JEFFERSONVILLE, IND. — GBT Realty Corp. has partnered with The Koetter Group to develop a $35 million regional retail center within Jeffersonville Town Center, a master-planned, mixed-use development in Jeffersonville in far southern Indiana. The companies are under contract to purchase 24.7 acres located immediately across from the Phase I Marketplace at Jeffersonville Town Center. The 240,000-square-foot shopping destination will feature two anchor tenants of 55,000 and 63,000 square feet; two junior anchor tenants of 28,000 and 22,000 square feet; and 30,000 square feet of small-shop space. Additionally, two buildings along Town Center Boulevard will feature 25,000 square feet of small-shop space for local and regional retail, dining and service provides. Site work is expected to begin immediately upon land acquisition, which is expected to close in December. The development is slated to open in the spring of 2017.
FORT WAYNE, IND. — Bradley Co. has arranged two leases and one condominium sale across various property types in Fort Wayne. Kienan O’Rourke of Bradley Co. represented the tenant, Vintage Treasures LLC, in the lease of 21,600 square feet of retail space located at 265 Coliseum Blvd. In a separate transaction, O’Rourke represented the seller, B&R Real Estate, in the sale of a 2,077-square-foot office condo located at 515-519 Airport North Office Park in Fort Wayne to an undisclosed buyer. In a third transaction, O’Rourke represented the landlord, Kurt Mundinger, in the lease of 7,108 square feet of industrial space located at 224 E. Wallace St. to Three Rivers Distilling Co. Kelly Castle, also of Bradley Co., represented the tenant in the transaction. Terms and additional details of the transactions were not released.
INDIANAPOLIS, GREENWOOD AND CARMEL, IND. — The Boulder Group has brokered the sale of a single-tenant, net-leased Jiffy Lube portfolio consisting of seven properties in metro Indianapolis. A high-net-worth foreign investor acquired the portfolio for $6.6 million from a Midwest-based private partnership. The properties are 8175 Allisonville Road, 7765 US 31 South, 5444 W. 38th St., 7220 W. 10th St. and 7969 Pendleton Pike in Indianapolis; 1495 Keystone Way in Carmel; and 532 N. State Road 135 in Greenwood. All of the Jiffy Lube leases have more than seven years remaining and expire in November 2022. The leases, which are absolute triple net, also feature three five-year renewal options with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
PLAINFIELD, IND. — Poag Shopping Centers has selected Woolpert to provide design and engineering services for the $11 million redevelopment of its 600,000-square-foot retail center in Plainfield. The architecture, engineering and geospatial firm will plan for the reconfiguration of structural, mechanical, electrical, civil and underground utility systems at the shopping center. In October, Metropolis Lifestyle Center will be renamed The Shops at Perry Crossing. More than 44 stores and restaurants, including Dick’s Sporting Goods, JCPenney, Barnes & Noble, Old Navy and Carmike Cinemas, occupy the center. Construction began in July, with a grand reopening slated for this fall.
PLAINFIELD, IND. — WPT Industrial REIT has renewed its lease with Fullbeauty Brands Inc. for the single-tenant property located at 3003 Reeves Road in Plainfield. The online retailer has renewed its 741,092-square-foot lease for five years at a renewal rate that exceeds in-place rental rates. The lease expires on August 31, 2021, and extends the REIT’s overall weighted average lease term to just over four years. Built in 2003, the property features 36-foot clear ceiling heights, an ESFR sprinkler system, and metal halide and T-5 lighting, as well as ample dock doors and trailer/auto parking.
GREENWOOD, IND. — Marcus & Millichap has brokered the $1.2 million sale of Wooddale Terrace Townhomes, located at 601-623 Wooddale Terrace in Greenwood, about 14 miles south of Indianapolis. The apartment property consists of two three-story buildings built in 1985. All units are approximately 1,000 square feet with two-bedroom units and one-and-a-half baths. The property was 100 percent occupied at the time of sale. David Orton of Marcus & Millichap’s Indianapolis office represented the seller, a limited liability company, and the buyer, also a limited liability company.
INDIANAPOLIS — Owner and property manager Fairbridge Properties has signed Managed Health Services to a lease extension and expansion at the Landmark Center, a Class A office tower, located at 1099 N. Meridian St. in the central business district of Indianapolis. The deal expands Managed Health Services’ space by 9,768 square feet, bringing the company’s total occupancy to 60,452 square feet. The lease expires April 30, 2017. The 12-story tower is 100 percent leased and includes other full- and multi-floor tenants such as Angie’s List, Disciples of Christ Christian Church, United States Citizenship and Immigration Services and Jacobs Engineering Group. Landmark Center features numerous amenities including a fitness center, conference facility, full-service cafeteria and indoor bike storage. Fairbridge acquires, develops and manages commercial properties ranging in value between $10 million and $45 million.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Tuscan Pointe Apartments, located at 1451 E. Southport Road in Indianapolis. The purchase price was $11.7 million, or $35,671 per unit. Built in 1971, Tuscan Pointe Apartments is a 328-unit complex that features a mix of one-, two- and three-bedroom units. The apartments include screened-in balconies and private patios, wall-to-wall carpeting and individual climate control. Select units have vaulted ceilings. Community amenities include a swimming pool with a large sundeck, fitness center, clubhouse and party room. James Walsh of Marcus & Millichap’s Chicago office represented the buyer, a California-based investment fund, and the seller, a Chicago-based family partnership.
FRANKFORT, IND. — The Opus Group has completed the construction of a 1.6 million-square-foot distribution center for Omaha-based ConAgra Foods in Frankfort, about 46 miles north of Indianapolis. The center is situated on 288 acres of land and houses over 200 employees. The distribution center features 15,000 square feet of office space, 34-foot clear heights in the warehouse, 125 dock doors, 10 rail doors and more than 850 trailer parking spaces. Shipments to customers from the center began in July. The Opus Group developed, designed and built the property.
FORT WAYNE, IND. — Bradley Co. has arranged two leases totaling more than 15,000 square feet in Fort Wayne. In the first transaction, Mike Dahm represented the landlord, Industrial Road Enterprises, as well as the tenant, HD Supply Waterworks, in the lease renewal of 13,480 square feet of industrial space located at 5120 Industrial Road. In the second transaction, Dahm and Kelly Castle represented the tenant, RPM Pizza Midwest LLC, in the lease of 2,130 square feet of retail space located at 301 W. Jefferson Blvd. Bradley Co. has served the Northern Indiana and West Michigan commercial real estate market since 1978.