FRANKFORT AND ROSSVILLE, IND. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an 81-unit multifamily portfolio in Frankfort and Rossville. A regional lending institution provided the 10-year, fixed-rate loan, which features one year of interest-only payments. The portfolio is 97 percent occupied. The borrower is based in Lafayette, Ind.
FORT WAYNE, IND. — Mega Markdowns has signed a 14,814-square-foot retail lease in Gateway Plaza in Fort Wayne. Dave Horacek of Bradley Co. represented the landlord, an entity doing business as FSCM Gateway LLC. The property is located at 1551 Goshen Road.
HIGHLAND, IND. — Mid-America Real Estate Corp. has negotiated the sale of Highland Grove in Highland, a northwest suburb of Indianapolis. The sales price was undisclosed. The 312,406-square-foot shopping center is fully leased. Tenants include Kohl’s, Burlington, Macy’s, Michaels, Petco, Ulta, Five Below, Famous Footwear, Potbelly, Torrid and Olive Garden. Target, Best Buy and Ashley Furniture shadow anchor the property. Ben Wineman, Joe Girardi and Rick Drogosz of Mid-America represented the undisclosed seller. Bridge33 Capital was the buyer.
AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.
INDIANAPOLIS — Northmarq has brokered the sale of the Clearwater Springs shopping center in Indianapolis for an undisclosed price. The 132,156-square-foot shopping center is located at 5151 E. 82nd St. Anchor tenants include Aldi, Haverty’s Furniture and Michaels. Additional retailers include Starbucks, Athletico, David’s Bridal and AT&T. Blaise Bennett of Northmarq represented the buyer, a Cincinnati-based private equity firm. Wes Podell of Podell Partners represented the undisclosed seller.
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.