INDIANAPOLIS — Indianapolis-based mall owner Simon has expanded its relationship with retailer Five Below, which will open at least seven different locations within Simon’s Premium Outlets. The new stores will begin opening this spring and summer in Albertville, Minn.; Pleasant Prairie, Wis.; Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa. Additionally, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and Miller Hill Mall in Duluth, Minn. this year as well as undergoing a full remodel at Arundel Mills in Hanover, Md. Currently, Five Below operates 21 stores within the Simon portfolio.
LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.
INDIANAPOLIS — Skender has moved into a larger Indiana office, located in the Keystone area of North Indianapolis, and more than doubled its workforce in the state to support a host of new projects under construction and in the planning stages. The Chicago-based general contractor’s presence in the region began in early 2020 when Indiana University Health (IU Health) hired Skender to assist with significant expansion and upgrades to IU Health facilities in Indianapolis and around the state. Skender’s Brian Simons relocated to central Indiana to head up local operations with a focus on expanding relationships with clients, architects, brokers and trade partners. Skender now has more than 1 million square feet of construction projects across Indiana, and the firm’s Indiana office is projecting more than 400 percent annual revenue growth in 2023. Projects span the healthcare, municipal, office and industrial sectors.
LOWELL, IND. — Marcus & Millichap has arranged the sale of a two-tenant retail property occupied by Advance Auto Parts and Subway in Lowell, a city in Northwest Indiana. The sales price and seller were undisclosed. The 36,155-square-foot building is located at 1729 E. Commercial Ave. Joseph Van Vuren and Nicholas Kanich of Marcus & Millichap represented the buyer, a local private investor. Josh Caruana of Marcus & Millichap assisted in closing the transaction as the broker of record in Indiana.
INDIANAPOLIS — A partnership between Milhaus, Gershman Partners and Citimark has begun development of Versa, a $70 million apartment complex in the Broad Ripple Village neighborhood of Indianapolis. The district is undergoing a $271 million improvement plan. Versa will feature 3,600 square feet of ground-floor retail space with an outdoor patio situated below the residential living space. The project will include 233 units and 245 parking spaces. Amenities will include a pool, pet spa, bark park, lounge, game room, fitness center, conference rooms and coworking space. Lake City Bank provided financing. The project team includes DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering. Completion is slated for 2024.
INDIANAPOLIS — TWG has unveiled plans to develop 1827 Lofts, a 166-unit apartment community that will be located along the IndyGo Red Line rapid transit bus line in Indianapolis. The $45 million development is part of a master redevelopment project encompassing the city’s North Meridian Corridor. Located at 1827 N. Meridian St., the property will feature 32 studios, 81 one-bedroom units and 53 two-bedroom floor plans. Amenities will include a courtyard, pool, fitness room, dog park and rooftop lounge. The City of Indianapolis supported the project through a tax-increment financing (TIF) bond issued by the local government. The TIF requires 5 percent of the units to be reserved for individuals making up to 30 percent of the area median income. WesBanco Bank provided financing. Construction is scheduled to begin this month and be completed in May 2025.
FRENCH LICK, IND. — Marcus & Millichap has arranged the $7.5 million sale of the Best Western Plus French Lick, a 68-room hotel in French Lick, a city in southern Indiana. Built in 2015 and located at 613 Arnold F Habig Blvd., the three-story property features amenities such as a business center, indoor pool, fitness center and complimentary breakfast. Scott Havericak and Robert Hunter of Marcus & Millichap represented the undisclosed borrower. The duo also procured the buyer, an Indiana-based limited liability company.
VALPARAISO, IND. — McColly Bennett Commercial Advantage has brokered the $3.9 million sale of Belden Center, a two-building office property in Valparaiso, a city in Northwest Indiana. Located on Eastport Centre Drive, the property totals 27,959 square feet on five acres. Jeff Bennett and Ken Williams of McColly Bennett represented the seller, George Uzelac, a private investor and developer. Uzelac developed the asset in 2008 and his real estate tax firm occupied space on the first floor. The buyer, Haresa Prithyani, plans to redevelop portions of the two buildings into a Montessori School. The buyer currently owns and operates a Montessori School in Chesterton, Ind. Additional tenants at Belden Center — Tech Credit and NYAP — will remain in their spaces. Ryan Peters of Streetfront Real Estate represented the buyer. Dan Duncan of People’s Bank structured an SBA 504 loan for the acquisition.
PLAINFIELD, IND. — HSA Commercial Real Estate has begun development of two speculative warehouses totaling 497,540 square feet in Plainfield near the Indianapolis International Airport. Named Terminus at Hobbs Station, the project is slated for completion in the fourth quarter of this year. Building 1 will total 233,618 square feet with 36 dock doors, three drive-in doors, 163 parking spots and 48 trailer parking stalls. Building 2 will span 263,922 square feet with 31 dock doors, three drive-in doors, 187 parking spaces and 30 trailer stalls. Both buildings will feature a clear height of 32 feet and 60-foot loading bays. The project team includes architect Curran Architecture, general contractor Meridian Design Build and civil engineer Kimley-Horn. Jimmy Cohoat and Andrea Hopper of Colliers will market the project for lease.
WARSAW, IND. — JLL Capital Markets has brokered the sale of Warsaw Commons, an 87,858-square-foot shopping center in Warsaw, about 40 miles northwest of Fort Wayne. The sales price was undisclosed. Built in 2012, the fully occupied property is home to tenants such as TJ Maxx, PetSmart, Ulta, Dollar Tree and Shoe Carnival. Michael Nieder of JLL represented the seller, IRC Retail Centers. Nate Monson and Brandon Goodman of Colliers represented the buyer, The Lofts at 5 Points LLC.