Wednesday, January 22, 2025
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DevelopmentIndianaMidwestMultifamilyStudent Housing

Landmark Properties to Build 678-Bed Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Landmark Properties has unveiled plans to build The Standard at West Lafayette, a 678-bed student housing community near Purdue University. The 253-unit project will be situated at the corner of Pierce and West Wood streets adjacent to the east side of Purdue’s campus in West Lafayette. BKV Group is the project architect. Landmark Urban Construction, the in-house general contractor for Landmark Properties, will serve as construction manager on the 13-story project. Completion is slated for fall 2027. The Standard at West Lafayette will offer 18,234 square feet of amenity space, including a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a grilling area, gaming lounge and interior courtyard. The community will provide parking for 207 vehicles. The community is the second for Athens, Ga.-based Landmark Properties in Indiana.

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AcquisitionsIndianaIndustrialMidwest

JLL Brokers Sale of 639,829 SF Industrial Portfolio in Portage, Indiana

by Kristin Harlow

PORTAGE, IND. — JLL Capital Markets has brokered the sale of Northwest Indiana Logistics Portfolio, a two-building industrial portfolio totaling 639,829 square feet in Portage. The sales price was undisclosed. The distribution centers were built in the early 2000s and are 97 percent leased to eight tenants. Building 1, located at 6525 Daniel Burnham Drive, totals 122,829 square feet and features a clear height of 25 feet, 13 dock-high doors and six drive-in doors. Building 2, situated at 6750 Daniel Burnham Drive, totals 517,000 square feet and features a clear height of 30 feet, 60 dock-high doors and four drive-in doors. The buildings are part of AmeriPlex at the Port, a 385-acre industrial park. John Huguenard, Ed Halaburt and Kurt Sarbaugh of JLL represented the confidential seller in the sale to Sperry Equities. Brian Walsh of JLL arranged a five-year, fixed-rate acquisition loan through New York Life Real Estate Investors.

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AcquisitionsIndianaIndustrialMidwest

Northmarq Arranges $40.7M Sale of 401,474 SF Industrial Property in Bedford, Indiana

by Kristin Harlow

BEDFORD, IND. — Northmarq has arranged the $40.7 million sale of a 401,474-square-foot industrial property in Bedford, a city in southern Indiana. The single-tenant asset is net leased to Science Applications International Corp. (SAIC) and is situated on 74 acres at 3120 16th St. SAIC has occupied the property since 2009 and has expanded its footprint on seven separate occasions, including a new 16,000-square-foot build-to-suit. SAIC is a provider of technical, engineering and enterprise information technology services primarily to the U.S. government. Colin Couch, Jason Powell, Brian Ritchie and Tyler McCain of Northmarq represented the undisclosed seller. The buyer was an institutional investor.

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Marcus & Millichap Brokers Sale of 142-Unit Build-to-Rent Community in Greenfield, Indiana

by Kristin Harlow

GREENFIELD, IND. — Marcus & Millichap has brokered the sale of Sandalwood West, a 142-unit build-to-rent community in the eastern Indianapolis suburb of Greenfield. The sales price was undisclosed. Completed in 2023, the property features a mix of three-, four- and five-bedroom homes. Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. The property is situated in Hancock County, which is experiencing multifamily vacancy of 1.5 percent and rental growth of 11.4 percent over the past 12 months, according to Harris.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Negotiates $2.6M Sale of Medical Treatment Center in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — Marcus & Millichap has negotiated the $2.6 million sale of MedMark Medical Center, a 12,750-square-foot medical office building in Lafayette, about 60 miles northwest of Indianapolis. MedMark, operated by BayMark Health Services Inc., is a provider for opioid use disorders in the U.S. Located at 4705 Meijer Court, the property was built in 2005 and renovated in 2018. Julia Evinger of Marcus & Millichap represented the seller, a regional private investor, and procured the buyer, a regional hospitality group. The deal traded at a cap rate of 6.6 percent. The tenant has three-and-a-half years remaining on its lease along with one five-year renewal option.

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Affordable HousingIndianaLoansMidwestMultifamily

Merchants Capital Provides $17.1M for Construction of Supportive Housing Development in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …

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DevelopmentIndianaMidwest

Prince Property Group Launches in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Brian Prince, formerly with Flaherty & Collins Properties, has launched real estate development firm Prince Property Group (PPG) in Indianapolis. The firm will focus on development projects in both Indiana and Florida. During his tenure at Flaherty & Collins, Prince was responsible for an estimated $400 million of real estate development. PPG specializes in urban infill mixed-use development and fosters public-private partnerships, particularly for smaller communities.

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IndianaLoansMidwestMultifamily

Dwight Mortgage Trust Provides $26.8M Bridge Loan for Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

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AcquisitionsIndianaIndustrialMidwest

Colliers Brokers Sale of 163,654 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow

WHITESTOWN, IND. — Colliers has brokered the sale of Building 450, a 163,654-square-foot distribution center in the northwest Indianapolis suburb of Whitestown. The sales price was undisclosed. Located at 4921 E. 450 South and built in 2022, the Class A property is situated on more than 16 acres along I-65. Novo Logistics, a third-party logistics firm, fully occupies the facility on a six-year triple net lease. Building 450 features a clear height of 32 feet, 16 dock positions and ample auto and trailer parking. Alex Cantu and Alex Davenport of Colliers represented the seller, Citimark Management Co. Transwestern Investment Group was the buyer.

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AcquisitionsIndianaMidwestRestaurantRetail

Faris Lee Investments Arranges $2.4M Sale of Hardee’s-Occupied Restaurant Property in Bloomington, Indiana

by Kristin Harlow

BLOOMINGTON, IND. — Faris Lee Investments has arranged the sale of a Hardee’s-occupied restaurant property in Bloomington for $2.4 million. The sales price represents a cap rate of 5.95 percent. The deal included a long-term triple net lease with Hardee’s, a subsidiary of CKE Restaurant Holdings Inc. Nick Miller of Faris Lee represented the buyer, a California-based 1031 exchange investor. The transaction closed simultaneously with a Longhorn Steakhouse-occupied property in Marietta, Ga.

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