TERRE HAUTE, IND. — Sansone Group has acquired Towne South Plaza, a shopping center located on U.S. Highway 41 in Terre Haute. Creekstone Towne South Plaza LLC sold the 162,285-square-foot property for $18 million. Gander Mountain, Best Buy, PetSmart, Guitar Center and Five Below occupy the property. Sansone plans to eventually expand the center to 213,000 square feet.
HOBART, IND. — The Boulder Group has completed the sale of a single-tenant, net-leased Walgreens property in Hobart, Ind. The 15,120-square-foot property is located at 732 W. Old Ridge Road. Walgreens has 16 years remaining on its lease that expires in December 2031. Walgreens has operated at this property since 2001. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest-based institution and the buyer was an international investor.
INDIANAPOLIS — American Campus Communities Inc. will break ground on Sunset Student Residences, a 633-bed sophomore residence hall on the campus of Butler University in Indianapolis, this month. The $40 million facility will open in August 2016. The site previously had been a parking lot. Sunset Student Residences is the result of a partnership between ACC and Butler University. ACC will build and maintain the facility, while Butler will provide staff to manage the building. Sunset Student Residences will feature suites of three- and four-bedroom floor plans.
PLAINFIELD, IND. — HSA Commercial Real Estate has arranged a long-term lease renewal for Banning Engineering within the Gateway Industrial Business Park in Plainfield. The property is located at 853 Columbia Road. Banning, a civil engineering and surveying firm, occupies 16,000 square feet in the first distribution facility to be constructed at the 13-acre business park and was the original tenant at the park in 2004. HSA Commercial owns and manages the park, which has since expanded to include a 121,000-square-foot multi-tenant second phase that was built in 2006, a 34,880-square-foot facility occupied by the Federal Aviation Administration, and a 220,000-square-foot speculative warehouse that HSA built in partnership with Great Point Investors LLC in 2014.
GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a new 671,354-square-foot industrial building in Greenwood for $37.4 million from an undisclosed seller. The property is situated on a little more than 43 acres located at 482 Chaney Ave. and is net leased for 10.25 years to beauty retailer ULTA Inc., a subsidiary of Ulta Salon, Cosmetics & Fragrance Inc. The new Omni-channel fulfillment center will serve both business-to-business and direct-to-consumer e-commerce sales.
GARY, IND. — Paine/Wetzel TCN Worldwide has arranged the sale of a 196,000-square-foot industrial building situated on 14 acres located at 4000 E. 7th Ave. in Gary. T&B Tube Co. purchased the property for an undisclosed sales price. The company provides cut-to-length steel tubing for manufacturers and fabricators and is expanding and relocating from another location in South Holland, Ill. Ed Wabick of Paine/Wetzel represented T&B Tube Co. Walter Murphy of Lee & Associates represented the seller, Sterling Lumber Co.
CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.
BLUFFTON, IND. — Stan Johnson Co. has arranged the $20.5 million sale-leaseback of an industrial facility in Bluffton. The property, which is leased to Alexin LLC, is located at 1390 South Adams St. Ken Hedrick, Jerry Hopkins, D. Andrew Ragsdale and Scott Briggs of Stan Johnson Co. represented the seller and the buyer in the corporate sale-leaseback transaction. The 90,108-square-foot facility was built in 2009. The location currently serves as Alexin’s headquarters and aluminum casting facility.
INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.
SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.
