Indiana

Subtext Breaks Ground on 449-Bed Student Housing Community at Purdue University

by Kristin Harlow November 8, 2023

WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.

November 8, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 196-Unit Apartment Complex in Carmel, Indiana

by Kristin Harlow November 6, 2023

CARMEL, IND. — CBRE has arranged the sale of VER at Proscenium, a 196-unit apartment complex in the Indianapolis suburb of Carmel. The sales price was undisclosed. Located at 1225 Veterans Way and completed in 2021, the property features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, pet spa, virtual sports simulator, coworking space and resident beer tab. The community’s retail space is home to Wahlburgers, 101 Beer Kitchen and Lux Lab Hair + Body. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the undisclosed seller. Sterling Group was the buyer.

November 6, 2023

Acquisitions Indiana Midwest Retail

Colliers Brokers Sale of 48,028 SF Northview Mall Retail Center in Indianapolis

by Kristin Harlow November 2, 2023

INDIANAPOLIS — Colliers has brokered the sale of Northview Mall, a 48,028-square-foot retail center located at 1700 E. 86th St. in Indianapolis. The sales price was undisclosed. Situated on four acres, the property is fully leased to 20 tenants. Some of the tenants include Fit Flex Fly, Moody’s Butcher Shop, Nutrition Hub, Indy Sports Massage, Parkside Linen, Willow and Star Flowers. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the buyer, an affiliate of Podell Partners. The seller was a local private investor.

November 2, 2023

Development Indiana Industrial Midwest

NewCold Opens $300M Cold Storage Facility in Lebanon, Indiana

by Kristin Harlow October 27, 2023

LEBANON, IND. — NewCold has opened a $300 million cold storage facility in Lebanon, about 30 miles northwest of Indianapolis. The highly automated warehouse is one of the largest cold storage facilities nationwide, according to the firm. NewCold aims to make its warehouses increasingly grid-dependent, using their own power generated from a variety of sources, including renewable energy. NewCold says its properties are about 50 percent more energy efficient than traditional warehouses. The Lebanon facility serves global food producers.

October 27, 2023

Acquisitions Indiana Midwest Multifamily

Morgan Properties Acquires 470-Unit Multifamily Community in Indianapolis

by Kristin Harlow October 26, 2023

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.

October 26, 2023

Indiana Loans Midwest Multifamily

Berkadia Arranges $42.9M in Acquisition Financing for Apartment Community in Brownsburg, Indiana

by Kristin Harlow October 26, 2023

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.

October 26, 2023

Indiana Market Reports Midwest Midwest Market Reports Mixed-Use

Greater Lafayette, Indiana Is No Longer in the Shadows

by Kristin Harlow October 26, 2023

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 …

October 26, 2023

Development Indiana Midwest Multifamily

The Life Properties Underway on $4M Capital Improvement Program at 248-Unit Multifamily Community in Indianapolis

by Kristin Harlow October 25, 2023

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.

October 25, 2023

Development Indiana Midwest Mixed-Use

Pure Development, Third Street Ventures Break Ground on Next Phase of North Mass District in Indianapolis

by Kristin Harlow October 20, 2023

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.

October 20, 2023

Indiana Industrial Leasing Activity Midwest

Smart Warehousing Signs 190,440 SF Industrial Lease Renewal in Plainfield, Indiana

by Kristin Harlow October 19, 2023

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.

October 19, 2023

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