INDIANAPOLIS — Marcus & Millichap has arranged the $13.9 million sale of Brighton Park Apartments, a 336-unit apartment property in Indianapolis. The property is located at 8002 Harcourt Road. David Gaines and Alex Blagojevich of Marcus & Millichap’s Chicago downtown office represented the seller, a private investor. Josh Caruana, the firm’s Indiana broker of record, assisted in closing of the transaction.
BLOOMINGTON, IND. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a 17,790-square-foot shopping center in Bloomington. University Square is located at 115 S. Highway 46 Bypass near Indiana University. The shopping center was fully occupied at the time of sale to tenants such as American Mattress, Great Clips, Starbucks and other local and regional tenants. Chad Firsel of Quantum represented the buyer, an Indianapolis-based investor, and the seller, a Chicago-based development group, which developed University Square.
INDIANAPOLIS — Cronheim Mortgage has arranged $14 million in acquisition financing for Monmouth Real Estate Investment Corp. to acquire a new distribution facility in Indianapolis. The 327,862-square-foot property is located in Ameriplex Industrial Park. The facility is situated immediately off of I-70 and is in close proximity to I-65 and I-74. Dev Morris and Andrew Stewart of Cronheim secured the 10-year, fixed-rate loan through American United Life Insurance Co.
INDIANAPOLIS — Mission Capital Advisors’ debt and equity finance group has arranged $31.4 million in construction financing for a 215-unit multifamily complex in Indianapolis. The financing comprised $7.1 million of institutional joint venture equity and a $24.3 million construction loan for the 225,000-square-foot project. A local sponsor is developing the project, which is located at 600 E. Michigan St. The project will comprise two, four-story multifamily structures around a landscaped courtyard with a resort-style pool, constructed over one level of subterranean parking. Brad Lyons, Ari Hirt and Steven Buchwald of Mission Capital Advisors represented the sponsor in arranging the financing with PNC Bank.
![Candlewood-Suites-Portfolio[2]](https://rebusinessonline.com/wp-content/uploads/2014/10/Candlewood-Suites-Portfolio2.jpg "Candlewood-Suites-Portfolio[2]")
INDIANAPOLIS — Huff, Niehaus & Associates has arranged the sale of an extended-stay hotel portfolio with properties in Indiana and Kentucky for $37 million. The portfolio of five hotels includes 583 rooms consisting of three Candlewood Suites and two Suburban Extended Stay hotels. A Chicago-based investment firm purchased the portfolio from C&L Hospitality LLC. Funding was secured through Arbor Commercial Mortgage LLC. The properties include: Candlewood Suites Indianapolis N.E., located at 8111 Bash St.; Candlewood Suites Indianapolis Airport, located at 5250 W. Bradbury Ave.; Suburban Extended Stay Indianapolis N.E., located at 8055 Bash St.; Suburban Extended Stay in Clarksville, Ind., located at 1620 Leisure Way; and Candlewood Suites Louisville Airport, located at 1367 Gardiner Lane. H. Brandt Niehaus of Huff, Niehaus & Associates represented the seller.
INDIANAPOLIS — Milhaus Construction LLC has opened Phase I of Circa, a new Chatham-Arch historic district apartment development in Indianapolis. The $31 million project was built on the site of the former Mitchel & Scott Machine Co. at 617 N. College Ave. Circa includes 265 units, which consist of a mix of studios, one-, two- and three- bedroom units in five new apartment buildings. Three of the buildings are four stories high with private tuck-under parking garages. The other two buildings are five stories and include first floor open-air parking garages. Rents range from $900 to $2,500 per month. Construction on Phase II began earlier this summer on a half-acre site just north of Phase I. The four-story building will feature 29 apartments and 1,000 square feet of ground floor commercial space. Construction is expected to be complete by early summer of 2015. Milhaus Management LLC will manage the property. Milhaus Construction built the project. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Regions Bank provided the construction loan.
Indianapolis is experiencing explosive growth in the mid- and big-box grocery store sector. Capitalizing on the consumer trend of active and healthy lifestyles, the metro area has attracted new concepts to the market. Fresh Thyme Farmers Markets will soon join the already healthy and organic offerings of Whole Foods, The Fresh Market and Earth Fare. Although these brands have a smaller footprint than traditional grocers, these specialty gourmet grocers account for seven new stores consuming more than 160,000 square feet of retail space throughout Indianapolis and the suburban markets. This growth in the organic and health food concepts complements the well-care businesses that expanded their presence in the Indianapolis area last year, including Vision Works, Med Express, ATI Physical Therapy and Accelerated Physical Therapy. Consumer demand for convenient access to personal well-care services, such as medical spas, massage therapy, cosmetic dentistry and personal fitness is on the rise. These types of businesses account for a significant amount of absorption within several neighborhood shopping centers throughout the market. In that vein, consumers also are choosing healthier dining options such as grab-and-go prepared foods at their local grocer rather than hitting the fast food drive-thru or dining at a restaurant. This preference …
The big story in the Indianapolis office market is not the latest change in the occupancy rate or rents, but rather the desire by landlords and tenants to create a sense of place. Connectivity and collaboration, amenities and perks, as well as talent recruitment and retention have taken on a heightened importance. Interestingly, these buzzwords are used just as frequently when assessing corporate real estate as they are in the human resources department. Employees today look for their work experience to offer something more than a desktop. They look for connectivity to diverse and conveniently located amenities within walking distance. They want easy access to biking and walking trails and fitness facilities. They seek open collaborative workstations, game rooms, huddle rooms, bike storage, as well as showers and lockers. Their desires are influencing real estate development and the locations employers ultimately select. There is ample evidence of these trends in Indianapolis. Thanks to the wisdom of the city’s early founders and more recently key city officials, Indianapolis enjoys a condensed city core. Its downtown already has the framework to offer up an easy-to-connect experience, recently enhanced with a world-class urban bike and pedestrian path connecting neighborhoods, cultural districts and other …
The Indianapolis industrial market has experienced a significant amount of absorption during the past several quarters, driving down the multi-tenant vacancy rate to 3.3 percent and leading to a new round of speculative development, according to brokerage firm Cassidy Turley. The key engines driving growth are technology, housing, auto suppliers, and distribution centers related to Internet sales. Some 3.2 million square feet of speculative industrial space is under construction in the Indianapolis area. The city currently has 240.5 million square feet of inventory. When completed, the speculative product in the development pipeline is expected to result in the multi-tenant vacancy rate rising closer to the historical norm of approximately 4 percent. Michael Weishaar, senior vice president and principal at Cassidy Turley’s Indianapolis office, says the low industrial vacancy rate is partly the result of proper planning. “Our developers are intelligent about oversupply,” says Weishaar. “They saw a rough economy and thought we needed to re-look at our supply chain.” With so much speculative development under way, is there enough demand to absorb it all? Although vacancy rates will rise closer to their historical average in the short term when space comes available, in the long run this amount of space …
Activity is picking up in the Indianapolis retail market, buoyed by a strengthening economy that has intensified retail expansion. Positive job growth, escalating new home construction and rising retail sales are attracting new stores and have instigated other retailers to consider additional locations in selective pockets around the metro area. The northern submarkets within Hamilton County are particularly active, especially around Exit 10 of I-69 in Noblesville, where new housing construction has fostered retail growth. In Carmel, the renovation and re-tenanting of The Centre and The Corner are moving forward. The 82nd Street corridor is also lively as the nearly completed expansion of The Fashion Mall has attracted new retailers to the state such as West Elm and Free People. Nearby, last year’s repositioning of Rivers Edge is initiating smaller new developments with Dairy Queen, Wendy’s and Famous Dave’s among the recent openings. The 127,000-square foot project will include an Earth Fare grocery, Walgreens and Panera Bread. Large spaces are being filled across the metro area. Jo-Ann Fabrics is taking 28,000 square feet along Highway 36 and Brickhouse Fitness has penned a lease for 15,000 square feet along Lafayette Road. Although retail construction is at near historic lows, smaller buildings …
