BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.
By Jim Pitoukkas, Coldwell Banker Commercial Shook Outside of recognition related to Purdue University, the Greater Lafayette region (consisting of West Lafayette, Lafayette and surrounding towns in Tippecanoe County), has been in the shadows of the Indianapolis MSA to the south and Chicago MSA to the north. This is changing, though. Growth over the last decade has pushed Greater Lafayette into the national spotlight as an emerging hub for innovation in advanced manufacturing in industries including medical, aerospace and defense, agriculture and nanotechnology, and a burgeoning housing market. For three quarters straight, The Wall Street Journal and Realtor.com have ranked Greater Lafayette the No. 1 Emerging Housing Market in America based on comparatively affordable housing, a skilled technology-based workforce, and a strong growing local economy. Additionally, current and to-be residents benefit from consistent public investments in quality-of-life infrastructure that continue to attract new residents across a range of ages and backgrounds. Quality of life Greater Lafayette has invested in excess of $889 million in public investment since 2015. These investments have ranged from new utility infrastructure, a new minor league ball field, parks, county-wide trails, public facilities like the West Lafayette Wellness Center and the Lafayette Public Safety Center, and …
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $4 million capital improvement program at The Life at Belhaven Place in Indianapolis. The project is 71 percent complete, with completion slated for the second quarter of 2025. The 248-unit multifamily community is receiving select interior renovations to all units and upgrades to the office clubhouse. Exterior improvements include new paint and repairs to the roof, property signage, pool, parking lot, sidewalk, playground and dog park. There is also a new security camera system and landscaping improvements. Sustainable updates include low-flow plumbing retrofits and repairs to the LED lighting. Built in 2006, The Life at Belhaven Place features a mix of one-, two-, three- and four-bedroom units.
INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments. The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax-increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is slated to begin in spring 2024. The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.
PLAINFIELD, IND. — Smart Warehousing has signed a 190,440-square-foot industrial lease renewal at 909 Whitaker Road in the Indianapolis suburb of Plainfield. John Sharpe, Steve Beals and Richard King of Lee & Associates represented the tenant, which is a warehousing, fulfillment and logistics solutions company headquartered in Kansas City. Brian Seitz of JLL represented the owner, Nuveen Industrial. The transaction marks Smart Warehousing’s second renewal on the space, which is located adjacent to the Indianapolis International Airport and near I-70.
INDIANAPOLIS — Government Investment Partners (GIP) has acquired three office and retail buildings located near Monument Circle in downtown Indianapolis for roughly $14 million. The adjacent properties are located at 2 N. Meridian St., 20 W. Washington St. and 24 W. Washington St. The primary tenant is the Indiana Department of Health, which recently signed a 10-year lease extension for the entire 161,400 square feet of office space across all three buildings for its headquarters. The ground-floor retail space is leased to Bank of America, T-Mobile and Taco Bell Cantina, which recently signed a 2,860-square-foot lease to occupy the former Sugarfire Smokhouse space. There is 12,000 square feet of available retail and restaurant space, including the former homes of Rock Bottom Brewery and Pearings Café. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the sellers, Two North Meridian Co. and John Goodman. Goodman will have a continued role with the properties as a consultant to GIP. Founded in 2016, GIP is a real estate investment, development and management firm specializing in properties leased to federal, state and local government entities. The firm’s portfolio now totals more than 30 buildings in 18 states.
NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 2, a 247,000-square-foot warehouse completed this year in the Indianapolis suburb of Noblesville. Patch Development was the seller. MDH previously purchased Washington Business Park 1 in October 2022. Both buildings are located within the 142-acre Washington Business Park. Houston Hawley represented MDH on an internal basis. Bryan Poynter and Ryan Baker of Cushman & Wakefield brokered the sale. MDH’s footprint in Indiana now totals more than 1.4 million square feet.
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $6.1 million capital improvement program at The Life at Harrison Trails in Indianapolis. The project is currently 75 percent leased. Completion is slated for the fourth quarter of 2024. Upgrades include select interior renovations to 302 of the community’s 378 residences as well as upgrades to the office clubhouse and fitness center. Exterior improvements include new paint, repairs to the community’s sidewalk concrete, parking lot, dog park, resident pool, roofing, playground and signage. The project also includes the implementation of a new security system and significant landscaping improvements and cleanup. There are also sustainable upgrades, such as the installation of low-flow plumbing retrofits and LED lighting. The Life at Harrison Trails was built in 1973.
MICHIGAN CITY, IND. — StorSafe is expanding its self-storage facility in Michigan City by 10,665 square feet with an additional 82 climate-controlled units. The project also includes a new onsite water management system to collect and clean stormwater coupled with a loading dock for semi-trucks and moving vans. After the expansion, the facility will include 384 climate-controlled units. The property is located at 2600 S. Franklin St. in Northwest Indiana. StorSafe, established in 2021, offers mobile technology, advanced management software, online tools, facility automation and state-of-the-art security equipment.
ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.