Thursday, November 6, 2025
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AcquisitionsIndianaMidwestRetail

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

by Kristin Harlow

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.

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

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

by Kristin Harlow

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.

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DevelopmentIndianaIndustrialMidwest

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

by Kristin Harlow

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.

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AcquisitionsIndianaIndustrialMidwest

Greenstone Partners Negotiates $8.2M Sale of Industrial Building in Portage, Indiana

by Kristin Harlow

PORTAGE, IND. — Greenstone Partners has negotiated the $8.2 million sale of a 52,798-square-foot industrial building in Portage, a city in northwest Indiana. Completed in June 2021, the building is named The Diversey at AmeriPlex and is situated within AmeriPlex at the Port, a 385-acre industrial park. Tenants at the property include Fagor Arrasate, Johnson Brothers, Shorebags and Dream Big Gymnastics. Jason St. John of Greenstone represented the seller, Indiana-based developer Holladay Properties, and procured the West Coast-based buyer.

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AcquisitionsIndianaIndustrialMidwest

MAG Capital Partners Acquires 34,630 SF Indianapolis Industrial Facility in Sale-Leaseback Transaction

by Kristin Harlow

INDIANAPOLIS — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 34,630-square-foot industrial facility in Indianapolis for an undisclosed price. The building sits on three acres at 6266 Morenci Trail. The seller, Printing Technologies Inc., has occupied the property since its founding in 1994. The facility was originally built in 1984. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.

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AcquisitionsIndianaMidwestRetail

Hanley Investment Group Brokers $3.1M Sale of Retail Center in Zionsville, Indiana

by Kristin Harlow

ZIONSVILLE, IND. — Hanley Investment Group Real Estate Advisors has brokered the $3.1 million sale of a two-tenant retail center spanning 11,400 square feet in Zionsville, a northern suburb of Indianapolis. Named Zionsville Station, the property is located at 10615 Zionsville Road. Tenants include Hotel Tango Whiskey, a local whiskey brand, and Pampered Pooch Resort and Spa. Dylan Mallory of Hanley represented the seller, Indiana-based Jackson Investment Group. Forest Bender of Marcus & Millichap represented the buyer, a metro Indianapolis-based private investor.

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DevelopmentHealthcareIndianaMidwest

Skender Begins Structural Construction of 250,000 SF Medical Office Building for Indiana University Health

by Kristin Harlow

INDIANAPOLIS — Skender, working with Meyer Najem Construction, has begun structural construction of the new Indiana University Health (IU Health) Capitol View medical office building and parking garage in downtown Indianapolis. The project consists of a 250,000-square-foot medical office building and a 310,000-square-foot parking structure with 939 parking spaces. A pedestrian bridge connects the building to the parking structure. The project has been under construction since November and is now entering the structural phase of construction. Structural construction refers to components of the building that are essential to its stability such as foundations, floors, walls or beams. Completion is slated for summer 2023. The project team includes architect atelierRISTING, civil engineer Circle Design and structural engineer Lynch, Harrison & Brumleve. The team is pursuing LEED Silver certification for the property.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Brokers $4.1M Sale of Medical Office Building in New Albany, Indiana

by Kristin Harlow

NEW ALBANY, IND. — Marcus & Millichap has brokered the $4.1 million sale of the Green Valley Commons medical office building in New Albany, just north of Louisville. All IN Pediatrics has occupied the 13,456-square-foot property ever since it was constructed as a build-to-suit for the company in 2005. All IN is the largest longstanding pediatric practice in the state of Indiana, according to Marcus & Millichap. Gus Poulos, Joseph DiSalvo and Alexander Nulf of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, a limited liability company.

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IndianaLoansMidwestMultifamily

Ready Capital Closes $44M Acquisition Loan for Apartment Complex in Crown Point, Indiana

by Kristin Harlow

CROWN POINT, IND. — Ready Capital has closed a $44 million loan for the acquisition, renovation and stabilization of a 432-unit apartment complex in Crown Point, a city in Northwest Indiana. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and address deferred maintenance. The nonrecourse loan features interest-only payments, a floating rate and a two-year term.

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Company NewsIndianaIndustrialMidwest

Prologis Offers to Acquire Duke Realty in $23.7B Deal, Duke Realty Rejects Offer

by Kristin Harlow

INDIANAPOLIS — In a letter sent May 10 to Indianapolis-based Duke Realty Corp. (NYSE: DRE), San Francisco-based Prologis Inc. (NYSE: PLD) offered to acquire the firm in an all-stock transaction valued at $61.68 per share, which equates to about $23.7 billion. Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The $61.68 figure is based on Prologis’ closing price on May 9, and represents a premium of 29 percent to Duke Realty’s closing price on the same date. Hamid Moghadam, CEO and co-founder of Prologis, said he is confident that the proposed combination will be a win-win for both company’s shareholders. Prologis first sent a letter to Duke Realty on Nov. 29 regarding a potential transaction at an exchange ratio of 0.465, representing a 20 percent premium to Duke Realty’s stock price at the time. On May 3, Prologis increased the proposed exchange ratio, but Duke Realty rejected the proposal that same evening. As of March 31, logistics real estate firm Prologis owned or had investments in properties and development projects totaling roughly 1 billion square feet in 19 countries. The company’s …

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