Indiana

ELKHART, IND. — Graycor has completed a 171,000-square-foot distribution center for Amazon at 2675 Aeroplex Drive in Elkhart. The facility, dubbed DII5, will be Amazon’s first owner-occupied mass timber delivery station, with the project seeking Zero Carbon Certification from the Living Future. The 39-acre project features mass timber construction as opposed to traditional concrete and structural steel. ZGF was responsible for the building design, and Atlantic AE served as the architect of record throughout construction. More than 200 Amazon and contract employees will work at the facility handling local fulfillment.

FacebookTwitterLinkedinEmail

MISHAWAKA, IND. — Eastern Union has secured $15.9 million in financing toward the condo conversion of River Rock Apartments, an 82-unit property in Mishawaka. The five-story asset is located at 116 W. Mishawaka Ave., six miles east of South Bend. Built in 2015 and 2016, the property features eight commercial units spanning 4,385 square feet that will remain after conversion. The site also includes a 31,027-square-foot parking garage. Joe Siegfried of Eastern Union arranged the three-year loan, which features an 8 percent interest rate, a 75 percent loan-to-value ratio and interest-only payments. Republic Bank provided the loan on behalf of the undisclosed borrower.

FacebookTwitterLinkedinEmail

INDIANAPOLIS — Associated has signed a full-building, 89,612-square-foot industrial lease at The Midway Building at 5770 Decatur Blvd. in Indianapolis. Corey Chase of Newmark represented the tenant in the lease, which represents a nearly 60,000-square-foot expansion from Associated’s previous space in the same corridor. Owned by Holladay Properties, the facility features 5,425 square feet of office space, a clear height of 24 feet, 21 dock doors, two drive-in doors and more than 250 parking spaces. Delivered in 2004, The Midway Building offers convenient access to I-70, I-465 and I-69 and is located near FedEx and UPS distribution hubs. Brian Seitz, Griffin Seitz and Brian Buschuk of JLL represented the landlord. Founded in 1960, Associated provides engineering, fleet management and labor optimization services supported by equipment sales, service, rentals and parts. The company is a subsidiary of The Raymond Corp., a Toyota Industries company.

FacebookTwitterLinkedinEmail

INDIANAPOLIS — CBRE has arranged the sale of a 1.3 million-square-foot, seven-property industrial portfolio in Indianapolis for $107.3 million. Judd Welliver, Zach Graham, Ryan Bain, Bentley Smith, Michael Caprile and Joe Horrigan of CBRE represented the seller, Arcapita. Billy Mork, Mike Vannelli and Joel Torborg of CBRE arranged $64.4 million in acquisition financing on behalf of the buyer, Capital Partners. The fixed-rate loan features interest-only payments for the full term. CBRE’s JD Graves and Chris Black will handle marketing and leasing for the portfolio.

FacebookTwitterLinkedinEmail

PLAINFIELD, IND. — Chicago-based HSA Commercial Real Estate has inked a new 68,486-square-foot industrial lease with home furnishings retailer Ashley DSG at Gateway Industrial V in Plainfield near the Indianapolis International Airport. The deal returns the 262,758-square-foot building in HSA’s Gateway Business Park to full occupancy. Memphis, Tenn.-based Ashley DSG maintains 166 locations in the United States and Canada. The company will use its space at Gateway V to warehouse and distribute home furnishings. The lease is a relocation and expansion from the company’s existing location in the Indianapolis area. HSA oversaw tenant improvements, including racking and upgrades to the truck dock area. Developed on a speculative basis and delivered in 2019, Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. The warehouse is also home to auto glass distributor Mygrant Glass Co., Paris-based aerospace firm Safran Nacelles and transplant solutions provider LifeNet. Tom Niessink of Niessink Commercial Real Estate represented Ashley DSG in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.

FacebookTwitterLinkedinEmail

INGALLS, IND. — B&B Group, a Central Indiana property services company, has broken ground on its new headquarters at Park 69 within Ingalls, a northwest suburb of Indianapolis. The facility will serve as the headquarters for Real Time Detention and Real Time Furniture and is situated about a five-minute drive from the companies’ current offices in Noblesville. The relocation is expected to be completed in 2026. Developed by Podell Partners, the combined headquarters will span 36,000 square feet and feature a two-story office and showroom, column-free warehouse space and professional outside storage. B&B Group, Real Time Detention and Real Time Furniture plan to bring more than 25 jobs to Madison County. The project marks the second industrial facility developed by Podell Partners at Park 69, which encompasses 23 acres of master-planned industrial and multi-use space. The project received a 10-year real property tax abatement. Cam Kucic and Korey Ryan of Colliers represented the landlord in the transaction. Steve Schaub of Avison Young represented the tenant. Elements Financial provided construction financing. Systems Builders is serving as the general contractor.

FacebookTwitterLinkedinEmail

NOBLESVILLE, IND. — Marcus & Millichap has brokered the $4.8 million sale of a newly built retail property occupied by Wawa in the Indianapolis suburb of Noblesville. Located at 2701 Westfield Road, the 5,915-square-foot asset features a new 20-year absolute NNN ground lease corporately guaranteed by Wawa Inc. The store, which opened in May, is positioned at the entrance to Midland Pointe, a $72 million development with luxury apartments and more than 40,000 square feet of retail space. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap represented the seller, a Florida-based developer, in association with Josh Caruana, the firm’s broker of record in Indiana. The buyer was undisclosed.

FacebookTwitterLinkedinEmail

RICHMOND, IND. — Flaherty & Collins is underway on the development of 6Main, a $38 million luxury apartment complex in Richmond, a city in eastern Indiana. The 150-unit project is being built on the site of the former Elder-Beerman department store and will include 3,000 square feet of first-floor retail space. Amenities will include a fitness center, pool, outdoor and indoor lounges, a pet spa and dog park. Leasing is anticipated to begin in late 2026 ahead of the grand opening in spring 2027.

FacebookTwitterLinkedinEmail

MERRILLVILLE, IND. — Greystone has provided a $26.3 million Freddie Mac loan to finance the acquisition of Tiberon Trails Apartments in Merrillville. Additionally, Greystone Equity Services brought in MORE Capital, an affiliate of Morgan Properties, as a preferred equity provider. MORE Capital supplied a nearly $5 million preferred equity loan in conjunction with the Freddie Mac financing. Eric Rosenstock of Greystone originated the Freddie Mac loan on behalf of the borrower, Bayshore Properties. The loan features a fixed interest rate over a five-year term with a 30-year amortization and two years of interest-only payments. Tiberon Trails comprises 374 units with a mix of studio, one-, two- and three-bedroom layouts. Amenities include a playground and fitness center.  

FacebookTwitterLinkedinEmail

GREENWOOD, IND. — Marcus & Millichap has arranged the $3.8 million sale of an auto repair center occupied by Caliber Collision in Greenwood. The property totals 33,511 square feet and is located at 155 Melody Ave. Caliber Collision occupies the asset under a double-net lease with more than three years remaining on the lease. Mitch Grant, Nicholas Kanich and Josh Caruana of Marcus & Millichap represented the Indiana-based seller. Dominic Sulo, Ryan Engle and Andrean Angelov of Marcus & Millichap procured the Illinois-based buyer.

FacebookTwitterLinkedinEmail