INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 12,268-square-foot retail property occupied by CVS in Indianapolis for $4.3 million. Constructed in 1996 and renovated in 2010, the net-leased building is located at 8935 E. 21st St. CVS’s current lease runs through 2036. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.
MISHAWAKA AND FORT WAYNE, IND. — Matthews Real Estate Investment Services has brokered the $21.9 million sale-leaseback of a four-property dental portfolio totaling 65,900 square feet in Indiana. Three of the locations are in Mishawaka, and the fourth is in Fort Wayne. The deal was structured as a sale-leaseback with 15-year leases and 3 percent annual increases. Seamus O’Brien, Thor St John, Rahul Chhajed and Michael Moreno of Matthews brokered the sale. Buyer and seller information was not provided.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.
LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of a CubeSmart Self Storage facility in Lafayette for $6.2 million. Located at 3480 Concord Road, the property features 315 units and totals 41,960 square feet. The sale included expansion land, enabling an additional 45,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 81 percent leased at the time of sale.
The Life Properties Underway on $9.9M Capital Improvement Program at Indianapolis Apartment Community
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $9.9 million capital improvement program at The Life at Wood Springs, a 608-unit apartment community in Indianapolis. The project is slated for completion in the first quarter of 2025. Upgrades include interior renovations to 417 of the residences; the implementation of new windows and paint; laundry center upgrades; resident clubhouse, onsite office and roofing repairs; and improvements to the dog park, playground and asphalt. There have also been necessary repairs made to the pool, delivering an amenity back to residents that had been unavailable for years under previous ownership. Upgrades also include several sustainable and security features, including the implementation of low-flow plumbing retrofits, LED lighting and a new security camera system. The property was originally built in 1973.
WESTFIELD, IND. — CenterSquare has acquired Casey Corner, an 80-unit build-to-rent townhome community that is under construction in Westfield, a northern suburb of Indianapolis. The acquisition of completed homes will occur in stages as the project is built. The final deliveries are slated for February 2024. Units average 1,750 square feet with three bedrooms and attached two-car garages. The seller and purchase price were undisclosed.
SHELBYVILLE, IND. — Marcus & Millichap has arranged the $2.4 million sale of a 3,700-square-foot property occupied by Fast Pace Urgent Care in Shelbyville, a southeast suburb of Indianapolis. Built in 2022, the net-leased property is located at 1778 E. State Road. Fast Pace’s lease is for 15 years and features three five-year renewal options along with 10 percent rental escalations every five years. Jordan Klink of Marcus & Millichap represented the buyer, a limited liability company. The seller was undisclosed.
GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.
TERRE HAUTE, IND. — Prairie Hill Holdings has purchased a three-building industrial portfolio totaling 385,830 square feet in Terre Haute for $10.1 million. The properties are leased to Distributors Terminal Corp., a third-party logistics company that has been in business for over 100 years. Prairie Hill is a private real estate investment manager that focuses exclusively on triple net lease properties.
JEFFERSONVILLE, IND. — Marcus & Millichap has brokered the $51 million sale of Villas of Jeffersonville, a 264-unit apartment complex in Jeffersonville, a city just north of Louisville, Ky. Built in 2020, the property is located at 3001 Peach Blossom Drive near I-65. David Badgett Jr. of Marcus & Millichap represented the seller and developer, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction.