Wednesday, August 27, 2025
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DevelopmentIndianaLife SciencesMidwest

NexCore Group to Develop $60M Life Sciences Building in Indianapolis

by Kristin Harlow

INDIANAPOLIS — NexCore Group has unveiled plans to develop Waterway Labs at 16 Tech in Indianapolis. Cushman & Wakefield will provide leasing services for the $60 million development. NexCore expects to break ground in 2024 on the 100,000-square-foot life sciences building. The project will be situated within the 16 Tech Innovation District, which is a 50-acre destination for entrepreneurship and innovation that is located adjacent to the future campuses of Indiana University Indianapolis and Purdue University in Indianapolis. The five-story development will include two types of space as part of NexCore’s HATCHspaces operating platform: HATCHlabs and HATCHx. HATCHlabs will include four levels with 22,000-square-foot floorplates. The HATCHx floor will offer eight turnkey lab suites of 2,000 square feet as well as 10 offices in a coworking environment. Jon Owens and Joshua Graham of Cushman & Wakefield will handle leasing for Waterway Labs.

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DevelopmentIndianaMidwestRetail

Drip Auto Spa Opens New Car Wash in Highland, Indiana

by Kristin Harlow

HIGHLAND, IND. — Drip Auto Spa has opened a new car wash at 8955 Indianapolis Blvd. in Highland, a city in northwest Indiana. The 45,000-square-foot redevelopment project took nearly three years of planning, zoning approvals, design and construction. F & E Ventures LLC acquired the one-acre site that included a long-defunct night club in a state of near collapse. The new auto spa on the site features the latest technology for washing cars and light-duty trucks. Multi-lane automated vehicle entry and payment systems enhance the flow and eliminate long lines. Bill Loy and Jeff Bennett of McColly Bennett Commercial Advantage brokered the transaction. Loy represented F & E Ventures in the acquisition of the land. Bennett represented the seller, Goulas Inc. Design Alliance was the project architect, and Torrenga Engineering provided engineering services. Drip Auto Spa owners plan to add new locations in Cape Coral, Fla., and Lakemoor, Ill., in 2024.

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AcquisitionsIndianaMidwestMultifamily

Connor Group Acquires 322-Unit Carmel Center Apartments in Suburban Indianapolis

by Kristin Harlow

CARMEL, IND. — The Connor Group has acquired Carmel Center Apartments in suburban Indianapolis for an undisclosed price. The luxury apartment property, built in 2002, features 322 units. Amenities include a pool, sundeck, outdoor chef’s kitchen and fitness center. Carmel Center marks Connor Group’s third purchase in the Midwest region this year and its seventh acquisition in 2023, bringing its total assets under management to more than $4.5 billion. Wick Kirby, Amanda Friant, Mark Stern, Matthew Lawton and Sam Grohe of JLL represented the seller, NTS Development with an institutional partner.

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AcquisitionsIndianaIndustrialMidwest

Colliers Arranges Sale of 59,511 SF Industrial Building in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Colliers has arranged the sale of a 59,511-square-foot industrial building located at 5740 Decatur Blvd. within the Ameriplex Business Park in Indianapolis. The sales price was undisclosed. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A combination of private family offices purchased the asset via a 1031 exchange. DABICO Airport Solutions, an equipment manufacturer serving the aviation industry, fully occupies the facility on a new, five-year triple net lease. The property recently received improvements such as a new roof.

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Affordable HousingIndianaLoansLumentMidwestMultifamilyOhio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

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IndianaIndustrialLoansMidwest

Scannell Properties Receives Financing for Recapitalization of 10.4 MSF Industrial Portfolio Valued at $1.2B

by Kristin Harlow

INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.

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Affordable HousingDevelopmentIndianaLoansMidwestMultifamilySeniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

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AcquisitionsHealthcareIndianaMidwest

Echo Real Estate Capital Acquires 33,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.

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DevelopmentIndianaMidwestRestaurantRetailTop Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

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Affordable HousingIndianaLoansMidwestMultifamilyOhio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

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