SCHERERVILLE, IND. — Ryan Cos. has broken ground on a $40 million, 177-unit senior living development in Schererville. Clarendale of Schererville is slated to open in the spring of 2017. The 206,000-square-foot development will be constructed on a nine-acre site and will consist of 85 independent living units, 38 assisted living units and 54 memory care units. Apartments will range from 720 square feet to 1,300 square feet for the independent living units and 300 square feet to 890 square feet for the assisted living and memory care units. Amenities will include a craft room, movie theater room, bistro, pub and billiards room, library, wellness center, salon, fitness room, multipurpose room and a private patio with courtyard.
INDIANAPOLIS — Colliers International has brokered the sale of a 51,974-square-foot retail center in Indianapolis for $6.5 million. Pyramid Place Shops is located at 3450 W. 86th St. at the entrance of College Park Office Park. LNR Property LLC sold the retail center to Ziff Properties Inc. Tenants at the property include Einstein Bros. Bagels, Spherion Staffing, T-Mobile, Qdoba, Firehouse Subs, Skyline Chili and Georgia Reese’s. Alex Cantu of Colliers represented the seller in the transaction.
NEW ALBANY, IND. — Flaherty & Collins Properties has broken ground on a $26.5 million luxury apartment project in downtown New Albany, located across the Ohio River from Louisville, Ky. Flaherty & Collins is partnering with the city of New Albany and the Indiana Economic Development Corp. on the project. The Breakwater is being constructed on the site of the former Coyle Chevrolet property. The complex will feature 191 luxury units and 1,650 square feet of street-front retail space. Amenities will include a heated swimming pool with cabanas, an outdoor movie screen, bike storage, a pet washroom, a fitness club, dog park and an outdoor kitchen with grilling stations and a fire pit. Unit amenities will include 9-foot ceilings, granite countertops, over-sized tubs, faux wood flooring, washers and dryers and smart thermostats. The project is slated for completion in spring 2017. The developer is targeting residents with annual incomes between $50,000 and $60,000. The Breakwater will also be the first apartment project in Southern Indiana to offer gigabit Internet.
LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.
The office sector in the northern suburbs of Indianapolis shows clear signs of solid growth and stability with new construction and deeper tenant demand for space, particularly in the Class A segment. A number of factors contribute to this trend, including job growth, availability of land for housing and favorable demographics. Decision-makers live in the northern suburbs along with families, empty nesters and educated workers. Nearly 90 percent of all suburban office space in greater Indianapolis is located north of 71st Street in five key submarkets: North/Carmel, Keystone, Northwest, the Fishers/I-69 Corridor and Northeast/Castleton. Five I-465 interchanges define these five northern suburban office submarkets of Indianapolis, providing workers efficient access to 17.5 million square feet of office space. Through the third quarter of this year, overall occupancy in these five suburban submarkets stood at nearly 85 percent. The occupancy rate for Class A space was considerably higher at 89 percent. There are only seven blocks of contiguous office space 100,000 square feet or greater available in the suburbs and downtown — four of which are located in the northern suburbs. These spaces include 133,000 square feet at Two Concourse, 10194 Crosspoint Blvd.; 113,000 square feet at the former Charles Schwab …
INDIANAPOLIS — CBRE Group Inc. has arranged the sale of a 156-unit apartment complex in Indianapolis for an undisclosed price. Engel Realty, an apartment operator based in Birmingham, Ala., purchased the property from Hills Properties. Located just over a mile from Eagle Creek Park, Eagle Chase was built in 1995 and is 97 percent occupied. Units at Eagle Creek average 1,119 square feet. The Central Midwest multifamily team of CBRE represented the seller in the transaction.
INDIANAPOLIS — Resource Commercial Real Estate has ended its affiliation with Colliers International and is now the largest independent commercial real estate brokerage group in Central Indiana. The firm will now operate as a 100 percent locally owned entity led by its existing executive team. Resource was founded in 2005 and specializes in tenant/buyer and landlord/seller representation. “Our group was founded more than a decade ago as an independent entity and we are excited to return to our entrepreneurial roots,” says Sam Smith, principal and chairman of Resource Commercial Real Estate. “We saw a market opportunity to distinguish our firm from the noise and mega merger mania spreading throughout our industry, and operating independently enables us to seize that opportunity. As an independent group, our primary focus is serving clients on Main Street, not investors on Wall Street.”
FRANKLIN, IND. — May Realty Advisors has arranged the $1.1 million sale of a freestanding building net leased to Starbucks in Franklin, approximately 25 miles south of Indianapolis. Thomas Levin, a private investor, purchased the building from Elias and Anthony Rantisi. The building, which was constructed in 2004 and spans 1,850 square feet, is located at 2279 N. Morton St., in a shopping center anchored by Lowe’s and Costco. Starbucks has signed a 10-year lease. Matthew May and Richard Huelsman of May Realty Advisors represented the buyer in the transaction. Frank Swiss of Swiss Company Real Estate represented the seller.
LOCKPORT, N.Y., AND KOKOMO, IND. — Stan Johnson Co. has arranged the sale of two grocery stores located in Lockport and Kokomo for a combined $15.3 million. Bluejay Management LLC acquired the 55,000-square-foot Tops Markets at 3945 Lockport-Olcott Road in Lockport and the 55,264-square-foot Marsh Supermarket at 208 E. Southway Blvd. in Kokomo. Josh Pardue of Stan Johnson Co. represented the seller, Fields Realty, in the transaction.
CARMEL, IND. — Anderson Birkla Investment Partners has selected Woolpert to design a $60 million mixed-use development in downtown Carmel, a northern suburb of Indianapolis. The Proscenium will be situated on 6.5 acres and will include 225 luxury one- and two- bedroom apartment units. Plans also include a fitness club, a bike center and a coffee bar. The Proscenium will also offer 20,000 square feet of retail space and 60,000 square feet of office space that will be centered on 1.8 acres of public green space. Construction on The Proscenium will begin this fall and is expected to take 18 to 24 months to complete.