INDIANAPOLIS — CBRE has arranged the sale of The Park at Eagle Creek, a 240-unit apartment community on the west side of Indianapolis. CBRE acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds and Block Multifamily Group purchased the property for an undisclosed price. The Park at Eagle Creek was 91 percent occupied at the time of sale. Units at the property have an average size of 973 square feet.
INDIANAPOLIS — RESOURCE Commercial Real Estate has arranged the sale of Eastgate Terrace Apartments, a 77-unit multifamily property in Indianapolis. Renero LLC purchased the asset from Madison Elizabeth Investments LLC for an undisclosed price. Built in 1961, Eastgate Terrace Apartments consists of seven buildings totaling 55,528 rentable square feet in a mixture of one- and two-bedroom units. The buildings sit on 3.6 acres and feature a picnic area, courtyard, laundry facility and covered parking. Michael Wernke of RESOURCE Commercial Real Estate brokered the deal.
INDIANAPOLIS —RESOURCE Commercial Real Estate has brokered the sale of a 121-unit apartment community, Abbey Meadows Apartments, for an undisclosed price. KAG Indy I LLC purchased the property from Brayden James Investments LLC. Abbey Meadows, located in Indianapolis, features all two-bedroom/one-bathroom units, which are approximately 750 square feet. The apartments were constructed in 1960. Michael Wernke of RESOURCE Commercial Real Estate arranged the transaction.
PLAINFIELD, IND. — KeyBank has provided a $13.2 million Fannie Mae loan for an apartment complex in Plainfield, approximately 17 miles southwest of Indianapolis. Gladden Farms Apartments is a 220-unit affordable housing community that operates under the federal Low-Income Housing Tax Credit Program established by the Tax Reform Act of 1986. Gladden Harmony Housing LLC will use the loan proceeds to fund the acquisition and refinance the property.
CARMEL, IND. — Citimark will develop a 60,000-square-foot, Class A office building in Carmel, approximately 20 miles north of Indianapolis. Wagner Reese LLP, a personal injury law firm, and Blue Horseshoe, a software and technology enterprise service provider, will occupy approximately half of the three-story building that will be located at 11939 N. Meridian St. The building is slated for completion in January 2017, and construction will start this spring. Rich Forslund and Matt Langfeldt of Colliers International will serve as the listing agents for the project.
INDIANAPOLIS — CBRE has brokered the sale of a 384-unit apartment community in Indianapolis for an undisclosed price. Ardizzone Holding Co. purchased Oakbrook Village as part of a 1031 exchange. Ardizzone plans to spend $1.7 million to upgrade the property, which was 93 percent occupied at the time of sale. Oakbrook Village includes amenities such as a fitness center with sauna and steam room, playground, clubhouse, tennis court, swimming pool, business center and on-site laundry facility.
The greater Indianapolis industrial market has experienced incredible growth over the past three years, and it continues to be one of the most sought-after industrial markets in the country. Supply and demand is the big story in early 2016. Because shovel-ready land is difficult to find, demand for land alternatives is pushing development further and further away from the beltway while simultaneously causing land prices to escalate. Local communities that figure out how to competitively bring shovel-ready land to the market will reap great rewards. There is strong demand for space across the industrial sector, with second-generation and medium-size distribution space outpacing the other industrial product types. Those seeking smaller, single-tenant buildings under 50,000 square feet are realizing how difficult they are to find. Additionally, the supply of available speculative space in the greater Indianapolis market has been on everyone’s radar for the past two years. Demand for spec space is catching up to the supply as evidenced by several new leases signed since the end of 2015. Currently, there is approximately 2.2 million square feet of industrial product under construction, including 1.4 million square feet of speculative development and 800,000 square feet of build-to-suit construction. Game changer The e-commerce …
INDIANAPOLIS AND CAMBY, IND. — BayView Advisors has brokered the sale of a three-property self-storage portfolio for an undisclosed price. The three properties, located within the Indianapolis metropolitan area, total 231,060 square feet. National Storage Affiliates Trust purchased the assets from Emerson Access Storage LLC, Access Self Storage of Heartland Crossing LLC, Rockville Road Storage LLC and Rockville Road Storage II. SecurCare is managing the portfolio. The Access Self Storage portfolio consists of 355 climate-controlled storage units, 1,219 non-climate controlled storage units and 123 spaces for boat and vehicle parking.
INDIANAPOLIS — Colliers International has brokered the sale of a historic apartment building in downtown Indianapolis for an undisclosed price. Janus Lofts is a 35,640-square-foot, 23-unit building that was constructed in 1914. Silver Point Capital sold the five-story property, located at 240 S. Meridian St., to Buckingham Cos. The building, which contains an underground parking garage and three commercial spaces, was most recently redeveloped in 2003. The Fahnley & McCrea Millinery Co., which sold women’s hats, occupied a building at the location from the late 1800s until a fire burned it down in 1905. A building reconstructed on the same site in 1914 was where the millinery company operated until it closed.
INDIANAPOLIS — HFF has secured a $70.6 million refinancing loan for Axis, a 435,894-square-foot mixed-use property in downtown Indianapolis. Flaherty & Collins Properties was the borrower. HFF placed the 10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America LLC, a correspondent life company lender. Axis is a 336-unit luxury, mid-rise building that was completed in 2015. Units at Axis average 914 square feet, and the building contains 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. Community amenities include a saltwater swimming pool, aqua lounge with kitchenette, grilling stations, a pet wash and walk area, a Zen garden, Sky Bar, 24-hour club room, two-story fitness center with a yoga and Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library. Dave Keller of HFF arranged the financing for the development located at 401 N. Senate Ave.
