Indiana

Provender Partners Buys 483,000 SF Refrigerated Warehouse Portfolio Across Four States for $29.9M

by Kristin Harlow October 6, 2022

NEWPORT BEACH, CALIF. — Newport Beach-based Provender Partners has purchased a four-property food production and distribution portfolio totaling 483,000 square feet from SpartanNash for $29.9 million. The portfolio is made up of four temperature-controlled buildings. These include a 171,371-square-foot food processing and distribution facility in Indianapolis; a 160,986-square-foot food distribution facility in Minot, N.D.; a 103,838-square-foot grocery distribution property in Newcomerstown, Ohio; and a 42,124-square-foot frozen and refrigerated distribution building in Lakeland, Fla. All of the buildings were constructed between 1990 and 2005 and feature clear heights of 30 feet or higher. Provender plans a multi-million-dollar capital improvements program across the portfolio, including a full refrigeration refit, roof repairs, and interior and exterior upgrades to meet the demands of today’s food companies. Chuck Rosien of JLL represented the seller. With this acquisition, Provender has purchased 1.8 million square feet of cold storage and temperature-controlled facilities in 2022.

October 6, 2022

Development Indiana Midwest Multifamily

Flaherty & Collins Opens $35M Luxury Apartment Complex in La Porte, Indiana

by Kristin Harlow October 5, 2022

LA PORTE, IND. — Flaherty & Collins Properties has opened The Banks, a $35 million luxury apartment complex in La Porte, a city in Northwest Indiana. A grand opening event will take place this Thursday, Oct. 6. The Banks features 194 units with 5,000 square feet of retail space. Amenities include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss was the tax credit purchaser. The tax credit was for remediating a brownfield site. The La Porte Redevelopment Commission supported the development with tax-increment financing. Flaherty & Collins Construction served as general contractor. Construction began in September 2020. Monthly rents have not been released.

October 5, 2022

Indiana Leasing Activity Midwest Retail

Kinship PACE of Indiana Signs Leases for Two New Locations in Jeffersonville, Kokomo

by Kristin Harlow October 3, 2022

JEFFERSONVILLE AND KOKOMO, IND. — Kinship PACE of Indiana LLC has signed two 15-year leases for new locations in Jeffersonville and Kokomo. The tenant will occupy 16,261 square feet within Jeffersonville’s Youngstown shopping center and 14,056 square feet within Kokomo’s Southway Plaza shopping center. PACE stands for Program of All-Inclusive Care for the Elderly. Donna Korn and Beau Ladwig of Cushman & Wakefield along with E.P. Scherer of Cushman & Wakefield/Commercial Kentucky represented PACE in the Jeffersonville lease. Pearson 2016 Equity Inc. owns Youngstown. Korn and Ladwig, along with colleague Gerry Dick, represented the tenant in the Kokomo lease. Southway Plaza LLC is the landlord for the property.

October 3, 2022

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 574-Unit Self-Storage Facility in Lafayette, Indiana

by Kristin Harlow September 29, 2022

LAFAYETTE, IND. — Marcus & Millichap has negotiated the sale of Brady Lane Self Storage in Lafayette, about 60 miles northwest of Indianapolis. The sales price was undisclosed. Located at 1909 Brady Lane, the 62,240-square-foot self-storage facility comprises 574 units across eight buildings. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a California-based limited liability company. The duo also secured and represented the buyer, a Minnesota-based limited liability company.

September 29, 2022

Acquisitions Indiana Midwest Multifamily

Kiser Group Brokers $4M Sale of Apartment Building in Whiting, Indiana

by Kristin Harlow September 26, 2022

WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.

September 26, 2022

Indiana Leasing Activity Midwest Retail

COhatch, North High Brewing Open at Circle Centre Mall in Indianapolis

by Kristin Harlow September 23, 2022

INDIANAPOLIS — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. CoOhatch offers coworking spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.

September 23, 2022

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges Sales of Three Restaurant Properties in Indiana Totaling $9M

by Kristin Harlow September 20, 2022

GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.

September 20, 2022

Acquisitions Indiana Industrial Midwest

Bradley Co. Negotiates Sale of 53,000 SF Industrial Building in New Haven, Indiana

by Kristin Harlow September 20, 2022

NEW HAVEN, IND. — Bradley Co. has negotiated the sale of a 53,000-square-foot industrial building located along Hartzell Street in New Haven, just east of Fort Wayne. The sales price was undisclosed. Bill Drinkall and Dave Horacek of Bradley represented the seller, an entity doing business as Debray LLC. Marquardt Property Management LLC was the buyer.

September 20, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio Self-Storage

Extra Space Storage Acquires Storage Express for $590M

by Kristin Harlow September 16, 2022

INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.

September 16, 2022

Acquisitions Indiana Midwest Retail

JLL Arranges $14.6M Sale of Retail Center in Muncie, Indiana

by Kristin Harlow September 14, 2022

MUNCIE, IND. — JLL Capital Markets has arranged the sale of Muncie Marketplace in Muncie for $14.6 million. Built in 2014, the 77,871-square-foot retail center is fully leased to seven national tenants, including Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Kay Jewelers and GameStop. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murray of JLL represented the seller, AlbaneseCormier Holdings LLC. War Chest Real Estate LLC was the buyer.

September 14, 2022

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