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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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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Arranges $2.2M Sale of Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Marcus & Millichap has arranged the sale of Glenstone Apartments in Indianapolis for $2.2 million. The 44-unit multifamily property is located at 2215 E. 56th St. and features studio units that average 250 square feet. Built in 1965, the asset is located in the Canterbury-Chatard neighborhood. Jack Friskney, Austin Meeker and Aaron Kuroiwa of Marcus & Millichap represented the buyer and seller, both Indianapolis locals. The seller is existing after nearly a decade of ownership and is moving closer to retirement. The buyer plans to renovate the units over the next 12 to 24 months.

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AcquisitionsIndianaIndustrialMidwest

CBRE Brokers $5.2M Sale of Industrial Building in South Indianapolis

by Kristin Harlow

INDIANAPOLIS — CBRE has brokered the sale of a 34,000-square-foot industrial building in Indianapolis for $5.2 million. Located at 5150 Elmwood Ave. and renovated in 2023, the property features a clear height of 22 feet, nine dock doors, 138 auto parking spaces and outdoor storage. Cinderella, a wholesale distributor of pool supply products, leases the facility. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Nick Busch and Terry Busch of CBRE Investment Properties represented the undisclosed seller. The asset sold to a high-net-worth buyer from California at a cap rate of 5.8 percent.

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DevelopmentIndianaMidwestMultifamily

Flaherty & Collins Opens Phase II of Arbuckle Apartments in Brownsburg, Indiana

by Kristin Harlow

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $1.7M Sale of Three-Tenant Retail Property in Valparaiso, Indiana

by Kristin Harlow

VALPARAISO, IND. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail property that serves as an outlot to the Cumberland Crossing retail center in Valparaiso near Chicago. Built in 2008, the 7,541-square-foot building is leased to Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, an Illinois-based real estate development and management company. Josh Caruana assisted in closing the transaction as the broker of record in Indiana. The property, located at 3029 Calumet Drive, closed at 97.5 percent of the list price.

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