome, hotel, office, dining, shopping and entertainment offerings. Thompson Thrift is actively leasing space for The Union at Fishers District, another phase expected to break ground in the first quarter of 2025. The Union will feature 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment homes, 135 luxury boutique hotel rooms and 70,000 square feet of Class A office space. Thompson Thrift first began work on the Fishers District development in 2015.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.

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