Indiana

Steadfast Apartment REIT Acquires Three Apartment Properties for $80.8M

by Danielle Everson April 7, 2015

FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.

April 7, 2015

Indiana Midwest Retail

Mid-America Real Estate Brokers $3.2M Sale of Summit Crossing in Crown Point, Ind.

by Danielle Everson April 3, 2015

CROWN POINT, IND. — Mid-America Real Estate Corp. has brokered the sale of Summit Crossing, an 11,859-square-foot shopping center Crown Point. A California-based private investor purchased the shopping center for $3.2 million. Summit Crossing is located at the southeast corner of Route 55 and East Summit Street. Tenants at the fully leased center include ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, Chicago-based Origin Capital Partners.

April 3, 2015

Indiana Midwest Multifamily

Metonic Real Estate Solutions Buys 740-Unit Apartment Complex in South Bend, Ind.

by Danielle Everson April 2, 2015

SOUTH BEND, IND. — Metonic Real Estate Solutions has purchased Castle Point Apartments, a 740-unit apartment complex in South Bend, for an undisclosed sales price. Originally built in three phases between 1974 and 1980, Castle Point Apartments includes one- and two-bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000-square-foot clubhouse offers residents premier amenities including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room and game room. The property is located within two miles of the University of Notre Dame, St. Mary’s College and Holy Cross College. Metonic plans to make renovations at the property which will include the addition of new appliances and washers and dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents. Omaha-based Seldin Co. was selected as the property manager.

April 2, 2015

Eagle Lake Landing Apartments Speedway Indiana

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of Indiana Apartment Community to Steadfast Apartment REIT

by John Nelson April 1, 2015

SPEEDWAY, IND. — Tikijian Associates has arranged the sale of Eagle Lake Landing Apartments, a 277-unit apartment community located in Speedway. Eagle Lake Landing was built in 1976 and was renovated in 2011. The $6.3 million renovation included upgrades to unit interiors with the addition of new kitchens and bathrooms, the addition of washers and dryers to each unit, new entry and interior doors, new light fixtures and all new floor coverings. The exterior of the property also received improvements including new roofs, windows and patio doors, full exterior painting, new signage and exterior lighting. A new clubhouse with fitness/health center, business center and leasing office was also constructed in 2011. Tikijian Associates represented the seller, Indianapolis-based Van Rooy Properties. Steadfast Apartment REIT purchased the property. Steadfast Apartment REIT is sponsored by California-based Steadfast REIT Investments LLC, an affiliate of Steadfast Cos.

April 1, 2015

Indiana Industrial Midwest

McNamara Florist to Move Corporate Headquarters to Indianapolis

by Danielle Everson March 27, 2015

INDIANAPOLIS — McNamara Florist has acquired a 176,000-square-foot industrial property in Indianapolis for an undisclosed sales price. The property is located on 7.3 acres at 1853 Ludlow Ave. The site of the florist’s new corporate headquarters will undergo extensive renovations. Occupancy is expected in the first half of 2016. The company headquarters currently occupies 58,000 square feet of leased space in Fishers, Ind. McNamara currently employs 120 people and the company will be relocating 70 of those positions to this facility. Bill French and Grant Lindley of DTZ represented McNamara in the property transaction. First Internet Bank provided financing for the acquisition and construction and Premier Capital Corp. provided a SBA 504 loan. April Hensley of Leech Hensley Architects will be the principal architect and Kort Builders will serve as the general contractor. McNamara also received a LISC façade improvement grant, which will be used to improve the exterior appearance of the building.

March 27, 2015

Indiana Industrial Midwest

Meritex Acquires 248,358 SF Industrial Building in Plainfield, Ind.

by Danielle Everson March 26, 2015

PLAINFIELD, IND. — Meritex has acquired the MetroAir Building #3, a 248,358-square-foot, Class A industrial facility located at 758 Columbia Road in Plainfield. The property, part of the MetroAir Business Park, is fully occupied and features an ESFR sprinkler system and a 28-foot ceiling height. The property also has access to I-70, I-74 and I-65. This acquisition expands Meritex’s Indianapolis portfolio to more than 1 million square feet. Meritex will directly manage the MetroAir property along with its other holdings in Indianapolis.

March 26, 2015

Indiana Market Reports Midwest Midwest Market Reports Retail

Millennials Drive Shift to Experiential Shopping in Indianapolis Retail Market

by Danielle Everson March 18, 2015

The retail market as a whole is shifting to make shopping more experiential amid a recovering economy and the influence of millennials and their shopping demands and interests. Despite the buzz about the popularity of online shopping, less than 10 percent of all retail sales take place via the Internet. According to the International Council of Shopping Centers (ICSC), online retail sales in 2013 were nearly $263 billion, accounting for a mere 6 percent of total retail sales. In-store sales accounted for the remaining $4.3 trillion, according to the U.S. Commerce Department. It’s clear that while some consumers find online shopping convenient, the majority still prefer the shopping center experience. In particular, millennials, who are 74 million strong with a buying power of $174 billion, demand that experience. Last fall, Indianapolis-based Simon Property Group forecast that 89 percent of millennials would shop at a mall over the holidays. Surprisingly, millennials use technology to conduct research about products, but they generally prefer to visit stores to make purchases. Millennials will read product reviews online but they want to touch the merchandise, feel it, experience it and then tweet about it to friends. So, while the entire shopping process revolves around technology, …

March 18, 2015

Indiana Midwest Multifamily Seniors Housing

Clark’s Crossing Senior Facility to Open in Vincennes, Ind.

by Danielle Everson March 16, 2015

VINCENNES, IND. — Flaherty & Collins Properties and Myszak + Palmer will host a grand opening ceremony for Clark’s Crossing, a senior living center in Vincennes on March 18. The property is located at 300 N. 6th St. Clark’s Crossing features 47 one- and two-bedroom apartment homes, which include fully equipped kitchens with energy efficient appliances, hardwood flooring, oversized closets, and washers and dryers. The project is an adaptive reuse of two historic buildings. The development used the sale of historic tax credits and rental housing tax credits to turn the two buildings into a senior living facility. A collaborative effort between Myszak + Palmer, Flaherty & Collins Properties, Vincennes Community School Corporation (VCSC), The Vincennes Education Foundation and Vision Communities, the project involved the reuse of the old Clark Middle School and Adams Coliseum. Part of the project included the restoration of Adams Coliseum, which included the addition of new, brighter lighting, painted bleachers and new windows at the historic gym. Adams Coliseum will be run by The Vincennes Education Foundation, and will include programming that will encourage resident and community interaction. Kuhl & Grant LLP provided legal services and McKinley Development LLC provided consulting services on the project. …

March 16, 2015

Healthcare Indiana Midwest

Holladay Properties Arranges 16,280 SF Lease of Medical Office building in Dyer, Ind.

by Danielle Everson March 9, 2015

DYER, IND. — Holladay Properties has arranged a 16,280-square-foot lease of a medical office building in Dyer. Franciscan Alliance will occupy space within the Medical Pavilion South building located on the campus of Franciscan Saint Margaret Hospital. Holladay Properties provides leasing and property management services for Medical Pavilion South, a 63,486-square-foot, three-story medical office building. The Franciscan Alliance will open the Program of All-inclusive Care for the Elderly (PACE) Senior Health and Wellness facility on the third floor of the building. The facility provides primary care, diagnostics, physical therapy, occupational therapy, dietician, social worker, CNA, home health support, recreational services as well as access to specialists in cardiology, ophthalmology, dermatology, orthopaedics and geriatrics. The Franciscan Alliance currently operates a similar Senior Health and Wellness Center in Indianapolis. Michael O’Connor of Holladay Properties represented the building owner in the transaction. Holladay Properties also provides property management services for the project.

March 9, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Indiana

by Danielle Everson March 6, 2015

TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.

March 6, 2015

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