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IndianaIndustrialLeasing ActivityMidwest

Continental Signs 49,977 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow

PLAINFIELD, IND. — Continental, a contract dining and refreshment provider, has signed a 49,977-square-foot industrial lease at Gateway Industrial II within HSA Commercial’s Gateway Business Park in the Indianapolis suburb of Plainfield. The deal returns Gateway Industrial II to full occupancy after a previous tenant expanded elsewhere within the business park. Based in Troy, Mich., Continental specializes in workplace food and beverage programs. The company plans to establish a distribution center and office space at Gateway Industrial II. HSA will oversee the build-out of the office portion, while Continental will retrofit the warehouse space. Occupancy is slated for June 1. Built in 2004, Gateway Industrial II features a clear height of 28 feet. In addition to Continental, the 104,400-square-foot building is leased to Sky Zone Trampoline Park, In Touch Pharmaceuticals and CertiFit Auto Body Parts. To date, HSA has completed seven buildings totaling approximately 1.2 million square feet at Gateway Business Park. The development is situated one mile from Indianapolis International Airport. Tom Ferguson of Premier Commercial and John Boyd of Signature Associates represented Continental in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.

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AcquisitionsIndianaMidwestMultifamily

Capstone Brokers $1.8M Sale of Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Capstone Cos. has brokered the sale of Oxford Terrace Apartments in Indianapolis for $1.8 million. The 40-unit, garden-style property was constructed in 1986 and is situated in the city’s Martindale-Brightwood neighborhood. Kevin Burns and David Funke of Capstone brokered the transaction between the sellers, Paul Shannon and Powell Chee, and the buyer, Razor Capital Group. The transaction included seller financing of $1.25 million at a 6 percent interest rate with interest-only payments over the term of three years. The new owner is poised to continue the previous owner’s value-add strategy, focusing on the renovation of the remaining 18 units.

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Completes 120-Unit Affordable Assisted Living Community in Goshen, Indiana

by Kristin Harlow

GOSHEN, IND. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased. Located at 282 Johnson St., the $30 million project replaces a vacant three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story community. Green Oaks of Goshen offers 49 studio and 71 one-bedroom units, all of which are reserved for seniors age 62 or older with incomes at or below 80 percent of the area median income. Amenities include a community room with kitchen, private dining room, media and theater room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent Low-Income Housing Tax Credits (LIHTC) for the project. In addition, the City of Goshen issued tax-exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners also invested in the project, providing LIHTC equity.

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IndianaLoansMidwestOffice

Maverick Commercial Mortgage Arranges $2.4M Loan for Refinancing of Indianapolis Office Building

by Kristin Harlow

INDIANAPOLIS — Maverick Commercial Mortgage Inc. has arranged a $2.4 million loan for the refinancing of a 30,000-square-foot office building in downtown Indianapolis. The property is 97 percent leased to 30 tenants. Originally constructed in 1911, the building was renovated in 2006 with restored original woodwork, tile work and terrazzo flooring. A Midwest lending institution provided the five-year, fixed-rate loan on behalf of the Indianapolis-based buyer. Proceeds of the loan were used to retire the acquisition financing and for a partner buyout.

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IndianaLoansMidwestMultifamily

Red Oak Capital Holdings Provides $4M Bridge Loan for Renovation of Indianapolis Apartment Property

by Kristin Harlow

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …

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IndianaMidwestMultifamily

Friedman Communities to Manage 398-Unit Veridian Castleton Apartments in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage Veridian Castleton Apartments in Indianapolis. Constructed in 1965, the property contains 398 units with a mix of one-, two- and three-bedroom layouts. Amenities include a fitness center, pool, lounge area, playground, two bark parks and a picnic and grilling area.

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AcquisitionsIndianaMidwestRetail

Boulder Group Arranges Sale of Best Buy-Occupied Property in Metro South Bend for $9.6M

by Kristin Harlow

MISHAWAKA, IND. — The Boulder Group has arranged the $9.6 million sale of a single-tenant retail property net leased to Best Buy in Mishawaka near South Bend. The 50,327-square-foot building is located at 6502 Grape Road along I-80. Nearby tenants include Target, Apple, Macy’s, Menards, Ross Dress for Less, Walmart, Sam’s Club, The Home Depot, Aldi, Meijer and Costco. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based partnership. The buyer was an institution.

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IndianaMidwestNAI

NAI Prime Commercial Joins NAI Global Network to Serve Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — NAI Prime Commercial has joined NAI Global as a new office under the name NAI Prime Commercial. The commercial real estate services and advisory company is based in Evansville. The firm offers services such as commercial sales, leasing, asset management, development and advisory services. The inception of NAI Prime Commercial in early 2024 followed founder Scott Edmond’s nine-year tenure with another large commercial real estate firm. Prior to that, he worked in the banking and finance industry for 21 years. Edmond works alongside his wife and business partner, Holly Edmond.

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DevelopmentIndianaMidwestMultifamily

Flaherty & Collins Properties to Break Ground on $101M Apartment Project in Michigan City, Indiana

by Kristin Harlow

MICHIGAN CITY, IND. — Flaherty & Collins Properties is scheduled to break ground on The Franklin at 11th Street Station, a $101 million apartment project in northern Indiana’s Michigan City. A groundbreaking ceremony will take place Thursday, March 14. The luxury apartment tower will include 220 units and 5,600 square feet of commercial space. The 1.5-acre project site is located at 1010 Franklin St. Amenities will include a heated swim spa, outdoor movie space, coworking cafe, conference facilities, fitness center and sky lounge. Completion is slated for fall 2025. Flaherty & Collins currently manages 85 properties and more than 15,000 units in nine states.

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AcquisitionsHospitalityIndianaMidwest

Marcus & Millichap Brokers Sale of 94-Room Fairfield Inn & Suites Hotel in Hammond, Indiana

by Kristin Harlow

HAMMOND, IND. — Marcus & Millichap has brokered the sale of the Fairfield Inn & Suites Southeast | Chicago for an undisclosed price. The 94-room hotel is located at 7720 Corinne Drive in Hammond, a city in Northwest Indiana. The four-story property features an indoor breakfast area, fitness center, meeting space, laundry facility, dry cleaning service and convenience store. The hotel will undergo a full renovation in the coming year. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Marcus & Millichap’s Chris Gomes and Allan Miller were listed on the deal as supporting brokers, and Josh Caruana, the firm’s broker of record in Indiana, assisted in closing the transaction.

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