Saturday, February 22, 2025
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AcquisitionsIllinoisIndianaIowaMichiganMidwestMinnesotaRetailWisconsin

JLL Brokers Sale of Napa Auto Parts Retail Portfolio in Midwest for $70.2M

by Kristin Harlow

MICHIGAN, MINNESOTA, INDIANA, ILLINOIS, WISCONSIN AND IOWA — JLL Capital Markets has brokered the sale of a 41-property Napa Auto Parts retail portfolio in the Midwest for $70.2 million. The net-leased assets total 342,986 square feet and are located in Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa. There are roughly 18.5 years of weighted average lease term remaining. Alex Sharrin, Jaime Fink, Marcus Pitts and Matt Hazelton of JLL represented the undisclosed buyer and seller. According to JLL, the portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Sullivan Development Breaks Ground on 34-Unit Willow Creek Villas in Winamac, Indiana

by Kristin Harlow

WINAMAC, IND. — Sullivan Development LLC has broken ground on Willow Creek Villas, a 34-unit affordable housing community in Winamac, a city in northwest Indiana. The development site is within walking distance of a shopping plaza and the largest grocery store in the county, Sanders Foods. Completion is slated for late 2025, and the $9.9 million project will include five buildings. The Indiana Housing and Community Development Authority awarded tax credits through the 2024 Rental Housing Tax Credit General Set-Aside. The project is made possible through collaboration with local partners, including Winamac Town Manager Brad Zellers, Nathan Origer of the Pulaski County Community Development Commission, Charles Mellon Jr. of the Pulaski County Board of Commissioners, and service partners Community Foundation of Pulaski County and PEAK Community Services.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Opens $200M Event Center at Fishers District in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has opened Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District in the Indianapolis suburb of Fishers. The venue will serve as a home to three professional sports teams — Indy Fuel Hockey Club of the ECHL, Indy Ignite of the Professional Volleyball Federation and Fishers Freight of the Indoor Football League. The arena will also host a variety of community events and concerts. The event center marks a $200 million investment by the city within Thompson Thrift’s $750 million Fishers District mixed-use development. Once completed, the 123-acre project will incorporate multifamily, townhome, hotel, office, dining, shopping and entertainment offerings. Thompson Thrift is actively leasing space for The Union at Fishers District, another phase expected to break ground in the first quarter of 2025. The Union will feature 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment homes, 135 luxury boutique hotel rooms and 70,000 square feet of Class A office space. Thompson Thrift first began work on the Fishers District development in 2015.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.

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DevelopmentIndianaIndustrialMidwestTop Stories

Stellantis, Samsung SDI to Receive Up to $7.5B in Federal Financing for Two EV Battery Plants in Kokomo, Indiana

by John Nelson

KOKOMO, IND. — StarPlus Energy LLC, a joint venture between global automobile manufacturer Stellantis N.V. and South Korean battery maker Samsung SDI Co. Ltd., has secured a conditional commitment for federal funding to finance two new lithium-ion battery cell and module manufacturing plants underway in Kokomo. The plants were announced by the manufacturers in 2022 and 2023. As part of the Biden-Harris Administration’s “Investing in America” agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for a loan of up to $7.5 billion ($6.8 billion in principal and $688 million in capitalized interest) to StarPlus Energy. The company must satisfy certain technical, legal, environmental and financial conditions before the DOE funds the loan. If finalized, the loan would be offered through LPO’s Advanced Technology Vehicles Manufacturing (ATVM) program, which provides loans to support U.S. manufacturing of advanced technology vehicles, qualifying components and materials that improve fuel economy. The output from the Kokomo facilities will be sold to Stellantis for use in electric vehicle (EV) models that will be sold in North America. One goal of the federal funding is to help “ensure the United States can meet domestic demand and remain a global leader …

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DevelopmentIndianaIndustrialMidwest

Venture One to Build 2 MSF Industrial Park in Crown Point, Indiana

by Kristin Harlow

CROWN POINT, IND. — Venture One Real Estate has unveiled plans to build VenturePark65, a 135-acre logistics campus in Crown Point, a city in northwest Indiana. The development, located at the southeast corner of 101st Avenue and I-65, will encompass up to 2 million square feet of modern industrial space. Flexible building designs will accommodate large-scale users, with spaces ranging from 500,000 to 2 million square feet. Brian Vanosky and Michael O’Leary of Lee & Associates will market the property for lease.

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AcquisitionsHealthcareIndianaMidwest

SPHERE Investments Acquires 66,143 SF PAM Health Rehabilitation Hospital of Greater Indiana

by Kristin Harlow

NEW ALBANY, IND. — SPHERE Investments has acquired the PAM Health Rehabilitation Hospital of Greater Indiana — South Campus, a 66,143-square-foot inpatient rehabilitation facility in New Albany, just north of Louisville. The purchase price was undisclosed. Previously operating under Southern Indiana Rehabilitation Hospital, the asset sits on nearly seven acres at 3104 Blackiston Blvd. and features 40 inpatient beds. Under PAM Health’s management, the hospital will offer comprehensive recovery services for patients with serious injuries, surgeries and chronic conditions as well as interdisciplinary care such as physical, occupational and speech therapy. The seller had purchased the property in 2018 for $23.4 million. SPHERE stands for Strategic Public Health Equities and Real Estate. The company is based in Miami with a European presence. The acquisition marks SPHERE’s first investment in Indiana.  

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $2.4M Sale of Walgreens-Occupied Retail Property in Bluffton, Indiana

by Kristin Harlow

BLUFFTON, IND. — Marcus & Millichap has arranged the $2.4 million sale of a retail property occupied by Walgreens in Bluffton, about 25 miles south of Fort Wayne. Constructed in 20023, the building is located at 1975 N. Main St. There are approximately 4.5 years remaining on the triple-net lease. Jordan Klink and David Klink of Marcus & Millichap represented the seller, Eureka Limited Co., and procured the buyer, Valuecom22 LLC, an out-of-state 1031 exchange investor.

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AcquisitionsIllinoisIndianaIndustrialMidwestMinnesotaMissouriOhio

Alterra IOS Acquires Portfolio of Seven Industrial Outdoor Storage Sites Across Midwest

by Kristin Harlow

PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.

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DevelopmentIndianaMidwestMultifamily

LV Collective to Build 583-Unit Apartment Development in West Lafayette, Indiana

by Kristin Harlow

WEST LAFAYETTE, IND. — LV Collective has unveiled plans to build Rambler Levee District, a two-building apartment development totaling 583 units in the Levee District of West Lafayette near Purdue University. LV is partnering with Harrison Street and obtained financing from Pacific Life for the project. Amenities will include coworking spaces, a clubroom, multiple pools, internal courtyards, fitness facilities, a yoga studio, resident lounge and saunas. The 799,289-square-foot project will be centered around a 20,000-square-foot public plaza and green space. Plans also call for 15,600 square feet of retail space. Site work will begin this quarter, with completion slated for fall 2027. Project partners include development group Landmark Properties Inc., architect WDG, general contractor Brinkmann Constructors, interior designer Variant Collaborative and DLA Piper for legal counsel. TSB Capital Advisors consulted on construction financing.  

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