INDIANAPOLIS — Colliers has arranged the sale of the Indianapolis West Infill Industrial Portfolio, a 1.5 million-square-foot, 29-building light industrial portfolio located within the Park 100 and Park Fletcher industrial parks in Indianapolis. The portfolio spans the city’s Northwest and Southwest submarkets. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel, Tyler Wilson, Jason Speckman and Sydney Gabriel of Colliers represented the undisclosed seller. MLG Capital, on behalf of MLG Legacy Fund and 1031 exchange investors, purchased the portfolio, which is 94 percent leased to 158 tenants. The properties feature an average clear height of 15 feet with a total of 194 dock doors and 155 drive-in doors. The buildings range in size from 16,000 to 157,000 square feet.
FORT WAYNE, IND. — Gilbane and Purdue University Ford Wayne (PFW) have opened Trace, a 600-bed student housing complex on PFW’s North Campus made possible through a public-private partnership. PFW is continuing its transition from a commuter campus by offering a more traditional residential community, addressing the need for more student housing, which has been at full capacity for seven consecutive fall semesters. Located near Ginsberg Hall, the four-story, 213,000-square-foot development includes 176 units spanning studio to four-bedroom accommodations. Nearly half of the beds are reserved for university-contracted students while the remaining will be available for other students, including those enrolled at other colleges and universities, who will lease the complex directly. Amenities at the property include a convenience store, fitness center, gaming room, study space, lounges, a reception area, leasing office and multipurpose spaces. Outdoor amenities include a hammock farm, sand volleyball court, basketball court, grilling areas, fire pits and green space. Gilbane served as developer and construction manager, AVB was the design-builder and Progressive AE was the architect. The complex will be owned by Strategic Facility Partners and operated by Inwood Management.
VALPARAISO, IND. — Marcus & Millichap has brokered the $3.1 million sale of a newly built retail property net leased to Dutch Bros in Valparaiso. The 2,495-square-foot building is located at 2510 Laporte Ave. as a Target outlot within Valparaiso Market Place. It operates under a new 15-year absolute triple-net lease and is corporately guaranteed by Boersma Bros LLC. The property is roughly one mile from the Valparaiso University campus. Austin Weisenbeck, Sean Sharko, Adrian Mendoza and Phoebe Klein of Marcus & Millichap, in association with Julia Evinger, the firm’s Indiana broker of record, represented the seller, a Midwest developer. The team secured an Indiana-based buyer. The transaction closed at more than 96 percent of the listing price.
WHITESTOWN, IND. — JLL Capital Markets has negotiated the sale of Subaru at Park 267, a 1.1 million-square-foot distribution facility in the Indianapolis suburb of Whitestown. John Huguenard, Ed Halaburt, Ross Bratcher and Cameron Chandra of JLL represented the seller, a joint venture between Prologis and Browning. LaSalle Investment Management acquired the asset. Browning’s construction division constructed the build-to-suit development in 2024. The facility is fully leased to Subaru of America Inc. and serves as the largest distribution center within its nine-facility national network. The property features a clear height of 40 feet, 108 dock-high doors, four drive-in doors, cross-dock configuration with 135 feet of truck court depth and LEED Silver certification. The site includes 342 automobile parking spaces and 100 trailer parking spaces across 69.7 acres.
GREENFIELD, IND. — MDH Partners has acquired 70 Connect III, a 1 million-square-foot industrial building in Greenfield within metro Indianapolis. Developed by Lauth on a speculative basis, the property sits along West 350 North in the East industrial submarket. JLL represented the seller. MDH’s Houston Hawley led the acquisition for the firm. The cross-docked building features a clear height of 40 feet, 108 dock doors expandable to 216, four drive-in doors, an ESFR sprinkler system and 8-inch slabs. MDH will complete a capital improvement program that will double trailer parking from 115 spaces to roughly 230 positions, expand the speculative office and complete a full interior and exterior repaint along with other improvements, delivering a move-in-ready building for a large user. JLL’s Brian Buschuk and Brian Seitz will handle leasing for MDH.
BROWNSBURG, IND. — Wafra Inc., a New York-based alternative investment firm, has acquired Brownsburg Logistics Park Portfolio, a collection of three industrial buildings totaling 899,080 square feet in Brownsburg. Funds advised by Wafra are acquiring the assets from a venture between Scannell Properties and Manulife Investment Management. Completed in 2022 and 2023, the buildings are home to seven tenants. The portfolio offers direct access to I-74 and is located about 12 miles from the Indianapolis International Airport.
GREENWOOD, IND. — Matthews has brokered the $9.5 million sale of a Goodwill distribution facility in Greenwood. The transaction marked the highest-priced industrial property sale in the Johnson County submarket over the past year, according to Matthews. Built in 2016, the approximately 125,000-square-foot property sits on 18 acres with immediate access to I-65. The asset is leased to Goodwill Industries of Central Indiana and is positioned alongside major industrial users including Amazon, FedEx and Ulta. Alexander Harrold and Brett Davis of Matthews represented both the seller and the 1031 exchange buyer. Matthews leveraged Artemis, the firm’s proprietary artificial intelligence-powered customer relationship management platform, to identify a targeted pool of qualified industrial investors.
JEFFERSONVILLE, IND. — Northmarq has arranged the sale of Jeff on 10th, a 190-unit multifamily property in Jeffersonville, a suburb of Louisville. Bobby Schiavone, Adam Klenk and Jordan Arand of Northmarq represented the seller, a regional multifamily developer. The buyer was S&S Properties Investment. Noah Juran and Brendan Barker of Northmarq arranged permanent fixed-rate financing on behalf of the buyer through the firm’s Fannie Mae DUS platform. The loan features a seven-year term. Built in 2022, Jeff on 10th offers a mix of studio, one- and two-bedroom units with amenities such as a pool, fitness center, outdoor grilling areas, fire pits, a conference center and pet spa.
ILLINOIS AND INDIANA — Matthews has arranged the $16.1 million sale of a four-hospital veterinary portfolio in Illinois and Indiana. Michael Moreno, Rahul Chhajed and Andrew Evans of Matthews arranged the sale, with Kyle Matthews serving as broker of record. The assets total 37,718 square feet and are leased to two veterinary operators under triple net lease structures. The seller brought the portfolio to market as the down leg of a 1031 exchange, and the buyer was looking to expand its veterinary portfolio.
WESTFIELD, IND. — Northmarq has arranged debt and equity capital totaling $52.1 million for Maple Knoll Apartments, a 300-unit, garden-style community in Westfield. Annamarie Bjorklund and Cody Field of Northmarq arranged the financing on behalf of the borrower, Hudson Investing, through a repeat equity partnership with Torchlight Investment and Freddie Mac. Hudson plans a comprehensive renovation at the property. Built in 2007, Maple Knoll Apartments features 18 three-story buildings situated on nearly 24 acres. The community offers one-, two- and three-bedroom floor plans averaging 1,002 square feet.
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