HOUSTON — An affiliate of Houston-based Fidelis Realty Partners has acquired an 11-property, 1.5 million-square-foot portfolio consisting of former Sears retail properties located in eight states across the central U.S. The portfolio is 90 percent leased by tenants such as Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross Dress for Less, Dollar Tree and Best Buy. The properties are located in Tennessee, Wisconsin, Ohio, Illinois, Indiana, Nebraska, Texas and Arizona. Colby Mueck, Michael King, Christopher Knight and Jack Britton of JLL arranged acquisition financing on behalf of Fidelis through Symetra Life Insurance Co.
AVON, IND. — Marcus & Millichap has negotiated the $1.1 million sale of Avon Executive Offices, a 21,600-square-foot office building in the western Indianapolis suburb of Avon. The property is 94 percent leased by tenants such as the Hendricks County Community Foundation and the Firefighters Union. Julia Evinger of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a local private investor. The sales price represented a cap rate of 8.6 percent.
FORT WAYNE, IND. — Home décor retailer At Home is opening a new store at 4120 Illinois Road in Fort Wayne. A ribbon-cutting ceremony will take place Tuesday, April 4. Dallas-based At Home now operates 262 stores in 40 states. At Home sells a variety of merchandise such as furniture, mirrors, rugs and seasonal décor with collections from designers such as Laila Ali, Tracey Boyd, Willow Crossley, Grace Mitchell and Ty Pennington.
LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.
PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $4 million sale of a 26,500-square-foot retail center in Portage, a city in Northwest Indiana. Built in the mid-2000s, the property was 89 percent leased at the time of sale to tenants such as Rush Physical Therapy, Indiana Farm Bureau and Edible Arrangements. Chad Firsel of Quantum represented the seller, an Illinois-based developer. A Colorado-based private investor completing a 1031 exchange was the buyer.
INDIANAPOLIS — Local healthcare provider Adult & Child Health, Colliers, healthcare real estate company Innovcare and national development firm TWG have unveiled a master plan for the redevelopment of Meridian Street in Indianapolis. Project costs are estimated at $65 million. Plans call for the redevelopment of six buildings along the North Meridian Corridor. The development team plans to convert the properties into new uses such as primary care services, mental health services and affordable housing. All of the buildings are located within a federal Opportunity Zone and near the IndyGo Red Line. The project is made possible through support from the City of Indianapolis. Innovcare will pay real estate property taxes to further the redevelopment and investment of the Meridian corridor. Adult & Child Health signed a long-term lease to relocate to 1840 N. Meridian St. upon completion of the redevelopment project. The 40,000-square-foot building and parking area, previously owned by Indianapolis Public Schools, has sat vacant for seven years. Colliers assisted Adult & Child Health in its new lease as well as the sale of two existing assets at 603 E. Washington St. and 222 E. Ohio St. Indianapolis-based TWG has acquired four vacant buildings and plans to redevelop …
MERRILLVILLE, IND. — Pure Development has completed a 111,734-square-foot industrial facility for Domino’s Pizza in Merrillville, a city in Northwest Indiana. The development is now open and is utilized for production, storage and distribution of pizza dough in support of Domino’s operations throughout Indiana, Illinois, Michigan and Wisconsin. Pure Development broke ground on the project in August 2021.
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.