Indiana

Osborne Group Brokers $29M Sale of CarMax-Occupied Retail Property in Carmel, Indiana

by Kristin Harlow July 29, 2022

CARMEL, IND. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp. Used car dealer CarMax operates more than 220 locations across the United States.

July 29, 2022

Development Indiana Industrial Midwest

Core5 Breaks Ground on 1.2 MSF Spec Industrial Building in Metro Indianapolis

by Kristin Harlow July 28, 2022

MOUNT COMFORT, IND. — Core5 Industrial Partners has broken ground on C5 Indianapolis East, a 1.2 million-square-foot speculative industrial building in the Indianapolis suburb of Mount Comfort. The project will be the largest speculative building in the Indianapolis market, according to Core5. Completion is slated for the second quarter of 2023. The development will offer 635 auto parking spaces, 259 trailer spaces, 120 dock doors, two drive-in doors, electric vehicle charging stations, 12,000 square feet of office space and a clear height of 40 feet. The project is situated in Hancock County along I-70. Steve Schwegman and Brian Seitz of JLL will market the project for lease.

July 28, 2022

Acquisitions Indiana Midwest Office

M & J Wilkow Purchases 350,000 SF Office Campus in Fishers, Indiana

by Kristin Harlow July 26, 2022

FISHERS, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased a 350,000-square-foot office campus in the Indianapolis suburb of Fishers. Known as 11100 USA Parkway, the property is situated near The Yard at Fishers District, a new mixed-use development. The nearly 40-acre office campus, developed in 1990 and 1995, features a cafeteria, auditorium, fitness center and conference space. Tenants include Navient Solutions, First Data Resource and Pendrick Capital Partners. John Robinson, Abby Zito and Kevin Gillihan of JLL represented the seller, Navient, which will remain a tenant in the building. JLL will also oversee leasing efforts on behalf of new ownership.

July 26, 2022

Indiana Leasing Activity Midwest Office

JLL Completes Lease-Up of 100,000 SF Office Building in Carmel, Indiana

by Kristin Harlow July 25, 2022

CARMEL, IND. — JLL has completed the lease-up of The Agora at the Proscenium in the Indianapolis suburb of Carmel. The 100,000-square-foot office building is now home to Valeo, Schwarz Partners, Lauth, Gallagher, Lambda Chi Alpha, Cityscape Residential, Indy Knitwear and Renaissance Specialty Insurance. Lauth completed development of the property in the fall of 2020. The development also features luxury apartments and condos along with 40,000 square feet of retail space. John Vandenbark of JLL was the leasing agent for the office space.

July 25, 2022

Acquisitions Healthcare Indiana Midwest

Savlan Capital Acquires Two Midwest Medical Office Buildings for $14.7M

by Kristin Harlow July 22, 2022

BLUE ISLAND, ILL. AND MISHAWAKA, IND. — Savlan Capital has acquired two medical office buildings, one in suburban Chicago and the other in suburban South Bend, for a combined $14.7 million. The Hollywood, Fla.-based investment group purchased Edison Lakes Medical Center in Mishawaka for $8.6 million. The property, built in 1991, comprises 10 medical office condominiums totaling 49,536 square feet that are situated within a larger office park. Joseph DiSalvo, Forest Bender and Alexander Hull of Marcus & Millichap represented the seller, an entity doing business as EL Medical Center LLC. In the second transaction, Savlan purchased an 18,034-square-foot medical office building located at 12200 S. Western Ave. in Blue Island for $6.1 million. Developed in 2007 as a retail strip center, the property is fully leased to Fresenius, Dental Dreams and Midwest Express Clinic. Eric Cline of Cushman & Wakefield represented the seller, an entity doing business as Shops at Blue Island LLC.

July 22, 2022

Development Indiana Midwest Multifamily

Flaherty & Collins Properties Opens $32M Apartment Development in Lawrenceburg, Indiana

by Kristin Harlow July 21, 2022

LAWRENCEBURG, IND. — Flaherty & Collins Properties has opened Whiskey River, a $32 million apartment development constructed in partnership with the City of Lawrenceburg and the Lawrenceburg Redevelopment Commission. Located along the Ohio River, Whiskey River comprises 150 units and 179,410 square feet. Community amenities include a pool, fitness center, coworking lounge, bark park, dog spa and bike storage with bike wash and repair station. Units feature quartz countertops, stainless steel appliances, washers and dryers and private balconies on most units. Additionally, the community includes green space that is accessible by the public. Illinois-based Busey Bank served as the construction lender for the project. Indiana-based American Structurepoint was the project architect and engineering firm. Flaherty & Collins Construction served as the general contractor and Flaherty & Collins Properties manages the community. More than 80 percent of the units are leased. Monthly rents start at $1,220 for studios.

July 21, 2022

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 2,103-Unit Multifamily Portfolio in Indiana

by Kristin Harlow July 19, 2022

INDIANA — Cushman & Wakefield has brokered the sale of a six-property multifamily portfolio totaling 2,103 units in Indiana for an undisclosed price. The portfolio includes Boardwalk at Westlake, Elliot at College Park, Lakeshore Reserve off 86th, Lakeside Crossing at Eagle Creek, Parkside at Castleton Square and Preserve at Allisonville. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, a joint venture between Wilkinson Corp. and Torchlight Investors. Morgan Properties was the buyer. The seller renovated a number of units, and the buyer plans to continue doing so.

July 19, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $4.3M Sale of Retail Property in Chesterton, Indiana

by Kristin Harlow July 18, 2022

CHESTERTON, IND. — Marcus & Millichap has arranged the $4.3 million sale of a 12,400-square-foot retail property in Chesterton, a city in Northwest Indiana. The newly constructed asset is located at 600 Gateway Blvd. and is leased to several local restaurants. Mitchell Kiven of Marcus & Millichap marketed the property for sale on behalf of the seller, a developer. Damien Yoder and Madison Harman of Marcus & Millichap represented the buyer, a Georgia-based limited liability company. The sales price was above the asking price.

July 18, 2022

Development Healthcare Indiana Midwest

Catalyst, National Break Ground on 26,000 SF Emergency Department Building in Fort Wayne

by Kristin Harlow July 8, 2022

FORT WAYNE, IND. — Catalyst Healthcare Real Estate and National Real Estate Advisors LLC have broken ground on a 26,000-square-foot freestanding emergency department (FSED) building in Fort Wayne. Lutheran Health Network will occupy the facility. The two-story building will offer emergency services, imaging services, lab space and primary care services. A timeline for completion was not provided.

July 8, 2022

Acquisitions Healthcare Indiana Midwest

PRECAP Brokers $4.1M Sale-Leaseback of Northwest Indiana Orthopedic Facility

by Kristin Harlow July 7, 2022

MERRILLVILLE, IND. — Physician Real Estate Capital Advisors (PRECAP) has brokered the $4.1 million sale-leaseback of the Bone & Joint Specialists orthopedic facility in Merrillville, a city in Northwest Indiana. The 15,504-square-foot property is located at 9001 Broadway and is adjacent to the Methodist Hospitals Southlake Campus. Bone & Joint Specialists has operated out of the property since 2008. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The team also represented the buyer, a REIT focused on healthcare real estate.

July 7, 2022

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