Indiana

Newk’s Eatery Signs 15-Location Development Agreement in Indiana

by John Nelson September 16, 2016

JACKSON, MISS. — Newk’s Eatery, the Jackson-based fast casual restaurant chain, has signed a development agreement with Indy Eatery LLC to open 15 locations in metro Indianapolis and southern Indiana over the next several years. Co-owned by Stephen Mabe and Mitas Garrett Investments LLC, Indy Eatery is the fourth multi-unit franchisee to sign a development agreement with Newk’s Eatery this year. Combined, the new franchisees will open almost 40 new restaurants in the next five years, consistent with Newk’s goal to reach 200 locations by 2019. Indy Eatery plans to open Indiana’s first Newk’s restaurant in 2017.

September 16, 2016

Indiana Midwest Retail

Faris Lee Investments Completes $2.6M Sale of Retail Property Leased to CVS in Indiana

by John Nelson September 14, 2016

ANDERSON, IND. — Faris Lee Investments has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property triple net-leased to CVS/pharmacy in Anderson. Built in 1998, the property is situated on 1.7 acres at 2419 Nichol Ave. at the intersection of Nichol Avenue/State Road 32 and Raible Avenue. CVS/pharmacy has two years remaining on its lease. Jeff Conover of Faris Lee Investments represented the seller, Indiana-based Copper Development, in the transaction. Nick Cuneo of Clement Partners represented the 1031 exchange buyer, Cuneo Trust.

September 14, 2016

Indiana Industrial Midwest

AM General Leases 210,000 SF Distribution Center in South Bend

by Amy Works September 13, 2016

SOUTH BEND, IND. — AM General has signed a 10-year lease for South Bend Distribution Center I, a new distribution center located at 5448 Dylan Drive off I-90 in South Bend. Great Lakes Capital, a locally owned real estate private equity firm, developed the 210,000-square-foot distribution center along with the City of South Bend. Greg Pink and Jeremy McClements of Bradley Co. facilitated the lease.

September 13, 2016

Indiana Midwest Multifamily

Marcus & Millichap Arranges $3.3M Sale of Apartment Property in Indianapolis

by Amy Works September 9, 2016

INDIANAPOLIS — Marcus & Millichap has brokered the sale of The Home Place Senior Apartments, an apartment property located at 6734 Millside Drive in Indianapolis. A private investor acquired the property from a limited liability company for $3.3 million. The property features 60 rental units. Darrell Johnson and Brent Silcox of Marcus & Millichap’s Indianapolis office represented the seller, while Shane Ryan McConnell of Marcus & Millichap’s Newport Beach, Calif., office represented the buyer in the transaction.

September 9, 2016

Indiana Midwest Multifamily Student Housing

Strategic Capital Partners, University of Indianapolis Open Greyhound Village Student Housing Community

by Christina Cannon August 31, 2016

INDIANAPOLIS — A joint venture between the University of Indianapolis and Strategic Capital Partners has opened Greyhound Village, a 486-bed, on-campus student housing community. The $25 million community offers one-, two-, three- and four-bedroom, fully furnished apartments, complete with kitchens, living rooms, private bathrooms, washers and dryers. Amenities include a fitness center, clubhouse and indoor and outdoor common areas. Schmidt Associates architects designed the project, which construction manager CRG Residential built.

August 31, 2016

Indiana Midwest Office Top Stories

Hertz Investment Group Buys Midwest Office Portfolio for $416.9M

by Nellie Day August 29, 2016

CHICAGO — Hertz Investment Group has purchased four office buildings in the Midwest for $416.9 million. Equity Commonwealth sold the 3.1 million-square-foot portfolio. The transaction includes 111 Monument Circle and 101-115 West Washington Street in Indianapolis, North Point Office Complex in Cleveland, and 100 East Wisconsin in Milwaukee. The portfolio was 86.5 percent leased at closing. Formerly known as Chase Tower, 111 Monument Circle is now referred to as Salesforce Tower in honor of its newest tenant. At 48 stories high, it is the tallest building in Indianapolis. The PNC Center sits at 101-115 W. Washington St. It features a 16-story atrium. The center houses the Hyatt Regency Indianapolis hotel, along with PNC Bank. North Point Office Complex includes a five-story and a 19-story office building connected through a nine-story atrium. It is home to Jones Day law firm, among other tenants. The Faison Building sits at 100 East Wisconsin Ave. The 37-story tower is the second highest building in Wisconsin, behind the U.S. Bank Center. It’s home to Wells Fargo Bank, Michael Best & Friedrich, Marcus Corp. and PricewaterhouseCoopers. Equity Commonwealth, a Chicago-based REIT, also sold a 121,901-square-foot office property at 8701 North Mopac in Austin, Texas, earlier this …

August 29, 2016

Indiana Midwest Office

Rubenstein Partners, Strategic Capital Partners Acquire 1.2 MSF Office Complex Near Indianapolis for $162.9M

by Christina Cannon August 25, 2016

CARMEL, IND. — Rubenstein Partners LP and Strategic Capital Partners have acquired Parkwood Crossing, a 1.2 million-square-foot office complex in Carmel approximately 25 miles north of Indianapolis, for $162.9 million. The seller, Duke Realty Corp., developed the eight-building property between 1989 and 2005. The buyers will build a standalone amenity center, which will feature dining, fitness, conference and collaboration space. The joint venture also plans to make upgrades to the buildings’ aesthetics and physical systems. JLL brokered the transaction and will serve as exclusive leasing agent for the property.

August 25, 2016

Healthcare Indiana Midwest

Four Springs Capital Trust Acquires Plasma Donation Center for $8M

by Christina Cannon August 24, 2016

GREENWOOD, IND. — Four Springs Capital Trust has acquired a single tenant medical building in Greenwood, approximately 10 miles south of Indianapolis, for $8 million. BioLife Plasma Services operates the 16,694-square-foot building as a plasma collection facility. The seller in the transaction was undisclosed.

August 24, 2016

Indiana Market Reports Midwest Midwest Market Reports Multifamily Uncategorized

College Students, Tech Jobs Are Drivers of Niche Apartment Construction

by Christina Cannon July 21, 2016

Growth in the Indianapolis downtown multifamily market is as dynamic as the city itself. Since 2013, 3,000 units have been delivered and leased up rapidly. The vacancy rate registers 4.5 percent in a submarket that historically has seen vacancy rates of around 8 percent. Demand is healthy and growth continues, with another 283 units scheduled for delivery by the end of this year. A unique contributor to this multifamily construction boom is the downtown campus of Indiana University-Purdue University Indianapolis (IUPUI), the IU Law School and the IU Medical School. A sudden building spree of more than $100 million of student-focused projects is occurring downtown near IUPUI. With more than 1,000 units currently under construction or in the works, these new deliveries signal a real change for IUPUI from a commuter orientation to that of a residential campus. These off-campus locations will likely appeal to young professionals as well, and savvy developers are making certain to provide conventional units as part of their mix. The largest such development currently under construction is Trinitas Ventures’ 193-unit, 669-bed project at the northeast corner of Michigan Street and Capitol Avenue. Known as Lux On Capitol, the student housing development is due to open …

July 21, 2016

Hospitality Indiana Midwest

White Lodging Reacquires Indianapolis Marriott Downtown for $165M

by Christina Cannon July 19, 2016

INDIANAPOLIS — The original developer of the Indianapolis Marriott Downtown has reacquired a property it opened more than 15 years ago. Affiliates of Merrillville, Ind.-based White Lodging Services Corp. and REI Investments bought the 622-room hotel from LaSalle Hotel Properties (NYSE: LHO) for $165 million and plan to begin renovations in the first quarter of 2017. White Lodging has managed the hotel since its inception. The renovation will include 10 additional guestrooms as well as two new restaurants and a new lobby bar. White Lodging, REI Investments and Kite Cos. originally owned and opened the Indianapolis Marriott Downtown in February 2001. The hotel offers more than 40,000 square feet of meeting and event space with two restaurants and a Starbucks.

July 19, 2016

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