Indiana

TWG Underway on $10.8M Affordable Housing Community in Seymour, Indiana

by Kristin Harlow February 7, 2022

SEYMOUR, IND. — Developer TWG is underway on construction of Seymour Lofts, a $10.8 million affordable housing community in Seymour, about 50 miles north of Louisville, Ky. The property’s 50 units will be targeted for families who make an annual salary between $30,000 and $40,000. Project partners include Midwest Support Foundation, Indiana Housing and Community Development Authority, The Federal Home Loan Bank of Indianapolis and the City of Seymour. Amenities will include a playground and clubhouse. Construction began in December, but a timeline for completion was not released.

February 7, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio

Taurus Purchases 1.5 MSF Industrial Portfolio Across Three Midwest Markets for $145.3M

by Kristin Harlow February 3, 2022

CHICAGO, CINCINNATI AND INDIANAPOLIS — Taurus Investment Holdings LLC has purchased an 18-building industrial portfolio totaling 1.5 million square feet across metro Chicago, Cincinnati and Indianapolis. Prologis sold the portfolio for $145.3 million, according to Crain’s Chicago Business. The buildings are 94 percent leased to 40 national, regional and local tenants. Boston-based Taurus currently owns more than 15 million square feet of industrial product nationwide.

February 3, 2022

Acquisitions Healthcare Indiana Midwest

Cushman & Wakefield Arranges $8.9M Sale of Medical Office Property in Indianapolis

by Kristin Harlow February 2, 2022

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of North Meridian Professional Center in Indianapolis for $8.9 million. The medical office property consists of three buildings totaling 72,309 square feet. Two of the buildings were constructed in the 1980s while the third was built in 2002. The property is 80 percent leased to a variety of medical and dental tenants. Gino Lollio, Travis Ives, Jon Owens and Joshua Graham of Cushman & Wakefield represented the seller, Florida-based Cantor Partners. Stablegate Investment Management was the buyer.

February 2, 2022

Acquisitions Indiana Industrial Midwest

Stos Partners, Cardinal Industrial Acquire 1.1 MSF Industrial Portfolio in Metro Indianapolis

by Kristin Harlow February 1, 2022

INDIANAPOLIS — Stos Partners and Cardinal Industrial have acquired a 1.1 million-square-foot light industrial portfolio in metro Indianapolis for an undisclosed price. The 34-property portfolio is 95 percent occupied by a variety of tenants. The California-based buyers plan to make improvements such as roof and parking lot upgrades and adding amenities. Alex Cantu and Alex Davenport of Colliers represented the seller, Indianapolis-based Mann Properties. Colliers will assume leasing and property management services for the portfolio. Jeremy Thornton, Andrew Gibson and Nicole Sayers of Colliers arranged $67.5 million in acquisition financing through Wells Fargo Bank.

February 1, 2022

Acquisitions Indiana Midwest Multifamily

Rosewood Realty Group Arranges $22.2M Sale of Apartment Community in New Albany, Indiana

by Kristin Harlow January 27, 2022

NEW ALBANY, IND. — Rosewood Realty Group has arranged the $22.2 million sale of Stonecrest Apartments in New Albany, about five miles northwest of Louisville, Ky. The six-building, garden-style apartment community is located at 4719 Grant Line Road along the Ohio River and includes 144 units. The first building was completed in 2017 and the sixth building was constructed in 2021. Aaron Jungreis and David Wildes of Rosewood represented the seller, a local developer. The duo also represented the metro New York City-based buyer, which plans to add a new pool and clubhouse to the property.

January 27, 2022

Indiana Loans Lument Midwest Multifamily

Lument Provides $43.2M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow January 26, 2022

INDIANAPOLIS — Lument has provided a $43.2 million Fannie Mae loan for the refinancing of Gardens of Canal Court in Indianapolis. The 421-unit, garden-style apartment community consists of 18 buildings with three pools and 654 parking spaces. The property is 97 percent occupied. James Kress and Jim Croft of Lument originated the loan, which features a 12-year term with one year of interest-only payments and a 30-year amortization schedule. The undisclosed borrower currently owns about 5,000 multifamily units, most of which are located in the Indianapolis area.

January 26, 2022

Indiana Leasing Activity Midwest Office

Raytheon Intelligence & Space Leases 86,965 SF Office Building in Indianapolis

by Kristin Harlow January 25, 2022

INDIANAPOLIS — Raytheon Intelligence & Space has leased Lakefront 6, an 86,965-square-foot office building located at 3939 Priority Way in Indianapolis. Rubenstein Partners LP owns the building, which is part of Lakefront at Keystone, a 1 million-square-foot office park surrounding a 38-acre lake. Raytheon is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. Employees at the Lakefront 6 building will work on the development of advanced sensors, cyber and software solutions. Rubenstein and Strategic Capital Partners acquired Lakefront at Keystone in 2017 and embarked on a multimillion-dollar capital improvement plan to include both indoor and outdoor amenity spaces. Tammy Faulk and John Robinson of JLL represented the landlord in the lease. Mike Semler and Brendan O’Shaughnessy of Cushman & Wakefield represented the tenant. Jim Postweiler of Newmark is currently marketing Lakefront 6 for sale.

January 25, 2022

Acquisitions Indiana Midwest Retail

Quantum Brokers Sale of Walgreens-Occupied Property in Anderson, Indiana

by Kristin Harlow January 25, 2022

ANDERSON, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,418-square-foot property occupied by Walgreens in Anderson, about 40 miles northeast of Indianapolis. The sales price was undisclosed. Constructed in 2004, the building is located at 320 S. Scatterfield Road. At the time of sale, Walgreens had roughly eight years remaining on its 25-year lease term. Dan Waszak of Quantum represented the buyer, a New York City-based 1031 investor. The seller was also based in New York.

January 25, 2022

Build-to-Rent Development Indiana Midwest

Onyx+East, Pretium Form Joint Venture to Invest $600M for Development of Single-Family Rental Homes

by Kristin Harlow January 24, 2022

INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s single-family rental platform, will operate and manage the communities.

January 24, 2022

Affordable Housing Development Indiana Midwest Multifamily

TWG Breaks Ground on $12M Affordable Housing Community in Muncie, Indiana

by Kristin Harlow January 24, 2022

MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.

January 24, 2022

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