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.
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.
BLOOMINGTON, IND. — Gray Capital has acquired Echo Park Apartments in Bloomington for an undisclosed price. The company says its business plan includes improving onsite management and reducing expenses. Amenities at the property include a bark park, resort-style pool, trash pickup and in-unit washers and dryers. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge. Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. Previous acquisitions include Sycamore Terrace in Terre Haute, Ind.; Club Meridian in Lansing, Mich.; and Stonybrook Commons in Indianapolis. Gray Capital maintains roughly $775 million in assets under management.
NEW HAVEN, IND. — Temco Logistics has signed a 37,580-square-foot office lease at 10651 Rose Ave. in New Haven, just east of Fort Wayne. Bill Drinkall and Chad Voglewede of Bradley Co. represented the landlord, Cedar CDT LLC. Pomona, Calif.-based Temco Logistics delivers and installs home goods.