Indiana

Marcus & Millichap Brokers $1.8M Sale of Single-Tenant Retail Property in Indiana

by Kristin Harlow February 18, 2021

KENDALLVILLE, IND. — Marcus & Millichap’s The Klink Group has brokered the $1.8 million sale of a single-tenant, net-leased retail property in Kendallville, about 30 miles north of Fort Wayne. The building, located at 510 Fairview Blvd, is occupied by Rural King. The retailer offers essential goods and farming products. Jordan Klink marketed the property on behalf of the seller, Los Angeles-based Walmilton LLC. Klink also sourced the buyer, Indiana-based K&K Real Estate Associates LLC. Rural King, founded in 1960, maintains more than 120 stores in 13 states.

February 18, 2021

Acquisitions Indiana Midwest Retail

Stan Johnson Co. Brokers $4.9M Sale of Stafford Crossing Shopping Center in Metro Indianapolis

by Kristin Harlow February 15, 2021

PLAINFIELD, IND. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.

February 15, 2021

Indiana Loans Midwest Multifamily Seniors Housing

Greystone Provides $23.8M HUD-Insured Loan for Refinancing of Seniors Housing Asset in Elkhart, Indiana

by Kristin Harlow February 10, 2021

ELKHART, IND. — Greystone has provided a $23.8 million HUD-insured loan for the refinancing of a newly expanded, 220-unit seniors housing and healthcare campus in Elkhart. Lisa Fischman of Greystone originated the loan on behalf of nonprofit Hubbard Hill Retirement Community. Located on 70 acres, Hubbard Hill offers independent living, assisted living, long-term skilled nursing and short-term rehab as well as the Living Wisdom Center for Dementia. The 232/223(a)(7) loan refinances the skilled nursing, assisted living and memory care portion of the campus. The loan carries a 30-year term with a fixed interest rate.

February 10, 2021

Indiana Midwest Retail

Simon Anticipates Growth in Earnings, Cash Flow in 2021

by Kristin Harlow February 9, 2021

INDIANAPOLIS — In its fourth-quarter earnings report, Simon Property Group (NYSE: SPG) says it is confident it has turned the corner on a difficult 2020 and expects “growth in earnings and cash flow in 2021,” according to David Simon, chairman, CEO and president of the Indianapolis-based mall owner. Net operating income in the fourth quarter was $1.2 billion, a year-over-year decline of 23.9 percent. Simon points out that domestic rent abatements and higher uncollectible rents, primarily associated with retail bankruptcies, were the components of the decline. In the fourth quarter, Simon completed its acquisition of an 80 percent interest in The Taubman Realty Group. The company is also opportunistic regarding its strategic investments in retail brands such as Lucky Brand and J.C. Penney that underwent bankruptcy in 2020. As of Dec. 31, occupancy at Simon’s U.S. malls and outlet centers was 91.3 percent. As of Feb. 5, Simon had collected 90 percent of its net billed rents for its U.S. retail portfolio for the second, third and fourth quarters combined. Simon’s stock price opened at $102.50 per share on Tuesday, Feb. 9, down from $143.06 per share one year ago.

February 9, 2021

Indiana Loans Midwest Multifamily

CIM Group Provides $83M Bridge Loan for Apartment Complex in Indianapolis

by Kristin Harlow February 4, 2021

INDIANAPOLIS — CIM Group has provided an $83 million bridge loan to TWG Development for The Whit Apartments in Indianapolis. Built in 2019, the 334-unit property includes 10,700 square feet of retail space and an adjacent 526-stall parking garage. The asset is approximately 80 percent leased. Amenities include a rooftop pool, sundeck, lounge and fitness center. The retail space is fully leased to 16-Bit Arcade Bar and MassageLux. CIM Group originates commercial real estate loans through its CIM Real Estate Credit Strategies business. Michael Zaremski and Michael Shmuely of Berkadia’s New York office secured the loan.

February 4, 2021

Acquisitions Indiana Industrial Midwest Ohio

JLL Brokers $140M Sale of Industrial Portfolio in Indiana, Ohio

by Kristin Harlow February 3, 2021

INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.

February 3, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $1.8M Sale of Burger King-Occupied Property in Carmel, Indiana

by Kristin Harlow February 3, 2021

CARMEL, IND. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.

February 3, 2021

Acquisitions Indiana Industrial Midwest Office

SomeraRoad Acquires Majority Stake in Historic Stutz Factory in Indianapolis, Plans Redevelopment

by Kristin Harlow February 1, 2021

INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.

February 1, 2021

Acquisitions Indiana Industrial Midwest

JLL Brokers Sale of 660,384 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow January 29, 2021

GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.

January 29, 2021

Development Indiana Industrial Midwest Mixed-Use Office Top Stories

Citimark Buys Massive hhgregg Headquarters Campus in Indianapolis, Plans Redevelopment

by Jeff Shaw January 28, 2021

INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …

January 28, 2021

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