Thursday, November 6, 2025
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AcquisitionsHealthcareIndianaMidwest

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

by Kristin Harlow

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.

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AcquisitionsIndianaIndustrialMidwest

Avison Young Brokers Sale of 979,264 SF Industrial Building in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS — Avison Young has brokered the sale of Building 5 within Whiteland Exchange Business Park in the Indianapolis suburb of Whiteland. The sales price was undisclosed. Sean McHale and Peter Seoane of Avison Young represented the seller, Jones Development. DHL Supply Chain was the buyer. Avison Young was also the leasing agent for Whiteland Exchange, which totals 2.4 million square feet.

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IndianaIndustrialLeasing ActivityMidwest

Trends International Renews 180,000 SF Industrial Lease in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.

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AcquisitionsIndianaIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsIndianaIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsIndianaIndustrialMidwest

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

by Kristin Harlow

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.

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IndianaIndustrialLeasing ActivityMidwest

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

by Kristin Harlow

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.

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AcquisitionsCaliforniaCompany NewsIndianaIndustrialMidwestTop StoriesWestern

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

by Taylor Williams

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, …

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IndianaLoansMidwestMultifamily

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

by Kristin Harlow

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.

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IndianaLoansMichiganMidwestMultifamilyOhio

Merchants Capital Completes $214M Multifamily Mortgage Securitization

by Kristin Harlow

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.

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