Indiana

HEARN, CrossHarbor Capital Partners Acquire BMO Plaza in Indianapolis for $40M

by Christina Cannon April 11, 2016

INDIANAPOLIS — HEARN and equity partner CrossHarbor Capital Partners have purchased the BMO Plaza in downtown Indianapolis for $40 million. True North Management Group sold the 440,000-square-foot, 28-story office building. Located at 135 N. Pennsylvania St., BMO Plaza is the sixth tallest building in Indianapolis and houses tenants such as BMO Harris Bank, the U.S. Department of Defense, General Electric and law firms Rubin & Levin and Quarles & Brady. James Hanson, Erik Foster, Bill Ehret and Nancy Merritt of Avison Young represented the seller in the transaction.

April 11, 2016

Indiana Midwest Multifamily Seniors Housing

Brookdale Completes $11M Expansion of Seniors Housing Community in Indianapolis

by Christina Cannon April 7, 2016

INDIANAPOLIS — Brookdale Senior Living, the largest owner and operator of seniors housing in the United States, has completed a three-story building on the campus of Robin Run Village, a continuing care retirement community in Indianapolis. The $11 million project is part of a capital investment and community management joint venture between Brookdale and Health Care Properties (HCP). The new building’s top floor offers 25 new memory care apartments. The first and second floors offer 43 assisted living apartments and amenities. With completion of the project, Robin Run Village can now accommodate approximately 700 residents on its 86-acre campus.

April 7, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 240-Unit Multifamily Property in Indianapolis

by Christina Cannon March 31, 2016

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.

March 31, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Brokers Sale of 77-Unit Apartment Property in Indianapolis

by Christina Cannon March 30, 2016

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.

March 30, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Arranges Sale of 121-Unit Apartment Property in Indianapolis

by Christina Cannon March 22, 2016

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.

March 22, 2016

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $13.2M Fannie Mae Loan for Affordable Housing Community in Indiana

by Christina Cannon March 16, 2016

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.

March 16, 2016

Indiana Midwest Office

Citimark to Develop 60,000 SF Office Building North of Indianapolis

by Christina Cannon March 15, 2016

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.

March 15, 2016

Indiana Midwest Multifamily

CBRE Arranges Sale of 384-Unit Apartment Community in Indianapolis

by Christina Cannon March 11, 2016

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.

March 11, 2016

Indiana Industrial Market Reports Midwest Midwest Market Reports Uncategorized

Why E-Commerce Will Drive Growth of Indianapolis Industrial Market

by Christina Cannon March 10, 2016

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 …

March 10, 2016

Indiana Midwest

BayView Advisors Brokers Sale of Three-Property Self-Storage Portfolio

by Christina Cannon March 3, 2016

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.

March 3, 2016

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