ZIONSVILLE, IND. — The Cooper Commercial Investment Group has negotiated the $7.3 million sale of The Avenue at Bennett Farms, a two-building retail property in the Indianapolis suburb of Zionsville. The 12,969-square-foot development is home to Tropical Smoothie Café, Restore Hyper Wellness, Capriotti’s Sandwich Shop, Hand & Stone Massage, Garbanzo Mediterranean Fresh, Classic Cleaners and a freestanding Java House. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. He also procured the buyer, a Midwest-based private investment group. The asset sold at roughly 99 percent of the list price and a 5.9 percent cap rate.
COLUMBUS, IND. — Flaherty & Collins Properties is scheduled to break ground this Thursday on The Taylor, a $41 million luxury apartment project in Columbus, about 45 miles south of Indianapolis. The Taylor will include 200 apartment units, space for a 10,000-square-foot grocery store and 400 parking spaces. Amenities will include a community lounge, tech lounge, fitness center, bike station, dog spa, bark park, pool and pickleball court. Flaherty & Collins Construction will serve as general contractor and American Structurepoint will serve as the architect and civil engineer. Lynch, Harrison & Brumleve is the structural engineer. Busey Bank is providing project financing. The first residents are slated to take occupancy in summer 2023, with full completion estimated for fall 2023.
INDIANAPOLIS — Canadian-based investor Granite REIT has acquired Buildings 1 and 4 within Hendricks Gateway Park in Indianapolis for an undisclosed price. The two buildings total 1.3 million square feet and are fully leased to MARS Petcare and LifeScience Logistics. Andrew Morris and Jeremy Woods of CBRE represented the seller, Atlanta-based Core 5 Industrial Partners. Hendricks Gateway Park is home to four buildings totaling nearly 3 million square feet.
CARMEL, IND. — Treated Lumber Outlet LLC has signed a lease for a 13,000-square-foot industrial building in the Indianapolis suburb of Carmel. The property, located at 4511 W. 99th St., features 11,700 square feet of warehouse space and 1,300 square feet of office space. Building features include two dock doors, one drive-in door, column spacing and a clear height of 24 feet. Conrad Jacobs of Avison Young represented the landlord, Jadam Property Group. The tenant expects to take occupancy in June.
INDIANAPOLIS — Colliers has arranged the sale of Franklin Road Business Center in Indianapolis for an undisclosed price. The two-story industrial flex building spans 320,219 square feet at 2855 N. Franklin Road. Originally built in 1961, the property features 16 docks, three drive-in doors, a 239-seat auditorium and office space. Franklin Road Business Center is 75 percent leased to five tenants, including Nakoma Products, Barrette and Siro Technology. Alex Davenport and Alex Cantu of Colliers represented the seller, Franklin Road Realty LLC. Denver-based Legacy Capital Partners Inc. purchased the asset.
FRANKLIN, IND. — MDH Partners has purchased Franklin Tech Park, an 808,505-square-foot industrial facility in the Indianapolis suburb of Franklin. The purchase price was undisclosed. Constructed in 2009, the property sits on 42 acres at 500 Bartram Parkway. The facility is LEED Gold-certified and features a clear height of 32 feet, 78 exterior dock doors and over 100 trailer parking spaces. The transaction marks the first acquisition in Indiana for Atlanta-based MDH. Upon acquisition, MDH executed a lease with Atlanta-based, third-party logistics provider Broadrange Logistics. Houston Hawley of MDH served as the acquisition lead for the company. JR Wright and John Gosnell of Strategic Real Estate Partners brokered the sale.
TERRE HAUTE, IND. — Sansone Group has sold Towne South Plaza, a 163,293-square-foot shopping center in the western Indiana city of Terre Haute. Wild Moose Ventures purchased the property for an undisclosed price. Sansone has managed and leased the property since 2002 and acquired the asset in 2015. The property has maintained strong occupancy over the years and underwent a major roof renovation. Some of the tenants include Ross Dress for Less, TJ Maxx, Dollar Tree and Best Buy. Grant Mechlin of Sansone, along with Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp., brokered the transaction.
INDIANAPOLIS — KennMar has acquired The Pyramids office park in Indianapolis for an undisclosed price. New York City-based Sterling American Property Inc. was the seller, according to the Indianapolis Business Journal. Located at 3500 Depauw Blvd., The Pyramids consists of three 11-story office buildings totaling 366,704 square feet. KennMar acquired the landmark, pyramid-shaped property with assistance from INVST LLC, an SEC-registered investment advisor based in Indianapolis, and lender Teachers Credit Union. Indianapolis-based KennMar plans to renovate the property by upgrading the façade, enhancing interior common areas and adding some new external amenities. “While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years,” says Brent Benge, president and CEO of KennMar. “We want to create an office environment that gets people excited about returning to work.” KennMar says the acquisition fits in well with its strategy to redevelop the site formerly occupied by Caribbean Cove, an indoor water park and hotel located on the same road as The Pyramids that closed in late 2017. KennMar currently has several projects underway on that site, including a freestanding Starbucks and …
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Thompson Commons in Indianapolis for $3.9 million. The 21,125-square-foot retail property, located at 5202 E. Thompson Road, is home to a five-tenant building as well as a freestanding urgent care building. Joel Dumes and Kyle Teets of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.
INDIANAPOLIS — Berkadia has arranged a $91 million loan for the acquisition of The Whit in downtown Indianapolis. The 334-unit apartment community is located at 307 N. Pennsylvania St. Amenities include a pool, fitness center, courtyard and dog park. The property also features an attached 540-space parking garage and 10,687 square feet of retail space, which is leased to 16 Bit Bar+Arcade and MassageLuXe. Jason Brown and Austin Katai of Berkadia arranged the five-year loan through a debt fund lender. The borrower was Indiana-based Zidan Management Group Inc.