FISHERS, IND. — The Link at Fishers District, a 457,000-square-foot office campus in the Indianapolis suburb of Fishers, is undergoing a renovation. JLL is the leasing agent for the property, which is owned by M&J Wilkow and a fund managed by DRA Advisors. Cunningham Restaurant Group (CRG), an Indiana-based restaurant hospitality group known for local favorites such as Livery, Provision and Bru Burger, will open a café at the property. Tenants at The Link will also enjoy new amenities such as conference rooms, a game room, outdoor walking path, courtyard, tenant lounges, a fitness center and 102-seat auditorium with updated seating. Surrounding The Link will soon be the Indy Fuel’s new hockey arena, a 254-unit luxury townhome community and a newly planned development with 250 luxury apartment units and 150 hotel rooms. Abby Zito, John Robinson and Kevin Gilihan of JLL negotiated the lease transaction with CRG. The renovation project is set for completion in late 2023 or early 2024.
INDIANAPOLIS — Milhaus, an Indianapolis-based multifamily developer, owner and operator, has opened a new headquarters in downtown Indianapolis. The 48,000-square-foot building along Washington Street is situated in the historic Cole-Noble neighborhood. Milhaus will operate out of 28,000 square feet on two of the three floors. The building is located next to the firm’s first Qualified Opportunity Zone development, Grid. Housing 175 apartment units, Grid is home to a fraction of the 3,000 units that Milhaus has developed in central Indiana. More than half of those units are located downtown. To date, Milhaus has developed 48 projects with $1.9 billion in assets under management. The firm also maintains regional offices in Kansas City and Austin, Texas, with additional boots on the ground in Florida and Denver.
AVON, IND. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale for a 7,000-square-foot restaurant occupied by Bubba’s 33 in Avon, about 13 miles west of Indianapolis. The newly constructed property has a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer. The sales price represented a cap rate of 5.45 percent.
MCCORDSVILLE, IND. — Walmart has opened a new 2.2 million-square-foot fulfillment center in McCordsville, about 20 miles northeast of Indianapolis. The project marks Walmart’s largest fulfillment center to date and will enable the retailer to fulfill more orders via next- or two-day shipping. More than 1,000 Walmart associates will work at the fulfillment center. Walmart employs more than 43,000 associates in Indiana.
FORT WAYNE, IND. — Clayco has broken ground on a $78 million expansion and renovation project for the East Terminal at Fort Wayne International Airport in Indiana. An expansion of the West Terminal wrapped up in May. Mead & Hunt is the architect. In addition to the renovation and expansion, the project also includes relocating all airline gates and passenger boarding bridges to the second level; expanding the TSA security checkpoint area; relocating the airport restaurant; and creating a new frequent flyer lounge. Work will also include new and improved public areas, including additional restrooms, new meter and greeter space, expanded circulation areas and vertical transportation. Plans also call for updating the existing baggage claim and rental car areas. Clayco will demolish existing interior and structural components to expand the building outward and vertically over the first floor, and expand the building to include a new east concourse. Completion is slated for June 2025.
WEST BADEN SPRINGS, IND. — TWG is building West Baden Lofts, a $9 million affordable housing community in West Baden Springs, a town within French Lick Township in southern Indiana. Located at 942 Main St., the 44-unit development will feature two- and three-bedroom layouts. Units will be reserved for households making 30 to 60 percent of the area median income. Amenities will include a free bikeshare program, free Wi-Fi in common areas and units, a meditation area, fitness center, community room, indoor children’s area, playground and community garden beds. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. Construction is expected to begin this month and be completed in late 2024.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of Meridian Marketplace in Indianapolis for an undisclosed price. Located at 8923 S. Meridian St., the 41,645-square-foot retail strip center was fully occupied at the time of sale. Dollar Tree is the anchor tenant. Additional tenants include Play It Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery store, barbershop, escape room, indoor golf concept and e-sports gaming lounge. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New York-based private investment firm. The team also procured the buyer, a Washington-based investor. The buyer received an acquisition loan with a 60 percent loan-to-value ratio.
OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …
BLOOMINGTON, IND. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.
PRINCETON, IND. — Cushman & Wakefield has brokered the sale of Circle Point Villas in Princeton, a city in Southwest Indiana. The sales price was undisclosed. The build-to-rent (BTR) community features 125 homes that average 1,220 square feet. Construction of the 19-acre development concluded this year. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, Reinbrecht Homes. The asset sold to a joint venture between JMF Capital and Yellowstone Property Group. The deal marks the first investment sale of a purpose-built BTR community in Indiana, according to Cushman & Wakefield.