Indiana

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson February 27, 2015

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

February 27, 2015

Indiana Midwest Restaurant Retail

Dunkin’ Donuts to Develop 46 New Stores in Indiana

by John Nelson February 20, 2015

INDIANAPOLIS, FORT WAYNE AND LAFAYETTE, IND. — Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to build 46 restaurants in Indiana over the next several years. Existing franchise group Kings Point Ventures plans to develop 38 Dunkin’ Donuts restaurants in Indianapolis and Fort Wayne, 10 of which will be located outside of the major metropolitan area. The group currently operates more than 70 Dunkin’ Donuts restaurants in several states. Existing franchisee Bud Patel plans to develop eight Dunkin’ Donuts locations in Lafayette and Indianapolis. Three of these new restaurants will be located in smaller towns and communities outside Lafayette and Indianapolis. Patel currently operates more than 20 Dunkin’ Donuts restaurants in the metro Chicago area and Davenport, Iowa. Jay Punukollu, Patel’s partner, will be responsible for overseeing the daily restaurant operations in Lafayette. The duo’s first restaurant is planned to open in 2016, and the remainder by 2019. Currently, there are nearly 30 Dunkin’ Donuts restaurants located throughout Indiana, and the company is continuing to recruit franchisees in the cities of Evansville and Terre Haute.

February 20, 2015

Indiana Midwest Retail

Baceline Investments Acquires Retail Center in Indianapolis for $2.5 Million

by Danielle Everson February 17, 2015

INDIANAPOLIS — Baceline Investments LLC has acquired Madison & Edgewood Shoppes, a 48,716-square-foot retail center in Indianapolis, for $2.5 million. The property is located at 5855 Madison Ave. Baceline Investments acquired the property from Florida-based HPH FUND I D4 LLC, an affiliate of HPH Capital Management LLC. The property was 68 percent occupied at the time of sale. Tenants include Great Clips, Edward Jones, Hallmark and Edgewood Family Dental. The retail center’s anchor tenant, Kroger, is not part of the acquisition.

February 17, 2015

Indiana Midwest Multifamily

Flaherty & Collins to Break Ground on $121M Luxury Apartment Complex in Indianapolis

by Danielle Everson February 16, 2015

INDIANAPOLIS — Developer Flaherty & Collins Properties will break ground on a 28-story, $121 million mixed-use luxury residential apartment tower on the north parcel of the former site of Market Square Arena. The property is located at the corner of Market and Alabama streets in downtown Indianapolis. The development consists of 292-luxury one-, two- and three-bedroom apartments. The units will feature floor-to-ceiling glass, solar shades, quartz countertops in kitchens and baths, gourmet kitchens with energy-efficient appliances that include side-by-side refrigerators and recessed balconies. Select units will include private terraces.The development, at nearly 300 feet tall, will also feature a 40,000-square-foot Whole Foods Market. A groundbreaking ceremony for the project will take place on Wednesday, Feb. 18.

February 16, 2015

Indiana Midwest Retail

Mid-America Real Estate Corp. Brokers $54M Sale of Shopping Center in Lafayette, Ind.

by Danielle Everson February 12, 2015

LAFAYETTE, IND. — Mid-America Real Estate Corp. has brokered the sale of a 348,531-square-foot shopping center in Lafayette. A real estate investment trust sponsored and managed by Phoenix-based Cole Capital purchased the property for $54 million. Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane. Gordmans, Hobby Lobby, Gander Mountain and TJ Maxx anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America, in cooperation with Mid-America Real Estate – Indiana LLC, were the exclusive brokers in the transaction on behalf of the seller, Dallas-based Invesco Real Estate.

February 12, 2015

Indiana Midwest Retail

Nadmar Realty Group Sells 190,000 SF Shopping Center in Huntington, Ind.

by Danielle Everson February 5, 2015

FORT WAYNE, IND. — Nadmar Realty Group has sold a 190,000-square-foot shopping center in Huntington, 25 miles southwest of Fort Wayne. Huntington Plaza is located at 2000 N. Jefferson St. Tenants at the property include Aaron’s, Hibbett Sports, JC Penney, Dollar General, Big Lots, Peebles and several other national and regional retailers. Joel Gorjian led Namdar in the disposition. A New York-based private investor purchased the property for an undisclosed sales price.

February 5, 2015

Indiana Loans Midwest

Vista Capital Co. Structures $10.9M of Financing for Homewood Suites in Indianapolis

by Danielle Everson February 3, 2015

INDIANAPOLIS — Vista Capital Co. has structured $10.9 million of financing for the Keystone Homewood Suites located in Indianapolis. Vista was able to negotiate non-recourse, fixed-rate financing with pricing below 4.5 percent. The 10-year capital will be used, in part, to fund a large renovation project. The financing was awarded to an affiliate of a European-based investment bank. Homewood Suites is a 116 all-suite, upscale, extended-stay hotel situated on the north side of Indianapolis.

February 3, 2015

Indiana Midwest Retail

M&M Arranges Sale of 9,014 SF Retail Property in Lake Station, Ind.

by Danielle Everson February 2, 2015

LAKE STATION, IND. — Marcus & Millichap has arranged the sale of a 9,014-square-foot net-leased property in Lake Station, approximately 37 miles southeast of Chicago. The Dollar General property is located at 2828 Central Ave. The building is a four-year-old, build-to-suit construction located on more than an acre. The property is located approximately three miles from I-80 and I-94. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor, and also represented the buyer, an individual/personal trust. Josh Caruana of Marcus & Millichap assisted in closing this transaction.

February 2, 2015

Indiana Loans Midwest

NorthMarq Capital Arranges $2.5M Loan for Fall Creek Harbor in Fishers, Ind.

by Danielle Everson January 29, 2015

FISHERS, IND. — NorthMarq Capital has arranged the $2.5 million refinancing of Fall Creek Harbor, a two-story retail property in Fishers, approximately 16 miles northeast of Indianapolis. The property is located at 11228-11250 Fall Creek Road. Susan Branscome of NorthMarq Capital’s Cincinnati office structured the 10-year loan, which features a 25-year amortization schedule, for the undisclosed borrower. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

January 29, 2015

Indiana Midwest Retail

Cooper Commercial Arranges the $2.9M Sale of Retail Center in Logansport, Ind.

by Danielle Everson January 23, 2015

LOGANSPORT, IND. — The Cooper Commercial Investment Group has arranged the $2.9 million sale of an 18,600-square-foot retail property in Logansport, approximately 30 miles northeast of Lafayette. Cass County Commons is located at the corner of Mall Road and Lexington Road. Wal-Mart shadow anchors the property. Tenants include Buffalo Wild Wings, Maurice’s, Great Clips, Petsense and Arnold’s Jewelry. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, an Indiana-based private investor. A Connecticut-based private investment group purchased the property.

January 23, 2015

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