SHELBYVILLE, IND. — Marcus & Millichap has arranged the $2.4 million sale of a 3,700-square-foot property occupied by Fast Pace Urgent Care in Shelbyville, a southeast suburb of Indianapolis. Built in 2022, the net-leased property is located at 1778 E. State Road. Fast Pace’s lease is for 15 years and features three five-year renewal options along with 10 percent rental escalations every five years. Jordan Klink of Marcus & Millichap represented the buyer, a limited liability company. The seller was undisclosed.
GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.
TERRE HAUTE, IND. — Prairie Hill Holdings has purchased a three-building industrial portfolio totaling 385,830 square feet in Terre Haute for $10.1 million. The properties are leased to Distributors Terminal Corp., a third-party logistics company that has been in business for over 100 years. Prairie Hill is a private real estate investment manager that focuses exclusively on triple net lease properties.
JEFFERSONVILLE, IND. — Marcus & Millichap has brokered the $51 million sale of Villas of Jeffersonville, a 264-unit apartment complex in Jeffersonville, a city just north of Louisville, Ky. Built in 2020, the property is located at 3001 Peach Blossom Drive near I-65. David Badgett Jr. of Marcus & Millichap represented the seller and developer, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction.
BROWNSBURG, IND. — Brennan Investment Group has acquired 68 acres at the intersection of Route 136 and Ronald Reagan Parkway in Brownsburg, a northwest suburb of Indianapolis. Brennan plans to develop two industrial buildings, including a 580,884-square-foot cross-dock facility and a 245,803-square-foot rear-load facility. The site offers close proximity to the Indianapolis International Airport, the FedEx Hub, the UPS Ground Sort Center and the I-465 outer loop. Terms of the transaction and a construction timeline were not provided.
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is nearing completion of a $2.7 million capital improvement program at The Life at Arden Landing, a 131-unit apartment complex in Indianapolis. Completion is slated for the fourth quarter. Interior upgrades are being made to 105 of the community’s residences as well as window replacements, new exterior paint, repairs to the exterior façade, sidewalk and parking lot upgrades, improvements to the children’s playground, replacement of the gutter system, security camera system enhancements and landscaping improvements. There are also several sustainable upgrades such as low-flow plumbing retrofits and the installation of LED lighting. The property was originally built in 1999.
NORTH LIBERTY, IND. — Marcus & Millichap has brokered the $2.1 million sale of The Vues at North Liberty, a 20-unit apartment building in North Liberty, a city in Northwest Indiana. Jack Stanton, Quentin Benedetto and Kyle Stengle of Marcus & Millichap represented the seller, a national real estate investment and development firm. The property sold to a 1031 exchange buyer that recently sold an industrial building with the intent of transitioning into the multifamily sector. The sale marked the highest price per unit for a multifamily closing within a 50-mile radius of the subject property, according to Marcus & Millichap.
HAMMOND, IND. — Montecito Medical has acquired an 11,118-square-foot medical office building in Hammond, about 25 miles southeast of Chicago. The purchase price was undisclosed. The building is fully occupied by the Williams Eye Institute and serves as the group’s flagship location. The Williams Eye Institute provides a full range of eye care, from general ophthalmology to advanced cataract surgery. Montecito worked alongside Entheos Capital Partners in completing the transaction.
INDIANAPOLIS — Locally based Birge & Held has begun pre-leasing for its newest community, West Village of Avondale Meadows in Indianapolis. Located at 4115 Meadows Drive, the affordable housing community features 216 units across six buildings. Units are reserved for residents earning annual incomes between $40,620 and $67,320. Amenities include a clubhouse with a community room, exercise room, TVs and billiards. Birge & Held received Low Income Housing Tax Credit funding from HUD through the Indiana Housing and Community Development Authority. Strategic Capital Partners also served as a key partner in the development.
PLAINFIELD, IND. — El Toro Bravo, a regional Mexican restaurant, has opened at The Shops at Perry Crossing in Plainfield, a western suburb of Indianapolis. The 3,886-square-foot restaurant features a patio. El Toro Bravo’s menu consists of classic Mexican dishes such as burritos, quesadillas and gorditas. There are currently seven El Toro Bravo locations across the Midwest. Managed by JLL, The Shops at Perry Crossing is an outdoor lifestyle center featuring more than 50 retail, restaurant and service brands.