Indiana

Holladay Properties Sells 11,700 SF Urgent Care Facility in La Porte, Indiana

by Kristin Harlow February 24, 2023

LA PORTE, IND. — Holladay Properties has sold an 11,700-square-foot primary and urgent care facility occupied by Northwest Health in La Porte, a city in Northwest Indiana. The sales price and buyer were undisclosed. Northwest Health will continue to operate the facility, which offers primary and urgent care services, two separate entrances and 80 parking spaces. Holladay Properties developed the building and Holladay Construction Group served as general contractor. Holladay has developed and constructed three buildings for Northwest Health with a fourth currently under construction in Valparaiso. Brian Wilcox of Holladay facilitated the transaction.

February 24, 2023

Indiana Industrial Market Reports Midwest Midwest Market Reports

Slowdown in Construction Starts Helps Balance Indianapolis Industrial Market

by Kristin Harlow February 23, 2023

By Ken Martin, JLL The Indianapolis industrial real estate market ended 2022 nearing a record high for a single year with more than 19.6 million square feet of absorption. Much of this was recorded in Hendricks, Johnson and Hancock counties with total year-end net absorption of 7.3, 6.4 and 3.2 million square feet, respectively. These submarkets continue to offer tenants excellent access to both interstate highways to transport goods across the country, as well as strong employment bases. Developers and tenants often cite employment bases as their No. 1 criteria in selecting an optimum site. With vacancy at an all-time low of sub 5 percent for the majority of 2022, developers and owners were able to push rents as demand outstripped supply. As recently as two to three years ago, rents were consistently in the high $3’s per square foot range and now we consistently see rents in the $5 per square foot range or higher. Year-end asking rents averaged $5.54 per square foot overall and $6.48 per square foot for mid-sized warehouse space. In some markets, however, rents for warehouse space were well above the average. In the central business district, for example, asking rates for warehouse …

February 23, 2023

Development Indiana Midwest Mixed-Use

New City Development Breaks Ground on $300M Hobbs Station Mixed-Use Project in Plainfield, Indiana

by Kristin Harlow February 22, 2023

PLAINFIELD, IND. — New City Development has broken ground on Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. The project is being built in partnership with Formation Properties. Shiel Sexton Cos. is the general contractor. Phase I includes 300 apartment units with 30,000 square feet of street-level retail and restaurant space. Completion is slated for the end of 2024. Phase I will also include 98 single-family homes built by Pulte Homes and Pyatt Homes along with two industrial buildings totaling nearly 500,000 square feet built by HSA Commercial. A centralized public park as part of the project will enable the community to enjoy amenities such as pickleball and bocce ball. At full buildout, Hobbs Station will include up to 240 single-family homes, 650 apartment units, 90 seniors housing units, 70,000 square feet of commercial space, 500,000 square feet of industrial space and 200,000 square feet of office space.

February 22, 2023

Development Indiana Midwest Mixed-Use Top Stories

Keystone Group, Indy Eleven to Break Ground on $1B Mixed-Use Project in Downtown Indianapolis

by John Nelson February 20, 2023

INDIANAPOLIS — Locally based developer Keystone Group and the Indy Eleven professional soccer club have announced plans to break ground this May on Eleven Park, a mixed-use development in Indianapolis. Anchored by a 20,000-seat multipurpose stadium that will host Indy Eleven’s home games, the project will transform the southwest quadrant of downtown Indianapolis. The Indianapolis Star reports the project has a price tag of $1 billion. In addition to the stadium, Eleven Park will feature 600 apartment units; 205,000 square feet of office space; nearly 200,000 square feet of shops and restaurants; a hotel; public plazas with green space housing a dog park, water features and kid’s play areas; and public parking garages. The co-developers also plan for the project to have an indoor, 4,000-seat music and entertainment venue, rooftop bars, walkways along the White River and direct access to The Cultural Trail, an urban trail spanning eight miles. “Eleven Park will not only change the skyline of Indianapolis, but will add over 1,000 jobs, have a huge economic impact, create quality-of-life benefits and attract talent and opportunities to our city and state,” says Ersal Ozdemir, chairman and founder of Keystone Group. Ozdemir also owns the Indy Eleven franchise. “Our …

February 20, 2023

Affordable Housing Indiana Midwest Multifamily

Merchants Affordable Housing Corp. Rebrands as RDOOR Housing Corp. in Indianapolis

by Kristin Harlow February 17, 2023

INDIANAPOLIS — Merchants Affordable Housing Corp. has rebranded as RDOOR Housing Corp. The affordable housing developer was founded in connection with Merchants Bank of Indiana in 1981. RDOOR comes from the word “ardor,” meaning passion. “RDOOR embodies our team’s unyielding passion for improving people’s lives by increasing access to quality rental housing opportunities while building or renovating affordable and safe homes,” says Bruce Baird, president and CEO. The current portfolio of RDOOR and its closely aligned affiliates includes more than 3,000 units throughout Marion County and Indiana. As part of the rebrand, RDOOR renovated the former Girls Inc. office at 441 W. Michigan St. as its new headquarters. RDOOR says the downtown Indianapolis location will enable the team to be closer to its clients and co-locate with Partners in Housing.

February 17, 2023

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Indianapolis Is Emerging Star of Midwest Region

by Kristin Harlow February 16, 2023

By Steve LaMotte Jr., CBRE With 2021, a record year for asset appreciation and fundamentals, 2022 marked a turning point in the apartment space across the nation. Multifamily leasing velocity, rent growth and occupancy levels have seemingly reached their current peak levels and begun to cool. Instability in the capital markets throughout much of 2022 encouraged many on both the buy and sell sides to wait it out, looking for signs of stability. However, despite the turbulence and the pause, the multifamily sector has remained resilient and is expected to maintain its claim as the preferred asset classification in 2023. Further, metro Indianapolis has been a standout performer in every meaningful measurement. Now widely regarded as an emerging star of the Midwest, metro Indianapolis has earned its place as the nation’s rent growth leader in the back-to-back months of October and November of 2022, according to Yardi Matrix. The metro has outperformed many major markets while maintaining its characteristic affordability. According to research from CBRE Econometric Advisors, the average metro rent of $1,200 per unit ($1.30 per square foot) shows that metro Indianapolis will deliver outsized rent growth in times of distress while remaining one of the most affordable metro’s …

February 16, 2023

Development Indiana Midwest Multifamily

Scannell Properties, Pittman Investors Begin Phase I of Pittman Farms Project in Zionsville, Indiana

by Kristin Harlow February 14, 2023

ZIONSVILLE, IND. — Scannell Properties and Pittman Investors are beginning Phase I development of a project situated on the Pittman Farms site in Zionsville, a northern suburb of Indianapolis. The project site’s red barn has long served as an unofficial entry into Zionsville at US-421 and Sycamore Street. The first phase of construction includes land preparation and infrastructure for the entire development, as well as a three-building, 400-unit apartment complex. Amenities will include a golf simulator, saltwater pool, fitness lab, work-from-home space, pet spa, dog park and an outdoor pavilion reminiscent of the Pittman Farms barn. Phase I is expected to open in the second quarter of 2025. The design team includes Indianapolis-based Delv architects, American Structurepoint, Lynch Harrison Brumleve, Circle Design Group, Context Design, Infinysis and BKV. Indianapolis-based Shiel Sexton Co. will serve as construction manager. Project lenders include Merchants Capital, through its parent company Merchants Bank of Indiana, as well as Lake City Bank and the National Bank of Indianapolis.

February 14, 2023

Acquisitions Indiana Industrial Midwest Self-Storage

Franklin Street Arranges Sale of Two-Property Self-Storage Portfolio in Angola, Indiana

by Kristin Harlow February 13, 2023

ANGOLA, IND. — Franklin Street has arranged the sale of a two-property self-storage portfolio totaling 109 units in Angola, a city in Northwest Indiana. The sales price was undisclosed. The facilities were built in 1986 and 1999. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. NT Investments LLC was the buyer. The transaction marks the fourth asset that Perlleshi and DeSalvo have sold on behalf of HZ Capital Partners in the last nine months.

February 13, 2023

Indiana Leasing Activity Midwest Restaurant Retail

Tinker Coffee to Open at 360 Market Square in Downtown Indianapolis

by Kristin Harlow February 10, 2023

INDIANAPOLIS — Tinker Coffee Co. is opening a new location at 360 Market Square in downtown Indianapolis this spring. The 360 Market Square location will be Tinker’s fourth café, but its first standalone offering that is not in the airport or a food hall. Tinker currently maintains two locations in the Indianapolis International Airport and one in the AMP food hall, an artisan marketplace and food hall located in the 16 Tech Innovation District in downtown Indianapolis. The downtown café will be open seven days a week. Flaherty & Collins is the owner and developer behind 360 Market Square, an apartment building with an attached Whole Foods Market.

February 10, 2023

Indiana Loans Midwest Multifamily

Greystone Provides $15.7M Acquisition Loan for Indianapolis Multifamily Community

by Kristin Harlow February 8, 2023

INDIANAPOLIS — Greystone has provided a $15.7 million Freddie Mac loan for the acquisition of Trails at Lakeside in Indianapolis. Constructed in 1989, the 208-unit multifamily property is a garden-style community with six buildings. Miryan Reinitz-Kops of Greystone originated the fixed-rate loan, which features a 12-year term, 30-year amortization schedule and three years of interest-only payments. Loan proceeds enable the borrower to make improvements in addition to the acquisition. Capodagli Property Co. was the borrower.

February 8, 2023

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