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.
CROWN POINT, IND. — Marcus & Millichap has arranged the $7 million sale of a 34,704-square-foot property occupied by the State of Indiana in Crown Point, a city in Northwest Indiana. The asset is located at 9801 Georgia St. near I-65. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a partnership. The duo also secured and represented the buyer, a limited liability company.
MERRILLVILLE, IND. — The Opus Group has broken ground on a 289,000-square-foot speculative industrial building in Merrillville, a city in Northwest Indiana. The 37-acre project site is located one mile from I-65. The building will feature a clear height of 32 feet, 30 dock doors, 239 auto parking stalls and 58 dedicated trailer parking stalls. Completion is slated for December. Opus is the developer, design-builder, architect and structural engineer. Old National Bank is the construction lender. Ryan Klink and Sean Henrick of Cushman & Wakefield are marketing the project for lease.
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.