Indiana

Marcus & Millichap Arranges $7.5M Sale of Best Western Plus Hotel in Southern Indiana

by Kristin Harlow May 8, 2023

FRENCH LICK, IND. — Marcus & Millichap has arranged the $7.5 million sale of the Best Western Plus French Lick, a 68-room hotel in French Lick, a city in southern Indiana. Built in 2015 and located at 613 Arnold F Habig Blvd., the three-story property features amenities such as a business center, indoor pool, fitness center and complimentary breakfast. Scott Havericak and Robert Hunter of Marcus & Millichap represented the undisclosed borrower. The duo also procured the buyer, an Indiana-based limited liability company.

May 8, 2023

Acquisitions Indiana Midwest Office

McColly Bennett Commercial Advantage Brokers $3.9M Sale of Indiana Office Property

by Kristin Harlow May 8, 2023

VALPARAISO, IND. — McColly Bennett Commercial Advantage has brokered the $3.9 million sale of Belden Center, a two-building office property in Valparaiso, a city in Northwest Indiana. Located on Eastport Centre Drive, the property totals 27,959 square feet on five acres. Jeff Bennett and Ken Williams of McColly Bennett represented the seller, George Uzelac, a private investor and developer. Uzelac developed the asset in 2008 and his real estate tax firm occupied space on the first floor. The buyer, Haresa Prithyani, plans to redevelop portions of the two buildings into a Montessori School. The buyer currently owns and operates a Montessori School in Chesterton, Ind. Additional tenants at Belden Center — Tech Credit and NYAP — will remain in their spaces. Ryan Peters of Streetfront Real Estate represented the buyer. Dan Duncan of People’s Bank structured an SBA 504 loan for the acquisition.

May 8, 2023

Development Indiana Industrial Midwest

HSA Commercial Begins Development of Two Spec Warehouses Totaling 497,540 SF Near Indianapolis Airport

by Kristin Harlow May 5, 2023

PLAINFIELD, IND. — HSA Commercial Real Estate has begun development of two speculative warehouses totaling 497,540 square feet in Plainfield near the Indianapolis International Airport. Named Terminus at Hobbs Station, the project is slated for completion in the fourth quarter of this year. Building 1 will total 233,618 square feet with 36 dock doors, three drive-in doors, 163 parking spots and 48 trailer parking stalls. Building 2 will span 263,922 square feet with 31 dock doors, three drive-in doors, 187 parking spaces and 30 trailer stalls. Both buildings will feature a clear height of 32 feet and 60-foot loading bays. The project team includes architect Curran Architecture, general contractor Meridian Design Build and civil engineer Kimley-Horn. Jimmy Cohoat and Andrea Hopper of Colliers will market the project for lease.

May 5, 2023

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 87,858 SF Warsaw Commons Shopping Center in Indiana

by Kristin Harlow May 1, 2023

WARSAW, IND. — JLL Capital Markets has brokered the sale of Warsaw Commons, an 87,858-square-foot shopping center in Warsaw, about 40 miles northwest of Fort Wayne. The sales price was undisclosed. Built in 2012, the fully occupied property is home to tenants such as TJ Maxx, PetSmart, Ulta, Dollar Tree and Shoe Carnival. Michael Nieder of JLL represented the seller, IRC Retail Centers. Nate Monson and Brandon Goodman of Colliers represented the buyer, The Lofts at 5 Points LLC.

May 1, 2023

Indiana Loans Midwest Multifamily

Greystone Provides $40.1M in Fannie Mae Financing for Two Multifamily Properties in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.

April 28, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Negotiates Sale of 129-Unit Apartment Building in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — CBRE has negotiated the sale of The Residences at Keystone Crossing in Indianapolis for an undisclosed price. The buyer, Core Redevelopment, has renamed the 129-unit property as VITRA Apartments. Located at 8785 Keystone Crossing in the heart of the Keystone Crossing submarket, the 12-story building was originally constructed in 1987 as a hotel and converted into apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities, including a fitness center, indoor pool, restaurant, bar and public space. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners. PRAXM will manage the asset. The transaction marks the first time that an apartment owner will own the property.

April 28, 2023

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Brokers $3.2M Sale of Restaurant Property in Fort Wayne, Indiana

by Kristin Harlow April 26, 2023

FORT WAYNE, IND. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot restaurant property occupied by Biaggi’s Ristorante Italiano in Fort Wayne. The freestanding, net-leased building is located at 4010 W. Jefferson Blvd. It was constructed as a build-to-suit for the restaurant in 2001. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its lease at the Fort Wayne property.

April 26, 2023

Affordable Housing Development Indiana Midwest Multifamily

Woda Cooper Opens 60-Unit Affordable Housing Community in Plainfield, Indiana

by Kristin Harlow April 25, 2023

PLAINFIELD, IND. — Woda Cooper Cos. has opened Harper’s Crossing, a 60-unit affordable housing community in the Indianapolis suburb of Plainfield. The $13.4 million development is situated in an opportunity zone and received a tax abatement from the city. The Indiana Housing & Community Development Authority awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels. Six of the units are accessible for those with physical disabilities. Amenities include free Wi-Fi, a community room, laundry room, fitness center, playground and patio. Monthly rents range from $345 to $1,095 depending on the size of the unit and income restriction. The community is reserved for those who earn up to 80 percent of the area median income. Syndicator RBC Community Investments (RBCCI) provided primary financing through an equity investment by Huntington National Bank in a RBCCI-sponsored fund. In addition to the equity investment, Huntington National Bank also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe was the project architect, BWI LLC served as general contractor and Sol Design + Consulting was the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing.

April 25, 2023

Acquisitions Healthcare Indiana Midwest

Echo Real Estate Capital Acquires 57,000 SF Medical Office Building in Suburban Indianapolis

by Kristin Harlow April 19, 2023

GREENWOOD, IND. — Echo Real Estate Capital has acquired a 57,000-square-foot medical office building in the Indianapolis suburb of Greenwood for an undisclosed price. Located at 555 County Line Road, the multi-tenant property is anchored by Community Health and Goodman Campbell Brain & Spine. The building is currently 64 percent occupied. Echo plans to undertake several capital improvements, including a lobby renovation, roof replacement, parking lot repairs and landscaping upgrades. Wintrust Bank provided acquisition financing. The transaction marks Echo’s fourth acquisition in the submarket.

April 19, 2023

Acquisitions Indiana Industrial Midwest

MAG Capital Partners Acquires 105,548 SF Indiana Industrial Property in Sale-Leaseback

by Kristin Harlow April 17, 2023

ELKHART, IND. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 105,548-square-foot industrial property in Elkhart for an undisclosed price. The facility at 1511 W. Lusher Ave. is situated near I-80, I-90 and I-94. Jonathan Wolfe, Daniel Macks and Jeff Lizzo of STREAM Capital Partners represented the seller, Colbert Packaging Corp., a producer of sustainable paper-based packaging serving the pharmaceutical, healthcare and consumer goods industries. Colbert also maintains a facility in Kenosha, Wis. Based in Dallas, MAG Capital Partners is an industrial real estate investment firm founded by Dax Mitchell and Andrew Gi.

April 17, 2023

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