MUNCIE, IND. — The December jobs report “again disappointed,” says Dr. Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Muncie. The U.S. Bureau of Labor Statistics reported non-farm payroll employment grew by 199,000 in December, but Hicks says the consensus estimate by economists was 447,000 new jobs. The December report followed on the heels of somewhat tepid job growth figures in November as well. Average hourly earnings were up 4.7 percent from December 2020, according to the Bureau of Labor Statistics. According to Hicks, wages accelerated in December 2021 growing at an annualized 7.3 percent, suggesting continued strong demand for workers. But labor markets continue to be volatile with significant turnover. “This job report signals higher wage costs that are not matched by large employment gains,” says Hicks. “This complicates discussion about raising interest rates to reduce inflationary risks.”
TERRE HAUTE, IND. — Stan Johnson Co. has negotiated the $22.3 million sale of Honey Creek Marketplace in Terre Haute, about 80 miles southwest of Indianapolis. The 107,733-square-foot shopping center is located at 4428 S. U.S. Highway 41. The property, built in 2015, is fully leased to seven tenants. The anchor tenants are Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Stan Johnson represented the seller, a Texas-based developer. Christian Tremblay of Stan Johnson represented the buyer, a Wisconsin-based institutional investor.
INDIANAPOLIS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17.4 million loan for the refinancing of Nine+Eighteen Apartments in Indianapolis. Located at 918 Fort Wayne Ave. and built in 2020, the five-story property consists of 80 apartment units and 2,500 square feet of ground-floor retail space. Robert Bhat of MMCC arranged the nonrecourse loan, which features a 10-year term and a loan-to-value ratio of 70 percent. The lender was not disclosed.
FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.
SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.
FISHERS, IND. — Midland Atlantic Properties has arranged the $7.5 million sale of Fishers Corner shopping center in the Indianapolis suburb of Fishers. The 28,359-square-foot property was built in 2005 and was fully leased at the time of sale. Jacque Haynes of Midland Atlantic represented the seller, Sena Realty FC LLC. Johnny Vassallo managed the acquisition on behalf of the buyer, POG Kosmos Fishers LP. First Financial Bank provided acquisition financing.
PORTAGE, IND. — Dayton Street Partners LLC has purchased 42 acres in the Northwest Indiana town of Portage. The developer plans to build a 538,000-square-foot speculative industrial development known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller, which sold three assembled land sites. Chase and Hill will also be retained to market the project for sale or lease.
INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.
PLAINFIELD, IND. — Omada Worldwide Expedite Inc., an independent family-owned transportation company, has expanded its industrial lease to 42,497 square feet at Gateway Business Park in Plainfield near Indianapolis. Omada previously occupied 12,000 square feet at the property, which is owned by Chicago-based HSA Commercial Real Estate. Ryan Kelly of Colliers represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.
MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.