LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.
The office sector in the northern suburbs of Indianapolis shows clear signs of solid growth and stability with new construction and deeper tenant demand for space, particularly in the Class A segment. A number of factors contribute to this trend, including job growth, availability of land for housing and favorable demographics. Decision-makers live in the northern suburbs along with families, empty nesters and educated workers. Nearly 90 percent of all suburban office space in greater Indianapolis is located north of 71st Street in five key submarkets: North/Carmel, Keystone, Northwest, the Fishers/I-69 Corridor and Northeast/Castleton. Five I-465 interchanges define these five northern suburban office submarkets of Indianapolis, providing workers efficient access to 17.5 million square feet of office space. Through the third quarter of this year, overall occupancy in these five suburban submarkets stood at nearly 85 percent. The occupancy rate for Class A space was considerably higher at 89 percent. There are only seven blocks of contiguous office space 100,000 square feet or greater available in the suburbs and downtown — four of which are located in the northern suburbs. These spaces include 133,000 square feet at Two Concourse, 10194 Crosspoint Blvd.; 113,000 square feet at the former Charles Schwab …
INDIANAPOLIS — CBRE Group Inc. has arranged the sale of a 156-unit apartment complex in Indianapolis for an undisclosed price. Engel Realty, an apartment operator based in Birmingham, Ala., purchased the property from Hills Properties. Located just over a mile from Eagle Creek Park, Eagle Chase was built in 1995 and is 97 percent occupied. Units at Eagle Creek average 1,119 square feet. The Central Midwest multifamily team of CBRE represented the seller in the transaction.
INDIANAPOLIS — Resource Commercial Real Estate has ended its affiliation with Colliers International and is now the largest independent commercial real estate brokerage group in Central Indiana. The firm will now operate as a 100 percent locally owned entity led by its existing executive team. Resource was founded in 2005 and specializes in tenant/buyer and landlord/seller representation. “Our group was founded more than a decade ago as an independent entity and we are excited to return to our entrepreneurial roots,” says Sam Smith, principal and chairman of Resource Commercial Real Estate. “We saw a market opportunity to distinguish our firm from the noise and mega merger mania spreading throughout our industry, and operating independently enables us to seize that opportunity. As an independent group, our primary focus is serving clients on Main Street, not investors on Wall Street.”
FRANKLIN, IND. — May Realty Advisors has arranged the $1.1 million sale of a freestanding building net leased to Starbucks in Franklin, approximately 25 miles south of Indianapolis. Thomas Levin, a private investor, purchased the building from Elias and Anthony Rantisi. The building, which was constructed in 2004 and spans 1,850 square feet, is located at 2279 N. Morton St., in a shopping center anchored by Lowe’s and Costco. Starbucks has signed a 10-year lease. Matthew May and Richard Huelsman of May Realty Advisors represented the buyer in the transaction. Frank Swiss of Swiss Company Real Estate represented the seller.
LOCKPORT, N.Y., AND KOKOMO, IND. — Stan Johnson Co. has arranged the sale of two grocery stores located in Lockport and Kokomo for a combined $15.3 million. Bluejay Management LLC acquired the 55,000-square-foot Tops Markets at 3945 Lockport-Olcott Road in Lockport and the 55,264-square-foot Marsh Supermarket at 208 E. Southway Blvd. in Kokomo. Josh Pardue of Stan Johnson Co. represented the seller, Fields Realty, in the transaction.
CARMEL, IND. — Anderson Birkla Investment Partners has selected Woolpert to design a $60 million mixed-use development in downtown Carmel, a northern suburb of Indianapolis. The Proscenium will be situated on 6.5 acres and will include 225 luxury one- and two- bedroom apartment units. Plans also include a fitness club, a bike center and a coffee bar. The Proscenium will also offer 20,000 square feet of retail space and 60,000 square feet of office space that will be centered on 1.8 acres of public green space. Construction on The Proscenium will begin this fall and is expected to take 18 to 24 months to complete.
JEFFERSONVILLE, IND. — NorthMarq Capital has secured an $11.5 million refinancing loan for a 500,000-square-foot distribution warehouse in Jeffersonville, a suburb of Louisville, Ky. River Ridge IV is located at 600 Patrol Road. The loan features a 10-year term and 15-year amortization schedule. NorthMarq arranged the financing for the industrial developer through its correspondent relationship with a national life insurance company. Randall Waddell of NorthMarq secured the loan.
CARMEL, IND. — CBRE Group Inc. has brokered the sale of a 400-unit multifamily community in Carmel, a northern suburb of Indianapolis. The Village on Spring Mill, located at 14637 Handel Drive, is a Class A complex that was purchased by Monarch Investment for an undisclosed price. Monarch Investment was acting on behalf of a private investor based on the West Coast. The buyer plans to upgrade unit interiors with new appliances, lighting, hardware and countertops. Steve LaMotte Jr. and Dane Wilson of CBRE’s Central Midwest Multifamily team represented the seller, Meridian Realty Investments. Monarch Investment was self-represented.
INDIANAPOLIS — Pillar, a Guggenheim Partners affiliate, has originated a $36 million Freddie Mac loan for the acquisition of an apartment complex in Indianapolis. Oaks of Eagle Creek Apartments, located on the north side of Indianapolis adjacent to Eagle Creek Park, is a 632-unit complex that was built in 1988. The loan features a fixed rate, 10-year term with a 30-year amortization schedule and 80 percent loan-to-value. Joe Markech and Brooke Jackson of Pillar originated the loan. The borrowing entity is an Indianapolis-based sponsor that is growing its multifamily portfolio. The sponsor is planning to invest $3,000 per unit in renovations. The property is currently 98 percent leased.