INDIANAPOLIS — Lee & Associates has brokered the lease of retail space at 6280 N. College Ave. in Indianapolis. An undisclosed lessee plans to open a 1,860-square-foot Pure Barre location at the site within The Broad Ripple Garage. Crystal Kennard and Scot Courtney of Lee & Associates represented the undisclosed landlord in the transaction.
INDIANAPOLIS — Colliers International has brokered the sale of Waterfront Office Park, an office park located at 2611-2780 Waterfront Parkway E. Drive in Indianapolis. New Boston Fund sold the four-building, 201,276-square-foot park for an undisclosed price. Alex Cantu, Rich Forslund and Matt Langfeldt of Colliers Indianapolis | Capital Markets represented the seller in the deal. The name of the buyer was not released.
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.
Quantum Real Estate Advisors Negotiates $3M Sale of Multi-Tenant Retail Property in Portage, Indiana
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.
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.
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.
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.
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.
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.
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.