MUNSTER, IND. — Blue West Capital has arranged the sale of Ridgewood Plaza in Munster for $4.5 million. The 36,307-square-foot retail center is located on Ridge Road. Tenants include Fresenius, ATI Physical Therapy, Check ’n Go, GNC, Supercuts and Applebee’s. Carly Kelly of Blue West Capital represented the buyer, Time Equities Inc. A Chicago-based private investor was the seller.
WHITESTOWN, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $25 million loan through Freddie Mac as well as $21.8 million of low-income housing tax credit (LIHTC) equity to Indianapolis-based Kittle Property Group Inc. The capital will be used to build Meadows on Main, an affordable housing property in Whitestown near Indianapolis. Meadows on Main will operate under the Section 42 LIHTC program and will serve residents earning between 40 and 70 percent of the area median income. The property will include 264 units across 10 buildings. Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. structured the financing.
FORT WAYNE, IND. — Echo Development Group Inc. and Synergy Development have acquired a little over eight acres of land at the northeast corner of DuPont and Diebold roads in Fort Wayne. The partnership plans to develop a project with restaurant, retail and healthcare uses that will include a Freddy’s Frozen Custard and Steakburgers. Jackson Investment Group represented Echo in the purchase of the land. Barry Sturges of Sturges Property Group represented the undisclosed seller. Engineering Resources Inc. is working on the civil infrastructure design for the project. A timeline for completion has not yet been established.
WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.
GREENFIELD, IND. — A fund sponsored by CBRE Global Investors has purchased a 505,872-square-foot warehouse in the eastern Indianapolis suburb of Greenfield for an undisclosed price. Completed this year, the property is known as Mount Comfort Logistics Center II and is fully leased. The building sits on a nearly 43-acre site at 4268 W. County Road. The property features a clear height of 36 feet, 50 dock doors, three drive-in doors, 50 trailer parking spaces and 155 auto parking spaces. The facility is expandable by more than 220,000 square feet. Seller information was not disclosed.
INDIANAPOLIS — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.” Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share Monday, Aug. 2, up from $126.53 per share on Friday, July 30.
CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.
COLUMBUS, IND. — Livingston Street Capital has sold a 393,817-square-foot industrial facility in Columbus, about 45 miles south of Indianapolis. Bridge Investment Group purchased the asset for $55.3 million. Faurecia Emissions Control Technologies USA LLC, part of the Faurecia Clean Mobility Group, occupies the property on a net-lease basis. Jason DeWitt, Brian Shanfeld, Ed Halaburt, Nick Franklin and Steve Okon of JLL represented Livingston Street Capital, which acquired the facility in November 2018.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an owner-occupant.
INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.
