Indiana

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

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 208-Unit Apartment Property in Indianapolis

by Danielle Everson March 6, 2015

INDIANAPOLIS — Tikijian Associates has brokered the sale of Parc Bordeaux Apartments, a 208-unit apartment community in Indianapolis. The sale price was undisclosed, but the property was listed at $8.7 million. Originally built in 1968, Parc Bordeaux underwent a $3.2 million rehab in 2002 following a tornado. Tikijian Associates represented the seller, Fowler Property Acquisitions. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to continue making upgrades at the property.

March 6, 2015

Indiana Industrial Midwest

Ozburn-Hessey Logistics Signs 450,000 SF Industrial Lease in Plainfield, Ind.

by Danielle Everson March 5, 2015

PLAINFIELD, IND. — Transpacific Development Co. (TDC) has executed a lease with Ozburn-Hessey Logistics (OHL) for 450,000 square feet of distribution space at 2450 Stanley Road in Plainfield. TDC acquired the newly-constructed building in 2013. The building features a 32-foot ceiling height, 40 dock doors in a cross-dock configuration, T-5 lighting and three entrances. With this transaction, OHL now leases three full buildings from TDC in the Plainfield submarket. Jeb Atkinson, Jess Andrews, Brian Camp and Doug McDowell of ProVenture represented OHL in the lease. Steve Schwegman of JLL assisted in the lease transaction. Michael Weishaar and Luke Wessel of DTZ represented the landlord.

March 5, 2015

Indiana Industrial Midwest Ohio

DTZ Sells Two Industrial Properties for $8.3M

by Danielle Everson March 4, 2015

MASON, OHIO AND NORTH VERNON, IND. — DTZ has brokered the $8.3 million sale of two single-tenant industrial properties located in Mason and North Vernon. The Cincinnati Fan property, situated on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property. In the other transaction, Agracel Inc. acquired a manufacturing facility in North Vernon from Martinrea Industries. The 140,960-square-foot building, situated on 11.5 acres, sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease. DTZ’s capital markets and industrial leasing teams represented owners Cincinnati Fan and Martinrea Industries in both investment sales transactions.

March 4, 2015

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