INDIANAPOLIS — David Simon, CEO and president of Indianapolis-based Simon Property Group (NYSE: SPG), says he is pleased with the company’s first-quarter results and that business has “substantially improved after addressing the impacts from the COVID-19 pandemic.” According to Simon, the mall owner is experiencing cash flow growth, increasing shopper traffic, increasing retailer sales and leasing momentum across its portfolio. Additionally, Simon says it is experiencing similar results in its recently acquired Taubman Realty Group portfolio, and is “encouraged by collective progress in increasing profitability.” Simon reported that its first-quarter revenue fell to $1.2 billion, compared with $1.3 billion the same period a year ago. For the three-month period ending March 31, occupancy at Simon’s U.S. malls and outlet properties totaled 90.8 percent, compared with 94 percent the year prior. Simon’s stock price closed at $126.75 per share Monday, May 10, up from $55.08 per share one year ago. Simon’s global property portfolio is comprised of more than 200 malls and outlet centers. It also owns an 80 percent interest in Taubman Realty Group, which owns 24 retail assets in the U.S. and Asia.
ILLINOIS, INDIANA AND MICHIGAN — RHP Properties has acquired a portfolio of 29 manufactured home communities across Illinois, Indiana and Michigan for $184 million. The communities contain more than 4,200 sites. RHP plans to add new or enhanced amenities, playgrounds and roads. The company also plans to add new homes at affordable prices, where residents can enjoy the privacy of a single-family home with the energy-efficient features and design of a manufactured home. The seller was undisclosed. With these acquisitions, RHP now owns and operates 297 manufactured home communities totaling 71,184 sites.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Heritage Park I in Indianapolis for $8.6 million. The 86,657-square-foot office building is located at 6612 E. 75th St. Alexander Nulf, Joseph DiSalvo and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Nulf secured and represented the buyers, a limited liability company and a private investor.
MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.
ZIONSVILLE, IND. — Montecito Medical has acquired a 12,294-square-foot medical office building in Zionsville, a northwest suburb of Indianapolis. The purchase price and seller were undisclosed. Completed in 2020 and fully leased, the building serves as the new location for a primary care provider in Zionsville. The asset is located at 10649 Bennett Parkway near I-465. The transaction marks Montecito’s fourth medical office asset that it has acquired in the area.
SPENCER, IND. — Bradley Co./RESOURCE has arranged the sale of a 258,375-square-foot medical manufacturing facility in Spencer, about 17 miles northwest of Bloomington. The sales price was undisclosed. Boston Scientific has occupied the building, located at 780 Brookside Drive, since 1988 and uses the site for producing instruments for its endoscopy and urology divisions. An expansion of the property began in July 2019. Boston Scientific will utilize the new space for administrative functions to free up more production space. Joshua Abrams, Sam Smith and Mitch Doner of Bradley, along with Camille Renshaw and Tim Hain of B+E Net Lease, represented the undisclosed seller.
INDIANA AND TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a four-property Fresenius Medical Care portfolio in Indiana and Texas for $9.8 million. The outpatient dialysis clinics are located in Auburn, Fort Wayne and Marion, Ind. as well as one in Dayton, Texas. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a Midwest-based private partnership. Brian Appel of Appel & Henick LLP handled legal affairs on behalf of the seller and negotiated lease extensions for the three Indiana properties. The 7,176-square-foot facility in Auburn sold to a St. Louis-based private buyer. Vince Vatterott and Michael Kocur of Westwood Net Lease Advisors represented the buyer. A Marin County, Calif.-based institutional group purchased the 7,580-square-foot property in Fort Wayne. Daniel Barnes of Lee & Associates represented the buyer. Brad Canova of Horvath & Tremblay represented the Denver-based private investor in the purchase of the 9,300-square-foot Marion facility. Lastly, Chris Shoemaker of Shoemaker Commercial Real Estate represented the California-based private investor in the acquisition of the 5,931-square-foot property in Dayton.
INDIANAPOLIS — Stan Johnson Co. has arranged the sale-leaseback of a 50,000-square-foot industrial facility located at 705 S. Girls School Road in Indianapolis. The sales price was undisclosed. Katie Elliott of Stan Johnson marketed the property with Chip Sipple of Lincoln Property Co. on behalf of the seller, Applied Composites Inc. A New York-based investor group was the buyer. The seller is a manufacturer of composites with expertise in the commercial aerospace, defense and space industry. Composites are formed from the combination of two or more constituent materials. The seller executed a long-term triple net lease at closing.
INDIANAPOLIS — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. This is Black Gate’s second acquisition in Indianapolis over the last two years. The name of the seller was not released. Black Gate is based in Columbus, Ohio.
WHITELAND, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has started construction on a new speculative industrial development within Mohr Logistics Park in Whiteland. The 827,000-square-foot development will feature a clear height of 32 feet. Mohr is also scheduled to break ground on a 1 million-square-foot project within the logistics park in the next 60 days. The 827,000-square-foot building is slated for completion in October, while the 1 million-square-foot project is scheduled to wrap up in January.