PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $3.2 million sale of a 15,930-square-foot shopping center in Portage. Grand Pointe Plaza is located at 6532-6546 U.S. Highway 6. Some tenants at the property include Dunkin’ Donuts, Firehouse Subs and Boost Mobile. The shopping center was fully occupied at the time of sale. A Chicago-based private real estate investor purchased the property from a local development group. Chad Firsel and Conor Bossy of Quantum Real Estate Advisors Inc. represented the seller in this transaction.
Indiana
LAFAYETTE, IND. — Marcus & Millichap has brokered the $5.8 million sale of a Home Depot ground lease in Lafayette. The 133,868-square-foot, net-leased property is located at 311 Sagamore Parkway N. Home Depot has approximately 12 years of term left on its lease, which is corporately guaranteed. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus office represented the seller, a developer, and the buyer, a limited liability company. Josh Caruana, an Indiana broker of record, assisted in closing the transaction.
INDIANAPOLIS — The city of Indianapolis has selected Meridiam to build a new justice complex. Under terms of the agreement, a Meridiam-led project company will finance, design, build, operate and maintain the new justice complex. The project calls for the consolidation of county jails, criminal courts, offices for the Marion County Sheriff’s Office, and other related offices and agencies from disparate locations around Indianapolis. The facility will also include a 3,000-bed detention facility with on-site medical and mental health units, a 960-bed community corrections facility and surface parking. It will be situated on a site located southwest of downtown Indianapolis that was formerly occupied by a General Motors stamping plant. New York-based Meridiam is an independent investment firm specializing in the development, financing, and management of long-term public infrastructure projects.
The nickname for Indianapolis, “Naptown,” is quickly fading in the rearview mirror as the city receives an increasing amount of recognition as one of the best places to live and work in America. Thanks to a unique combination of Hoosier hospitality, pro-business environment and amenities such as the Cultural Trail, Indianapolis has been named “One of the best new boom towns in the U.S.” by Forbes magazine and the “No. 3 Downtown in the U.S.” by Livability.com. With $1 billion in new projects on the horizon, it’s no surprise that downtown Indianapolis is making headlines. Indygo’s $37 million Downtown Transit Center, in close proximity to the Cultural Trail and Bike Hub, will serve pedestrians, cyclists and bus riders. A $26 million investment in a new Science and Engineering Lab at Indiana University-Purdue University Indianapolis will continue to encourage life sciences and technology careers. Plans also are in the works to revamp downtown’s iconic Monument Circle with space for events, an ice skating rink, sidewalk cafes and more. On the residential front, investments in excess of $400 million over the past five years have resulted in new housing for 4,000 additional residents. Downtown Residential Boom According to public/private partnership Downtown Indy, …
HAMMOND, IND. — Holladay Properties will develop a 60,000-square-foot commercial office building in Hammond. The site for the new property is located at the southeast quadrant of I-94 and Kennedy Avenue within the Ox Bow Landing development. The project includes the construction of a four-story, Class A office building. The property is located three miles from the Illinois border.
LAWRENCEBURG, IND. — Hilton Worldwide and DoubleTree by Hilton have opened DoubleTree by Hilton Lawrenceburg, a new $50 million hotel development at the city’s multi-purpose Lawrenceburg Event Center. Situated on the Ohio River in downtown Lawrenceburg, the nine-story, 168-room property is located at 51 Walnut St. The hotel includes a two-story lobby, which connects to an outdoor patio providing views of the city. Guestrooms overlooking the Ohio River feature a variety of amenities, including complimentary WiFi and 42-inch LCD TVs. The hotel also includes a 24-hour fitness center, business center and Wi-Fi access throughout public spaces and guest rooms. Indiana Gaming Co. LLC owns and will manage the hotel.
GRANGER, IND. — Marcus & Millichap has arranged the $5.2 million sale of a 14,490-square-foot retail property in Granger, approximately nine miles northeast of South Bend. The property is located at 15005-45 State Road 23. Mark Lewenauer of Marcus & Millichap’s Chicago downtown office secured and represented the buyer, a private investor. Josh Caruana, the firm’s Indiana broker of record, assisted in closing the transaction.
HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.
BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.
TERRE HAUTE, IND. — Paramount Lodging Advisors has arranged the sale of Clarion Inn & Suites and Super 8 in Terre Haute. The 142-room Clarion Inn & Suites is located at 3053 S. U.S. Highway 41, and the adjacent 117-room Super 8 located at 3089 S. 1st St. PLA was engaged by the court appointed receiver as the exclusive representative in the sale of the Clarion Inn & Suites. Bennett Webster and Brent Clemens of PLA led the marketing efforts. In the second transaction, PLA’s Clemens and Webster exclusively represented Supertel Hospitality in the sale of the Super 8.