NOBLESVILLE, IND. — ACRES Capital has provided a $54.3 million loan for the refinancing of Promenade Trails, a 210-unit multifamily community in the Indianapolis suburb of Noblesville. The age-restricted property offers one- and two-bedroom units with 476 parking spaces, a pool, sun deck, fitness center, pet spa, clubhouse and dog park. Justus Cos. was the borrower.
PORTAGE, IND. — Greenstone Partners has brokered the $16.5 million sale of the Addison and Clark buildings, two multi-tenant industrial properties totaling 166,134 square feet in Portage. The transaction represents the highest price per square foot ever achieved for a multi-tenant industrial investment of 50,000 square feet or larger in the Northwest Indiana region, according to CoStar. Located at 6625 and 6675 Daniel Burnham Drive, the shallow bay buildings are home to a long-term tenant base with an average tenure of 13 years. Flexible suite configurations range from 10,000 to 50,000 square feet. Jason St. John of Greenstone represented the seller, a Florida-based private investor, and procured the buyer, Sperry Equities, a Southern California-based real estate investment group.
FORT WAYNE, IND. — Mid-America Real Estate Corp. has arranged the sale of Covington Plaza, a 182,051-square-foot shopping center in Fort Wayne. Anchor tenants include The Fresh Market, Office Depot, Planet Fitness and The Woodhouse Day Spa. Other tenants include Pet Supplies Plus, Tequila Mexican Cantina, Cap n’ Cork, Christopher James Menswear and Catablu Grille. Ben Wineman, Joe Girardi, Rick Drogosz and Eric Geskermann of Mid-America represented the seller, Broad Reach Retail Partners. Charleston, S.C.-based Ziff Real Estate Partners was the buyer.
EAST CHICAGO, IND. — Hearn Industrial Services has signed a 197,587-square-foot lease at 1200 W. 145th St. in East Chicago. The Missner Group owns the newly developed industrial building. The tenant, a third-party logistics provider supporting Ford Motor Co.’s South Side Chicago plant, will utilize the space for the storage and distribution of parts for automotive manufacturing. The Missner Group is serving as general contractor for the build-out, which includes customized office and warehouse configurations. The 249,600-square-foot building was developed on a speculative basis and is now fully leased.
MARION, IND. — Marcus & Millichap has negotiated the $4.9 million sale of Park Forest Apartments in Marion, which is located about midway between Indianapolis and Fort Wayne. The 64-unit multifamily property at 1005 N. Park Forest Drive features two-bedroom units. Each 900-square-foot residence has undergone recent renovations, including new balconies, windows, HVAC systems and water heaters. Quentin Benedetto, Kyle Stengle and Jack Stanton of Marcus & Millichap represented the seller, Pentagon Investment Group. Benedetto and Stanton procured the buyer, Ross McCarthur, co-founder of Follow The Deal Investments.
BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.
WEST LAFAYETTE, IND. — Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community located steps from Purdue University. The project at 147 W. Wood St. marks Subtext’s second development in West Lafayette and the first to launch under its new EVER brand. The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes. Amenities include a resort-style courtyard with a pool, hot tub and jumbotron, along with a fitness center, yoga studio, coffee bar, open study lounges, outdoor kitchen, pet spa and bike storage. Subtext developed the project in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust provided financing. ESG Architecture & Design served as architect and interior designer, and Brinkmann Constructors was the general contractor.
INDIANA — Marcus & Millichap has brokered the $7.4 million sale of a portfolio with 76 apartment units and three retail spaces in Hartford City, Spiceland, Knightstown and Rushville. The four properties were built between 2017 and 2021. Jack Friskney, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, KDC Investments, and procured the buyer, PRE/3.
WEST LAFAYETTE, IND. — Purdue Research Foundation (PRF) and American Campus Communities (ACC) have opened 3rd & West, a 984-bed student housing development at Purdue University in West Lafayette. Located at the intersection of Third Street and McCormick Road, the complex rises five stories and totals 325,000 square feet. Units come in studio, one-bedroom, two-bedroom and four-bedroom configurations. Amenities include an entry plaza for community gatherings, dual courtyards, study lounges, private study rooms and a fitness center. The first students will move into the new housing at the start of the fall 2025 semester. A public-private partnership between PRF and ACC developed the project. SCB served as architect.
MICHIGAN CITY, IND. — Marriott International will open a Renaissance Hotel as the hospitality anchor of SoLa, a $305 million resort-style community from Farpoint Development in northern Indiana’s Michigan City. SoLa will feature 170 condominiums, 18 townhomes, vacation rentals and retail options along the southern shore of Lake Michigan within the city’s Uptown Arts District. The 12-story Renaissance Hotel will span the east side of SoLa and include 240 rooms, including 24 suites. Amenities will include a full-service spa, fitness center and indoor pool with a retractable glass wall opening onto a lakeside terrace. A restaurant with open-air dining deck overlooking the lake will occupy the hotel’s 12th floor, while a ballroom and meeting spaces will be one flight below. Koo Architecture designed SoLa. Construction is planned to begin in January and last approximately two years. Kacia Snyder of Encore Sotheby’s International Realty | Jameson Sotheby’s International Realty is the listing agent.