Indiana

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Acquisitions Indiana Industrial Lee & Associates Midwest

Lee & Associates Brokers $34.5M Sale of Food Processing Facility in Marion, Indiana

by Kristin Harlow February 22, 2021

MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.

February 22, 2021

Acquisitions Indiana Midwest Retail

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

Newer Posts

Older Posts