Indiana

HREC Arranges Sale of Two TownPlace Suites Hotel Properties in Indianapolis

by Jeff Shaw August 10, 2015

INDIANAPOLIS — HREC Investment Advisors has arranged the sale of the 82-suite TownePlace Suites Indianapolis Keystone and the 94-suite TownePlace Suites Indianapolis Park 100, both Marriott-branded properties. The purchase price of the hotels was not disclosed. The TownePlace Suites Indianapolis Keystone is located on the north side of Indianapolis in the city’s most prestigious area, Keystone at the Crossing. The hotel is situated minutes from downtown Indianapolis and the Indianapolis International Airport. The TownePlace Suites Indianapolis Park 100 hotel is situated on the northwest side of Indianapolis. Local demand generators include downtown Indianapolis, Indianapolis Motor Speedway, Traders Point shopping and Eagle Creek Park. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, worked with both the buyer, Arbor Lodging Partners, and seller, First Hospitality Group (FHG), to complete the transaction. Chicago-based Arbor Lodging Partners is a national debt and equity investor in the hospitality industry. FHG, based in Rosemont, Ill., specializes in hotel management, acquisitions and development throughout the Midwest.

August 10, 2015

Indiana Midwest Restaurant Retail

Boulder Group Arranges $1.4M Sale of Property Net Leased to Macaroni Grill near Indianapolis

by Jeff Shaw August 10, 2015

CARMEL, IND. — The Boulder Group has brokered the sale of a 55,757-square-foot, single-tenant property formerly occupied by Macaroni Grill in Carmel, a northern suburb of Indianapolis, for $1.4 million. The Macaroni Grill closed within the last year as part of a larger company-wide closure of numerous locations. There are approximately two years remaining on the Macaroni Grill lease, which expires in April 2017. The property is located at the corner of the Keystone Parkway and E. 116th St. interchange, which experiences traffic counts in excess of 62,000 vehicles per day. Keystone Parkway is the primary north-south thoroughfare in the area connecting Carmel to Indianapolis. There is more than 360,000 square feet of retail space located across the street from the property that features Marsh Supermarket, Petco, World Market, PNC Bank, O’Reilly Auto Parts, and many others. There are approximately 60,000 people living within a three-mile radius of the property earning average annual household incomes in excess of $101,000. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Midwest-based commercial real estate development and investment firm, in the transaction. The purchaser was a high-net-worth individual from the West Coast.

August 10, 2015

Indiana Industrial Midwest

America Place Completes Construction of Industrial Building in Jeffersonville, Ind.

by Jonathan Mehall August 5, 2015

JEFFERSONVILLE, IND. — America Place has completed construction of its second industrial building at River Ridge Commerce Center in Jeffersonville, approximately three miles outside of Louisville. America Place has invested over $100 million in the River Ridge development. The 252,515-square-foot building completed in the second phase comes on the heels of the 150,000-square-foot facility that America Place built last year on the River Ridge Campus. A third building, which will span 200,000 square feet and be located at the intersection of Salem Road and Trey Street, is slated for completion later this year. America Place is in negotiations with several potential tenants for the buildings completed in Phases II and III, but no leases have been signed yet.

August 5, 2015

Indiana Midwest Retail

Brennan Investment Group Acquires Hillsdale Business Park In Indianapolis

by Jonathan Mehall July 29, 2015

INDIANAPOLIS — Brennan Investment Group LLC has acquired Hillsdale Business Park, a six-building business park comprising 445,892 square feet, in Indianapolis. Hillsdale Business Park is located at 7700 North Shadeland Ave. on the northeast side of Indianapolis at the intersection of I-465 and I-69, two main interstates that serve the Indianapolis metro area. The business park is within minutes of a number of restaurants, banks, and Castleton Square Regional Mall. Tenants of Hillsdale feature Community Hospital, Verizon Wireless, State Farm Insurance, Ingersoll Rand, Northeast Family Physicians and Pro Kids Inc. Originally developed by Duke Realty, Hillsdale Business Park is owned by Hillsdale Property Company and is leased and managed by Jones Lang LaSalle.

July 29, 2015

Indiana Midwest Multifamily

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Elkhart, Ind.

by Jonathan Mehall July 27, 2015

ELKHART, IND. — Marcus & Millichap has arranged the sale of Gladstone Apartments in Elkhart, located at 601-603 Gladstone Ave. The 12-unit, multifamily property sold for $264,000, or $22,000 per unit, and consists of two one-bedroom units and 10 two-bedroom units. Gladstone Apartments is fully occupied. Built in 1964, the property had been owner-operated and owner-managed for 36 years and included relatively new windows and roofing. The 10,800-square-foot property is located a few blocks from downtown Elkhart and has trolley access to Walmart, Meijer, Elkhart General Hospital, and Ivy Tech, according to LoopNet. The apartment community includes spacious floor plans, separately metered electric, baseboard heat, an outdoor picnic area, coin-operated washers and dryers in two laundry rooms, wall-mounted electric air conditioning, landlord-paid water/sewer/trash common area electricity and private trash services. David Orton of Marcus & Millichap’s Indianapolis office represented the buyer, a private investor, in the transaction. Orton also marketed the property on behalf of the seller, a personal trust. Orton Interra Credit Union, a local bank, financed the transaction.

July 27, 2015

Hospitality Indiana Midwest

Arbor Lodging Partners Acquires Two Hotels in Indianapolis

by Jonathan Mehall July 24, 2015

INDIANAPOLIS — Arbor Lodging Partners, through an affiliate, has acquired two select-service, extended-stay hotels in Indianapolis: the TownePlace Suites Indianapolis Keystone, an 82-room hotel; and the TownePlace Suites Indianapolis Park 100, a 94-room property. The terms of the transaction were undisclosed. The two hotels are part of the TownePlace Suites by Marriott brand and offer an all-suites concept that caters to business travelers. The residential-style suites come in studio, one-bedroom and two-bedroom unit sizes, and offer amenities such as ample workspace and living areas and full-sized, fully equipped kitchens. Arbor Lodging Partners is a Chicago-based national owner and operator of hotels. Individuals who represented the buyer and seller were undisclosed.

July 24, 2015

Hospitality Indiana Midwest

Oak Coast Properties, Harp Group Acquire Residence Inn Hotel in South Bend for $8M

by Jonathan Mehall July 21, 2015

SOUTH BEND, IND. — Oak Coast Properties and Harp Group have acquired the 80-room Residence Inn hotel in South Bend for $8 million. The new owners plan to complete approximately $2 million in extensive renovations to the property. The value-add investment strategy is aimed at maximizing revenue per available room (RevPAR). As Indiana’s fourth largest city, South Bend boasts four higher education institutions in the area. The apartment-style hotel rooms include full kitchens with ovens. The average size of the rooms is approximately 50 percent larger than traditional hotel rooms. The property appeals to both families and business travelers seeking extended-stay options. The seller was RLJ Lodging Trust.

July 21, 2015

Indiana Midwest Mixed-Use

Grand opening of The Depot at Nickel Plate in Fishers, Ind., Is Set for July 23

by Jonathan Mehall July 20, 2015

FISHERS, IND. — Flaherty & Collins Properties will host a grand opening Thursday, July 23, for The Depot at Nickel Plate, a luxury mixed-use development in Fishers, approximately 21 miles northeast of Indianapolis. Located at 8594 E. 116th St., the $42 million development features 242 market-rate luxury apartments and 17,045 square feet of streetfront retail. Retail tenants at The Depot include Dottie Couture boutique, Brixx Wood-Fired Pizza, Yogurtz, Flamme Burger and Salon Seven. Only 6,249 square feet of retail space is still available. The apartment sizes range from 703 square feet to 2,297 square feet, with rents ranging from $950 to $3,850 per month.

July 20, 2015

Indiana Retail

Greenwood Global Acquires 590,000 SF Kendall Marketplace in Yorkville, Ill.

by Jonathan Mehall July 14, 2015

YORKVILLE, ILL. — Greenwood Global Inc. has acquired Kendall Marketplace, a 590,000-square-foot retail center located in Yorkville, approximately 50 miles southwest of Chicago. The purchase price was undisclosed. The Class A shopping center, which opened in 2008, is situated on 192 acres of land and is anchored by a Dick’s Sporting Goods, Marshalls and PetSmart. Other stores include The Home Depot, Kohl’s, and Super Target. Kendall Marketplace has the ability to add as much as 155,000 square feet of retail space through the development of multiple outparcels. Headed by Alex Berman, formerly CEO of EPN Group, Northbrook, Ill.-based Greenwood Global also has acquired residential land adjacent to Kendall Marketplace. The land is zoned for 192 single-family homes and town homes. Kris Cooper of JLL represented the seller, an American multinational banking and financial services corporation, in the transaction. Greenwood Global has selected CBRE as the property manager and leasing agent at Kendall Marketplace.

July 14, 2015

Indiana Midwest Office

CBRE Arranges Sale of Suburban Office Park in Indianapolis to Group RMC

by Jonathan Mehall July 9, 2015

INDIANAPOLIS — Group RMC has acquired Castleton Park, a 1.1 million-square-foot suburban office park in Indianapolis. The purchase price and seller were undisclosed. The office park is located in an affluent area of Indianapolis between I-465 and I-69. Castleton Park sits on 120 acres of land and is comprised of 31 office buildings. During the last two years, tenants signed leases totaling more than 176,000 square feet at the property, which is currently 79 percent occupied. Group RMC also recently purchased Park Fletcher, a two-building business park in Indianapolis, and Summit, a four-building office park in Cleveland Ohio. A representative of Group RMC emphasized the Midwest is “the backbone of America.” Andy Banister and Dan Richardson, who are part of CBRE’s investment property group in Indianapolis, represented the seller in the transaction.

July 9, 2015

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