Friday, October 11, 2024
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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 159-Unit Multifamily Community in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — CBRE has brokered the sale of Post House, a 159-unit multifamily community in Evansville, a city on the Ohio River. The sales price was undisclosed. Built in 2020 and located at 215 Vine St., the property features a range of studio, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, dog spa, dog park, fitness center, coworking center and parking garage. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties. Prosperity Commercial Real Estate was the buyer.

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IndianaIndustrialLeasing ActivityMidwest

Alfa Laval Signs 324,000 SF Industrial Lease in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Alfa Laval, a global provider of heat transfer, separation and fluid handling products, has signed a 324,000-square-foot industrial lease at Building 2 within County Line Commerce industrial park in Indianapolis. The tenant will occupy the entire building. Developed by a joint venture between Gershman and Citimark, County Line Commerce consists of five buildings totaling nearly 1.9 million square feet. Construction is now complete at the 170-acre industrial park, which is located at the intersection of County Line Road and I-65. Brian Seitz of JLL represented the landlords in the lease, while Charlie Polk and Brian Buschuk of JLL represented the tenant. Buildings 1, 3 and 4 are still available for lease.

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IndianaIndustrialLeasing ActivityMidwest

Sojo Industries Signs 151,950 SF Industrial Lease at Mohr Logistics Park Near Indianapolis

by Kristin Harlow

WHITELAND, IND. — Sojo Industries has signed a 151,950-square-foot industrial lease in Lot 5 of Mohr Logistics Park in Whiteland, a southern suburb of Indianapolis. Mark Writt of CBRE represented ownership, Mohr Capital. Jim Scott and Steve Shaub of Avison Young represented the tenant, which is a technology company engaged in advanced robotics, mobile manufacturing and modular packaging solutions for delivering packaging and assembly services for the food-and-beverage industry. Sojo maintains production facilities in Pennsylvania, California, Texas and Indiana, along with mobile sites throughout the country. All locations utilize high-speed automated lines and robotics to handle packaging materials. Additional tenants at Mohr Logistics Park include Goodyear, DHL and Turn 14. The industrial park totals 475 acres, and Mohr plans to develop more than 7 million square feet of bulk industrial buildings.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $2.8M Sale of Five Below-Occupied Property in Hammond, Indiana

by Kristin Harlow

HAMMOND, IND. — Marcus & Millichap has arranged the $2.8 million sale of a 10,122-square-foot retail property net leased to Five Below in Hammond near Chicago. Located at 1035 Indianapolis Blvd., the asset was built in 2024 and is situated on a pad site to a Walmart Supercenter and Ross Dress for Less-anchored retail center. Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, a Michigan-based REIT. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.

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IndianaIndustrialLoansMidwestSelf-Storage

Cronheim Mortgage Arranges $14M for Self-Storage Conversion in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Cronheim Mortgage has arranged $14 million for the acquisition and conversion of a vacant retail center in Indianapolis into a 116,000-square-foot self-storage facility under the JustStorage brand. A bridge lender provided the nonrecourse, floating-rate loan, which features a 70 percent loan-to-cost ratio. DealPoint Merrill is developing the property, while its affiliate management company, JustStorage, will operate the asset. Plans call for both climate-controlled and non-climate-controlled offerings.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Completes 751-Bed VERVE West Lafayette Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.

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DevelopmentIndianaIndustrialLoansMidwestTop Stories

SK hynix Receives $450M CHIPS Grant, $500M Loan for New Semiconductor Plant at Purdue Research Park in Indiana

by John Nelson

WEST LAFAYETTE, IND. — The U.S. Department of Commerce, which works with businesses and universities to promote job creation and economic growth, has agreed to a preliminary memorandum of terms (PMT) with semiconductor manufacturer SK hynix for its new $3.9 billion manufacturing plant in Indiana. The manufacturer, part of South Korean-based SK Group, announced in April that its advanced packaging and research-and-development (R&D) facility was coming to Purdue Research Park, an office and industrial research park adjacent to the campus of Purdue University in West Lafayette. The PMT includes $450 million in direct funding under the CHIPS and Science Act and an additional loan of up to $500 million. The funding will contribute to SK hynix’s production of high-bandwidth-memory (HBM) semiconductors (or computer chips) for AI supply chain security technology in the United States. These new-generation HBM chips will be mass-produced and packaged onsite and will have more processing power than SK hynix’s current chips, which process 1.18 terabytes of data per second. “We are excited about the Department of Commerce’s support, through the CHIPS and Science Act, of the largest semiconductor production facility located at a university in the United States,” says Mung Chiang, president of Purdue University. “This …

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Landmark Properties to Build 678-Bed Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Landmark Properties has unveiled plans to build The Standard at West Lafayette, a 678-bed student housing community near Purdue University. The 253-unit project will be situated at the corner of Pierce and West Wood streets adjacent to the east side of Purdue’s campus in West Lafayette. BKV Group is the project architect. Landmark Urban Construction, the in-house general contractor for Landmark Properties, will serve as construction manager on the 13-story project. Completion is slated for fall 2027. The Standard at West Lafayette will offer 18,234 square feet of amenity space, including a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a grilling area, gaming lounge and interior courtyard. The community will provide parking for 207 vehicles. The community is the second for Athens, Ga.-based Landmark Properties in Indiana.

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AcquisitionsIndianaIndustrialMidwest

JLL Brokers Sale of 639,829 SF Industrial Portfolio in Portage, Indiana

by Kristin Harlow

PORTAGE, IND. — JLL Capital Markets has brokered the sale of Northwest Indiana Logistics Portfolio, a two-building industrial portfolio totaling 639,829 square feet in Portage. The sales price was undisclosed. The distribution centers were built in the early 2000s and are 97 percent leased to eight tenants. Building 1, located at 6525 Daniel Burnham Drive, totals 122,829 square feet and features a clear height of 25 feet, 13 dock-high doors and six drive-in doors. Building 2, situated at 6750 Daniel Burnham Drive, totals 517,000 square feet and features a clear height of 30 feet, 60 dock-high doors and four drive-in doors. The buildings are part of AmeriPlex at the Port, a 385-acre industrial park. John Huguenard, Ed Halaburt and Kurt Sarbaugh of JLL represented the confidential seller in the sale to Sperry Equities. Brian Walsh of JLL arranged a five-year, fixed-rate acquisition loan through New York Life Real Estate Investors.

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AcquisitionsIndianaIndustrialMidwest

Northmarq Arranges $40.7M Sale of 401,474 SF Industrial Property in Bedford, Indiana

by Kristin Harlow

BEDFORD, IND. — Northmarq has arranged the $40.7 million sale of a 401,474-square-foot industrial property in Bedford, a city in southern Indiana. The single-tenant asset is net leased to Science Applications International Corp. (SAIC) and is situated on 74 acres at 3120 16th St. SAIC has occupied the property since 2009 and has expanded its footprint on seven separate occasions, including a new 16,000-square-foot build-to-suit. SAIC is a provider of technical, engineering and enterprise information technology services primarily to the U.S. government. Colin Couch, Jason Powell, Brian Ritchie and Tyler McCain of Northmarq represented the undisclosed seller. The buyer was an institutional investor.

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