Indiana

STREAM Capital Partners Brokers $8M Sale-Leaseback of Industrial Portfolio in Wisconsin, Indiana

by Amy Works October 3, 2016

KENOSHA, WIS., AND WARSAW, IND. — STREAM Capital Partners has arranged the sale-leaseback of a three-building portfolio of more than 151,000 square feet of industrial space in Kenosha and Warsaw. The properties are located at 3724 N. State Road and 486E 350N in Warsaw and 5307 95th Ave. in Kenosha. Tecomet sold the portfolio to an undisclosed REIT for $8 million. The seller then leased back three of properties as a long-term triple-net lease with periodic rent increases and multiple options for renewal from the new owner. Jonathan Wolfe and Jordan Shtulman of STREAM represented the seller in the transaction.

October 3, 2016

Indiana Midwest Retail

Quantum Real Estate Advisors Negotiates $3M Sale of Multi-Tenant Retail Property in Portage, Indiana

by Amy Works October 3, 2016

PORTAGE, IND. — Quantum Real Estate Advisors has arranged the sale of a newly constructed, multi-tenant retail building located at 6030-6036 U.S. Highway 6 in Portage. A Chicago-based developer sold the property to a private real estate investor for $3 million. At the time of sale, the 5,934-square-foot property was fully leased to Starbucks Coffee, Domino’s Pizza and Five Guys. Chad Firsel of Quantum Real Estate Advisors represented the seller in the deal.

October 3, 2016

Indiana Midwest Retail

The Boulder Group Brokers Sale of Net Leased Jiffy Lube in Indiana

by Haisten Willis September 27, 2016

LAFAYETTE, IND. — The Boulder Group has brokered the sale of a single-tenant Jiffy Lube property located at 3115 South St. in Lafayette for $910,000. The property is located at the southwest corner of South Street and South Earl Avenue near Purdue University. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. A Midwestern private partnership was the seller, while a private REIT was the buyer. The corporately guaranteed Jiffy Lube lease expires Oct. 31, 2022. The lease features 3 percent rental escalations in each of three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co.

September 27, 2016

Indiana Midwest Retail

Baceline Investments Sells Retail Center in Indianapolis for $7.9M

by Haisten Willis September 23, 2016

INDIANAPOLIS — Baceline Investments LLC has sold Raceway Commons, a 33,000-square-foot retail center in Indianapolis, for $7.9 million. Baceline purchased the property in May 2012 for $4.3 million as part of its No Debt Fund III. Located at 55 S. Raceway Road and situated on 4.9 acres, Raceway Commons is one of five Indiana-based retail properties owned by Baceline. The center, consisting of retail and office space in two single-story buildings, was constructed in 2003. The property was 94 percent occupied at the time of sale.

September 23, 2016

Indiana Midwest Multifamily Student Housing

Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana

by Haisten Willis September 20, 2016

BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.

September 20, 2016

state-and-mapleton-plaza-columbus-indiana

Indiana Midwest Retail

Namdar Realty Group Acquires State and Mapleton Plaza Shopping Center in Indiana

by Haisten Willis September 19, 2016

COLUMBUS, IND. — Namdar Realty Group has acquired the State and Mapleton Plaza shopping center located at 2150 State St. in Columbus. The seller was a private investor. The 19,425-square-foot property is 100 percent occupied. CVS/Pharmacy and Dollar General serve as anchor tenants. The acquisition was an all-cash, off-market transaction. Joel Gorjian, vice president of acquisitions and dispositions at Namdar, completed the transaction.

September 19, 2016

Indiana Industrial Midwest

Inland Private Capital Divests FedEx Ground Facility in Metro Indianapolis for $37.1M

by John Nelson September 16, 2016

ZIONSVILLE, IND. — Inland Private Capital Corp. (IPCC) has sold a FedEx Ground facility located at 10301 Bennett Parkway in Zionsville, a suburban town located approximately 17 miles northwest of downtown Indianapolis, for $37.1 million. Situated on two land parcels totaling more than 49 acres, the approximately 303,000-square-foot building solely serves as the FedEx distribution center. IPCC purchased the asset in September 2014, a few months after completion. IPCC sold the property on behalf of one of its 1031 investment programs through its subsidiary, which serves as asset manager.

September 16, 2016

Indiana Midwest Restaurant

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

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