Indiana

MAG Capital Partners Purchases 38,250 SF Flex Industrial Facility in Elkhart, Indiana

by Kristin Harlow June 22, 2022

ELKHART, IND. — MAG Capital Partners LLC has purchased a 38,250-square-foot flex industrial facility in Elkhart for an undisclosed price. Built in 2014 and fully renovated in 2019, the property at 5155 Verdant Drive is home to Dometic’s Americas segment. Dometic provides products for use in recreational vehicles (RVs), boats and trucks. Elkhart is known as the “RV Capital of the World” and more than 85 percent of all RVs built in the United States are produced in Indiana, according to the RV Industry Association. Matt Deahl of Imperium Realty & Investments advised both the seller, Verdant Development, and MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm founded by Dax Mitchell and Andrew Gi.

June 22, 2022

Acquisitions Indiana Industrial Midwest

NAI Hiffman Brokers Sale of 1.1 MSF Industrial Property in Gary, Indiana

by Kristin Harlow June 21, 2022

GARY, IND. — NAI Hiffman has brokered the sale of Chase Street Industrial Center, a two-building industrial property totaling nearly 1.1 million square feet in Gary. The sales price was undisclosed. Located at 700 Chase St., the property sits on 98 acres and is home to four tenants, which have operated out of the buildings for an average of 18 years. Chase Street Industrial Center consists of a heavy manufacturing and warehouse property that totals 1 million square feet and is occupied by three tenants and an 80,000-square-foot facility that is home to a single tenant. Patrick Sullivan, Ryan Chambers and Chris Gary of NAI Hiffman represented the seller, Chicago-based RJB & Co. Los Angeles-based Cannon Commercial Inc. was the buyer.

June 21, 2022

Acquisitions Indiana Industrial Midwest

Legacy Investing, Axonic Capital Acquire 954,370 SF Distribution Center Near Indianapolis

by Kristin Harlow June 20, 2022

FRANKLIN, IND. — A partnership between Northern Virginia-based Legacy Investing LLC and an affiliate of New York City-based investment manager Axonic Capital LLC has acquired I-65 Indianapolis Logistics Center South. The newly constructed distribution center spans 954,370 square feet and is located in Franklin, a southern suburb of Indianapolis. Andrew Morris and Jeremy Woods of CBRE represented the undisclosed seller and represented the new owners in securing a lease for the property with a third-party logistics company. The sales price was undisclosed.

June 20, 2022

Indiana Industrial Leasing Activity Midwest

Peli BioThermal Inks 138,328 SF Industrial Lease Expansion in Metro Indianapolis

by Kristin Harlow June 13, 2022

PLAINFIELD, IND. — Peli BioThermal has signed a new industrial lease for 138,328 square feet in the Indianapolis suburb of Plainfield. The company, which provides temperature-controlled packaging solutions for the life sciences industry, is more than doubling its space at HSA Commercial’s Gateway Business Park. Peli BioThermal’s current lease totals 50,000 square feet at Gateway Industrial II. The tenant will move to the recently completed Gateway Industrial VI upon expiration of its current lease by the end of the year. Peli BioThermal will build out office space and slowly transfer operations to the new facility. Jared Scaringe of CBRE represented the tenant, while Terry Busch of CBRE represented ownership. To date, HSA has completed seven buildings totaling roughly 1.2 million square feet at Gateway Business Park.

June 13, 2022

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Acquisitions California Company News Indiana Industrial Midwest Top Stories Western

Prologis Agrees to Acquire Duke Realty in $26B All-Stock Transaction

by Taylor Williams June 13, 2022

SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …

June 13, 2022

Indiana Loans Midwest Multifamily

Berkadia Provides $15.2M Acquisition Loan for Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow June 10, 2022

JEFFERSONVILLE, IND. — Berkadia has provided a $15.2 million Freddie Mac loan for the acquisition of Beech Grove Apartments in Jeffersonville near Louisville. Built in 1972, the apartment complex features 182 units. Amenities include a fitness center, dog park and pool. John Schorgl of Berkadia Kansas City secured the loan on behalf of the borrower, California-based Revitate Cherry Tree. The 10-year loan features five years of interest-only payments.

June 10, 2022

Indiana Loans Michigan Midwest Multifamily Ohio

Merchants Capital Completes $214M Multifamily Mortgage Securitization

by Kristin Harlow June 1, 2022

CARMEL, IND. — Merchants Capital has completed a $214 million CMBS securitization of 14 multifamily mortgage loans. The loans are secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-series transaction. Freddie Mac securitizes multifamily loans via its Q Certificate structure. In this process, a lender sells its loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust, which issues private-label securities backed by the loans. The $214 million in loans covered 14 multifamily properties in Georgia, Indiana, Michigan, New York and Ohio. The developments range in size from 60 to 352 units and the large majority of units are restricted for residents who earn up to 80 percent of the area median income. Merchants Capital is based in Carmel, Ind.

June 1, 2022

Acquisitions Indiana Midwest Retail

JLL Brokers $18.5M Sale of Shopping Center in Suburban Indianapolis

by Kristin Harlow June 1, 2022

CRAWFORDSVILLE, IND. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.

June 1, 2022

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Breaks Ground on 120-Unit Assisted Living Community in Indiana

by Kristin Harlow June 1, 2022

VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.

June 1, 2022

Development Indiana Industrial Midwest

Stellantis, Samsung SDI to Invest $2.5B for Electric Vehicle Battery Manufacturing Plant in Kokomo, Indiana

by Kristin Harlow May 25, 2022

KOKOMO, IND. — Stellantis N.V. and Samsung SDI have formed a joint venture with plans to invest more than $2.5 billion to build an electric vehicle battery manufacturing plant in Kokomo, about 50 miles north of Indianapolis. The facility is expected to become operational in 2025 with an initial annual production capacity of 23 gigawatt hours. The total capacity is expected to increase further as demand for Stellantis electric vehicles is expected to rise, according to a news release. The joint venture says the project will create 1,400 new jobs in Kokomo and surrounding areas. Construction is expected to begin later this year.

May 25, 2022

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