Indiana

JLL Arranges Lease of 764,000 SF Flex Property in Fort Wayne, Indiana

by Christina Cannon October 23, 2015

FORT WAYNE, IND. — JLL has arranged the lease of a 764,000-square-foot flex facility in Fort Wayne. The building is located at 2909 Pleasant Center Road, and VEREIT is the landlord. The building was built in 1994 and is a former Nestle distribution center. The property features 8,400 square feet of cooler space, 17,725 square feet of office space and is expandable to more than 1 million square feet. The asset has 66 front-load dock doors and parking for 300 trailers and 144 cars. Steve Schwegman and Brian Seitz of JLL represented the landlord in the transaction. Greg Pink of Bradley Cos. represented the tenant.

October 23, 2015

Indiana Midwest Retail

Mid-America Brokers Sale of 4,935 SF Retail Facility in Indianapolis

by Christina Cannon October 23, 2015

INDIANAPOLIS — Mid-America Real Estate Corp. has brokered the sale of a multi-tenant building in Indianapolis for an undisclosed price. Providence Development purchased the 4,935-square-foot Lawrence Commons from Sitehawk Retail Real Estate. Tenants in Lawrence Commons include Jimmy John’s, Wok N Roll and Orange Leaf. LA Fitness and Family Dollar shadow anchor the property. Carly Gallagher and Rick Drogosz of Mid-America represented the seller and were the sole brokers in the transaction.

October 23, 2015

Indiana Midwest Multifamily

UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M

by Christina Cannon October 22, 2015

ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.

October 22, 2015

Indiana Industrial Loans Midwest Minnesota Office

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon October 21, 2015

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

October 21, 2015

Indiana Midwest Retail

Quantum Brokers $1.9M Sale of 36,800 SF Property in Merrillville, Ind.

by Christina Cannon October 8, 2015

MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 36,800-square-foot, multi-tenant retail building located at 5160-5210 E. 81st Ave. in Merrillville, approximately 40 miles southeast of Chicago. The property, Madalyn Plaza, sold for $1.9 million and is comprised of two multi-tenant retail buildings and two warehouse units. The two retail buildings, which total 22,406 square feet, are currently 71 percent occupied. Chad Firsel of Quantum was the sole broker in the transaction.

October 8, 2015

Indiana Industrial Market Reports Midwest Midwest Market Reports

Online Retail Sales Spur Growth in Central Indiana’s Industrial Market

by Christina Cannon October 8, 2015

Consumers’ desire for shopping convenience and lower prices is driving online retail sales up, accounting for 7.2 percent of total U.S. retail sales so far in 2015, according to the U.S. Census Bureau. And that percentage is expected to double by 2020. It’s no wonder that the popularity of online shopping also is spurring growth in the industrial segment of commercial real estate, particularly in central Indiana. Over the past three years, the growth of e-commerce has accounted for 55 percent of total industrial net absorption in the United States. In 2015 alone, e-commerce has been responsible for 31 percent of industrial net absorption year to date. During the current expansion, the Indianapolis industrial market ranks eighth among all U.S. industrial markets in terms of total net absorption, according to Cushman & Wakefield. In the second quarter of this year, net absorption for modern bulk space totaled 1.6 million square feet, more than any other industrial segment in the market. Since 2013, nearly 15 percent of industrial square footage leased in metro Indianapolis has been related to e-commerce. The FedEx Factor With a compound annual growth rate of 14 percent since 2008, e-commerce has driven retailers to establish dedicated dot-com …

October 8, 2015

Indiana Industrial Midwest Office

Bradley Co. Arranges Three Leases Totaling 10,572 SF in Fort Wayne, Ind.

by Christina Cannon October 7, 2015

FORT WAYNE, IND. — Bradley Co. has arranged three leases totaling 10,572 square feet in Fort Wayne. In the first transaction, Convoy Safety Technologies LLC inked a deal to occupy 5,400 square feet of industrial space located at 6049 Highview Drive. Kienan O’Rourke of Bradley represented the tenant in the transaction. The landlord was undisclosed. In a second leasing deal, Benchmark Family Services Inc. agreed to take 3,300 square feet of office space owned by Crown Properties 2 LLC and located at 1625 Magnavox Way. Russ Jehl of Bradley represented both parties in the transaction. In the third deal, Rivers Edge Construction took 1,872 square feet of industrial space located at 7616 DiSalle Boulevard. Russ Jehl of Bradley represented both the landlord, 7616 DiSalle Boulevard Partnership, and the tenant, in the transaction.

October 7, 2015

Indiana Midwest Office

Cushman & Wakefield Arranges Sale of 113,545 SF Office Portfolio in Indianapolis

by Christina Cannon October 1, 2015

INDIANAPOLIS — Cushman & Wakefield / Summit Realty Group has arranged the sale of an 113,546-square-foot office portfolio located at 8935 – 9011 N. Meridian St. in Indianapolis. Keystone Realty Group sold Waterplace Park to Evergreen Investment Corp. Alex Cantu and Alison Melton of Cushman & Wakefield represented the seller. The property was developed in 1980 and is currently 69 percent leased. Tenants of Waterplace Park include Mid America Clinical Laboratories, Omnisource and GoldPoint Clinical Research.

October 1, 2015

Indiana Industrial Midwest

JLL Brokers Lease of 321,627 SF Industrial Property in Indianapolis Suburb

by Christina Cannon September 24, 2015

PLAINFIELD, IND. — JLL has brokered the lease of 321,627 square feet in the Indianapolis market for OHL, one of the largest 3PL companies in the world. The property is located at 1251 S. Perry Road in Plainfield, which is 15 miles outside of Indianapolis. The new lease brings OHL’s footprint in that market to more than 3 million square feet. Steve Schwegman and Matt Dickerson of JLL represented the landlord, KBS Realty Advisors. Jess Andrews, Andrea Morris and Steve Schegman of JLL, along with ProVenture and CBRE, represented OHL. The building features include a “cross dock” layout, 36-foot clear height, a climate-controlled warehouse, secured truck courts and abundant parking. Ingram Micro formerly leased the building.

September 24, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Symphony Opens $20.8M Skilled Nursing Facility in Indiana

by Christina Cannon September 23, 2015

DYER, IND. — Skilled nursing developer Mainstreet and operator Symphony Post Acute Network have opened Symphony of Dyer, a skilled nursing facility in Dyer approximately 30 miles south of Chicago. Construction on the facility began in June 2014. It comprises 130 beds in 85,108 square feet of space. Development costs were $20.8 million.

September 23, 2015

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