NEW YORK CITY — New York City-based International Workplace Group (IWG) has added 34 new flexible workspaces in the Midwest region in the last six months. Including these new locations, IWG has added roughly 150 locations nationwide across the U.S. since October 2022. IWG intends to add 1,000 new locations globally. IWG’s new locations stretch across brands such as Spaces, Regus and HQ, and are situated in both urban and suburban areas across markets such as Chicago; Columbus, Ohio; Jeffersonville, Ind.; Grand Rapids, Mich.; Lakeville, Minn.; and De Pere, Wis. The Midwest offices total more than 280,000 square feet. About 76 percent of the new workspaces are located in smaller towns and communities outside of metro areas. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.
WHITELAND, IND. — Mohr Capital has completed the development of an 846,260-square-foot industrial facility at its Mohr Logistics Park in the Indianapolis suburb of Whiteland. The property at 5365 N. Graham Road features a clear height of 40 feet. So far, one tenant has signed a lease for 513,000 square feet. A lease for the remaining space is currently under negotiation. Both tenants are expected to occupy the building this summer. The project team included Pepper Construction, Curran Architecture and American Structurepoint. Mark Writt of CBRE handles the leasing.
ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.
GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.
MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.
INDIANAPOLIS — Olive Tree Holdings is underway on a $6 million renovation of The Life at Creekside Reserve, a 320-unit, garden-style apartment complex in Indianapolis. Completion is slated for the third quarter of 2024. Plans call for roof replacements, new windows and doors, low-flow plumbing upgrades, new security gates, electrical upgrades, revamped grilling stations, new signage and new paint. The resident clubhouse, fitness center, playground, laundry facilities and soccer field will also undergo renovations. Olive Tree also plans to upgrade residence interiors, the community’s external façade and sidewalks.
CONNERSVILLE, IND. — Marcus & Millichap has arranged the $5.6 million sale of Turtle Creek Apartments in Connersville, about 65 miles east of Indianapolis. The 129-unit apartment property is located at 3600 Western Ave. and recently received capital improvements such as a new roof, parking lot, common area upgrades and several unit renovations. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.
FISHERS, IND. — Thompson Thrift has acquired 62 acres that will be utilized as part of the $550 million expansion to Fishers District in the northeast Indianapolis suburb of Fishers. The firm concurrently sold a portion of the acquired land to the City of Fishers, where the site will be used for the development of a 7,500-seat arena and event center. The overall expansion of Fishers District includes: Slate, a garden-style multifamily community with direct access to Fishers District; the Union, an expansion to the multifamily and commercial options already opened at Fishers District; and the new arena and event center, which will offer additional restaurant, retail and entertainment spaces. Once completed in 2024, the event center will house the Indy Fuel, a minor-league ice hockey team affiliated with the Chicago Blackhawks and the Rockford IceHogs. The event center will also host concerts, theater productions, conventions and other sporting and community events. SCI Architects designed the property. Thompson Thrift began work on the Fishers District development in 2015. The first phase received an award from the Indianapolis Chamber of Commerce in 2020. “A project of this magnitude requires patience, persistence and vision,” says Ashlee Boyd, a managing partner at Thompson Thrift Commercial. “We have brought development, design and building experts together …
HAMMOND, IND. — Marcus & Millichap has arranged the $4.6 million sale of a 14,158-square-foot retail center in Hammond, a city in Northwest Indiana. Built in 2017, the property is located at 1001 5th Ave. and is home to retail and medical tenants, including American Renal Associates. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a developer based in Hobart, Ind. The property sold to a 1031 exchange investor.