Indiana

Stan Johnson Co. Arranges $20.5M Corporate Sale-Leaseback in Bluffton, Ind.

by Danielle Everson April 27, 2015

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.

April 27, 2015

Hospitality Indiana Midwest

Hampton Inn & Suites Hotel Coming to Keystone at the Crossing

by Danielle Everson April 22, 2015

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.

April 22, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

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.

April 10, 2015

Illinois Indiana Midwest Multifamily

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

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