INDIANA, ARIZONA, PENNSYLVANIA, TEXAS AND UTAH — Newmark has brokered the sale-leaseback of a nine-building industrial portfolio totaling 754,795 square feet across five states. The tenant, Novae Corp., sold the portfolio for an eight-figure price. Four of the properties are in Indiana, while two are in Pennsylvania, one is in Arizona, one is in Utah and one is in Texas. Andrew Sandquist, Daniel Katcher, Adam Petrillo, JC Asensio and Briggs Goldberg of Newmark represented Novae, which is a manufacturer and exporter of utility trailers. According to Newmark, the sale-leaseback transaction provided capital liquidity for several initiatives, including organic growth opportunities and future acquisitions. The buyer was undisclosed.
LAFAYETTE, IND. — Cushman & Wakefield has negotiated the $21.5 million sale of Avalon Bluffs, a single-family build-to-rent community in Lafayette, about 63 miles northwest of Indianapolis. Hannah Ott, George Tikijian, Cameron Benz and Claire Bullard of Cushman & Wakefield represented the seller, Lafayette-based Tempest Homes. Hunter Properties was the buyer. Tempest Homes completed 93 units averaging 1,494 square feet each at Avalon Bluffs.
EAST CHICAGO, IND. — Mazzella Lifting Technologies Inc. has signed a 51,318-square-foot industrial lease at 4400 Homerlee Ave. in East Chicago. Ed Wabick and Marc Hale of DarwinPW Realty/CORFAC International represented ownership, The Missner Group and RealTerm Logistics. The tenant, a manufacturer and supplier of industrial lifting products, is relocating from Romeoville to a newly constructed building that offers tax savings in Indiana, according to DarwinPW. Completed in 2022, the 249,600-square-foot property features a clear height of 32 feet, 20 exterior docks, 35 trailer parking stalls and 286 car parking spots. National Lease Advisors Inc. represented Mazzella in the lease.
NOBLESVILLE, IND. — CBRE has brokered the sale of Princeton Lakes, a 208-unit apartment community in the Indianapolis suburb of Noblesville. Completed in 2005, the property at 17955 Murray Place features a range of one, two- and three-bedroom floor plans averaging 1,021 square feet. Amenities include a pool, picnic area, clubhouse, playground and walking trails. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Pedcor Cos. A local private investor purchased the property for an undisclosed price.
MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.
PLAINFIELD, IND. — Theo’s Italian, a new pizza and pasta restaurant concept by local Indianapolis-based restaurant operator Cunningham Restaurant Group, is slated to open in October at The Shops at Perry Crossing in Plainfield. Theo’s Italian serves pasta, salads, appetizers, sandwiches and a wide variety of Roman Style Pinsa, a lighter healthier version of Italian pizza. The 6,118-square-foot restaurant will feature patio seating outdoor, a full bar and private dining. Cunningham Restaurant Group also operates Bru Burger Bar, Stone Creek Dining Co. and a 7,500-square-foot event center at The Shops at Perry Crossing, an outdoor lifestyle center managed by JLL that features more than 60 retail, restaurant and service brands.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 12,268-square-foot retail property occupied by CVS in Indianapolis for $4.3 million. Constructed in 1996 and renovated in 2010, the net-leased building is located at 8935 E. 21st St. CVS’s current lease runs through 2036. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.
MISHAWAKA AND FORT WAYNE, IND. — Matthews Real Estate Investment Services has brokered the $21.9 million sale-leaseback of a four-property dental portfolio totaling 65,900 square feet in Indiana. Three of the locations are in Mishawaka, and the fourth is in Fort Wayne. The deal was structured as a sale-leaseback with 15-year leases and 3 percent annual increases. Seamus O’Brien, Thor St John, Rahul Chhajed and Michael Moreno of Matthews brokered the sale. Buyer and seller information was not provided.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.
LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of a CubeSmart Self Storage facility in Lafayette for $6.2 million. Located at 3480 Concord Road, the property features 315 units and totals 41,960 square feet. The sale included expansion land, enabling an additional 45,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 81 percent leased at the time of sale.