Wednesday, April 8, 2026
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AcquisitionsIndianaIndustrialMidwest

Greenstone Partners Brokers $4.8M Sale of Indianapolis Industrial Building

by Kristin Harlow

INDIANAPOLIS — Greenstone Partners has brokered the $4.8 million sale of a 60,000-square-foot shallow-bay industrial property located at 450 S. Kitley Ave. on the east side of Indianapolis. The two-tenant building is fully leased. Jason St. John of Greenstone represented the seller and procured the buyer, which closed the transaction 30 days after execution of the purchase and sale agreement. Both tenants are operating below prevailing market rents, providing a future revenue growth path upon lease rollover, according to Greenstone.

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AcquisitionsIndianaIndustrialMidwest

Colliers Brokers Sale of 554,228 SF Distribution Facility in Greenfield, Indiana

by Kristin Harlow

GREENFIELD, IND. — Colliers has brokered the sale of 70 Connect II, a 554,228-square-foot distribution facility in Greenfield within the Indianapolis Mount Comfort submarket. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel, Cam Kucic and Korey Ryan of Colliers represented the seller, Lauth Group Inc. Delivered in 2022, the property is fully leased to Yusen Logistics, a global third-party logistics provider and wholly owned subsidiary of Nippon Yusen Kabushiki Kaisha. The facility features a clear height of 36 feet, 60 dock-high doors, four drive-in doors, a 140-foot truck court and trailer and automobile parking. The buyer was Hillwood.

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DevelopmentIndianaMidwestRetail

Krusinski Construction Breaks Ground on 5,000 SF Wintrust Community Bank Branch in St. John, Indiana

by Kristin Harlow

ST. JOHN, IND. — Krusinski Construction Co. has broken ground on a new two-story, 5,000-square-foot banking center for Wintrust Community Bank in St. John within northwest Indiana. The bank branch will provide retail, business and mortgage banking services with a drive-thru. For more than 30 years, Wintrust has served communities across Illinois, Indiana, Michigan, Wisconsin and Florida. Completion is slated for August. The project team includes Grund & Riesterer as architect, DVG Team Inc. as civil engineer, The Structural Shop as structural engineer and W.T. Engineering Inc. as mechanical, electrical and plumbing engineer.

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IndianaIndustrialMarket ReportsMidwestMidwest Market Reports

Indianapolis Industrial Market: From Resilience to Resurgence in 2026

by Kristin Harlow

By Abigail Sievers, JLL The Indianapolis industrial market is entering 2026 not merely recovering but evolving. What began as a “quiet” shift has matured into a definitive new phase of activity characterized by renewed user confidence, disciplined development and a manufacturing ecosystem that’s gaining national attention.  While headlines often focus on coastal or larger Midwest markets, Indianapolis is steadily emerging as a strategic center for large-scale industrial investment, offering the rare trifecta of scalable Class A space, a resilient workforce and the high-capacity infrastructure that modern manufacturers require. Mega deals return After more than two years of cautious expansion, the market is now seeing a resurgence of large industrial commitments. Leases and acquisitions exceeding 500,000 square feet — which had significantly slowed during the previous 24 months — are re-entering the landscape as users move forward with previously paused growth plans amid market uncertainty.  The broader leasing environment reflects this momentum. In fourth-quarter 2025 alone, Indianapolis recorded 7.2 million square feet of absorption — the strongest single‑quarter performance since the third quarter of 2021. Year‑to‑date absorption reached 13.1 million square feet, surpassing the previous two years combined. These mega deals confirm what we’re hearing daily from both new and existing …

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IndianaIndustrialLeasing ActivityMidwest

Dandy Leases 258,336 SF Industrial Facility at Thunderbird Commerce Center in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Dandy, a dental technology company, has leased a newly constructed, 258,336-square-foot industrial facility at Thunderbird Commerce Center, a 185-acre, master-planned manufacturing and logistics park developed by Lauth Group in Indianapolis. Dandy is expected to take occupancy in the second quarter, and plans to make a significant investment to customize the interior of the building for its operations. The facility will serve as a primary hub for production, fulfillment and distribution. Dandy’s operations are expected to create more than 100 jobs in the next year. Other tenants at Thunderbird include Monarch Beverage and ABF Freight.

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IndianaMidwestRetail

Simon Property Group CEO David Simon Passes Away at Age 64

by Kristin Harlow

INDIANAPOLIS — David Simon, chairman, CEO and president of Indianapolis-based mall owner Simon Property Group, passed away Sunday, March 22, after a battle with cancer. He was 64 years old. Simon Property Group’s board has appointed David Simon’s son, Eli Simon, as CEO and president. Eli Simon will also continue his role as COO and director of the company. Additionally, board member Larry Glasscock has been appointed to serve as non-executive chairman. David Simon joined the company’s predecessor, Melvin Simon & Associates, as CFO in 1990. In 1993, at 31 years old, he orchestrated the company’s initial public offering on the New York Stock Exchange, raising nearly $1 billion in what was then the largest real estate public stock offering in history. Two years later, he became one of the youngest CEOs of a major publicly traded company in America. Under his leadership, Simon Property Group has delivered a cumulative total shareholder return of more than 4,500 percent since its IPO. Until recently, he also served as chairman of the Supervisory Board of Klépierre, a publicly traded, Paris-based retail real estate company, and served on the board of Apollo Global Management Inc. “David’s legacy transcends financial performance. He was a leader of …

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AcquisitionsIndianaMidwestMultifamily

CBRE Arranges Sale of 372-Unit Multifamily Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — CBRE has arranged the sale of Deercross, a 372-unit multifamily property in Indianapolis. Iconic Property Partners purchased the asset from an affiliate of Wilkinson Corp. for an undisclosed amount. CBRE’s Hannah Ott, George Tikijian, Cam Benz and Claire Hassfurther represented the seller. Built in 1979, Deercross has undergone significant renovations during Wilkinson’s ownership, including new windows and complete interior upgrades across all units. Amenities include a business center, basketball court, fitness center, laundry facilities, picnic areas and a dog park.

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DevelopmentIndianaMidwestRetail

Nicholas Family of Cos. to Develop Westfield Ice Facility in Metro Indianapolis

by Kristin Harlow

WESTFIELD, IND. — The Nicholas Family of Cos. will develop, build and operate Westfield Ice Facility, a new multi-sheet indoor ice facility in the northern Indianapolis suburb of Westfield. The project will serve as a catalyst for further growth of the Grand Park District, a mixed-use development near the Grand Sports Campus, a major youth sports destination. Westfield Ice Facility will feature three NHL-sized stadium-style rinks, with a potential fourth rink for future expansion. Tiered seating will host up to 3,500 spectators. The project will also include a full-service restaurant, retail spaces, an academic lounge and outdoor activity areas. Westfield Ice Facility marks the fourth indoor ice arena to be developed or acquired by Nicholas in the past two years and its first outside the Chicago area. The firm’s Nicholas & Associates division will serve as general contractor for the Westfield project. Its Spectate Group will manage and program the facility, and its Big Fish Hospitality Group will oversee food-and-beverage offerings. The property is expected to open in 2028.  

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HospitalityIndianaMarket ReportsMidwestMidwest Market Reports

Indianapolis Lodging Edges Out National Trends

by Kristin Harlow

By Aghfar Arun, Bradford Allen Indianapolis has a reputation as a convention town, but its hotel story has moved well beyond lanyards and name badges. A growing mix of sports, healthcare, corporate and leisure demand is now filling rooms year‑round — downtown and across the suburbs — turning the market into one of the Midwest’s most reliable hospitality overachievers. Event boom downtown Indianapolis experienced 8.1 million room nights of demand in the 12-month period ending at mid-year 2025, according to CoStar data. This is over 580,000 more than the market’s pre-COVID peak.  To meet this demand, the construction pipeline at mid-year included more than 1,500 hotel rooms, with another 3,402 rooms in the final planning stages and 3,220 rooms proposed.  According to Visit Indy, new projects slated for delivery in 2026 include a pair of adaptive reuse projects: The Kimpton will transform the historic Odd Fellows Building into a 167-key luxury hotel and the Motto Hotel will bring 116 rooms to the King Cole Building. The most notable project is Signia by Hilton, a 38-story hotel with 800 guest rooms developed alongside a 143,500-square-foot expansion of the Indiana Convention Center.   A snapshot of downtown Indianapolis, prepared last year by …

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AcquisitionsIndianaMidwestRetail

Cushman & Wakefield Negotiates Sale of 204,810 SF Stony Creek Marketplace Near Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — Cushman & Wakefield has negotiated the sale of Stony Creek Marketplace, a 204,810-square-foot regional shopping center in Noblesville, a northern suburb of Indianapolis. Anchor tenants include Best Buy, TJ Maxx and HomeGoods. Other retailers include Barnes & Noble, Five Below, PetSmart, Ross Dress for Less and Shoe Carnival. Built in 2003, the asset was fully leased at the time of sale. Evan Halkias, David Matheis and Bill French of Cushman & Wakefield represented the seller, Rainier Cos. A private investor was the buyer.

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