Indiana

Stan Johnson Co. Brokers Sale of 1.9 MSF Industrial Portfolio Across Four States

by Kristin Harlow December 4, 2020

INDIANA, MISSOURI, OKLAHOMA AND GEORGIA — Stan Johnson Co. has brokered the sale of a four-property industrial portfolio totaling approximately 1.9 million square feet across four markets. The sales price was undisclosed. The properties are leased to a mix of public and private tenants. The buildings include: 2001 Commerce Parkway in Franklin, Ind.; 65 Corporate Woods Drive in Bridgeton, Mo.; 524 N. Sara Road in Yukon, Okla.; and 6878 Kelly Ave. in Morrow, Ga. Mollie Alteri, Joey Odom, Mike Sladich, Maggie Holmes and Michael Watson of Stan Johnson represented the seller, an institutional advisor based in New York. The buyer was a Dallas-based institutional investor.

December 4, 2020

Acquisitions Indiana Midwest Retail

Upland Brokers $1.2M Sale of PPG Paints-Occupied Property in Fort Wayne

by Kristin Harlow December 3, 2020

FORT WAYNE, IND. — Upland Real Estate Group Inc. has brokered the sale of a 6,375-square-foot retail property occupied by PPG Paints in Fort Wayne for $1.2 million. PPG Paints, which supplies paints, coating and specialty materials, has approximately four years remaining on its lease. The company has operated at the location for more than 20 years. Keith Sturm, Amanda Leathers and Deb Vannelli of Upland represented the seller in the transaction. Buyer and seller information was undisclosed.

December 3, 2020

Acquisitions Indiana Midwest Multifamily

384-Unit Solana Apartments Trades Hands in Indianapolis

by Kristin Harlow December 2, 2020

INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.

December 2, 2020

Acquisitions Indiana Midwest Retail

Thompson Thrift Retail Group Sells Fully Leased Center Near Indianapolis for $3M

by Kristin Harlow November 17, 2020

AVON, IND. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold Rockville Pointe in Avon near Indianapolis for $3 million. The 10,500-square-foot retail center is fully leased to Tropical Smoothie Café, The Good Feet Store, Spectrum, Papa Murphy’s and Family Allergy & Asthma. TTRG has owned the property since completing construction in 2009. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. C.F. Rockville LLC, a private investor from Bloomington, purchased the asset.

November 17, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Provides $11M in Construction Financing for Affordable Housing Community in Fishers, Indiana

by Kristin Harlow November 16, 2020

FISHERS, IND. — Mortgage banking company Merchants Capital has provided $11 million for the construction of SouthPointe Village, a 62-unit affordable housing community in Fishers, a suburb of Indianapolis. Located at 11144 Lantern Road, the project will be available for renters who earn 50 to 80 percent of the area median income. In addition to the 30-month loan, there are $1.2 million in low-income housing tax credits, enabling the development to be constructed with rents lower than market value. Rents at SouthPointe Village will range from $650 to $950 per month for a one-bedroom unit and $760 to $1,100 per month for two-bedroom units. Additionally, 25 percent of units will be set aside for the developmentally disabled, with the help of local organizations such as Janus Development Services, Outside the Box, Opportunities for Positive Growth and Insights Consulting. Merchants provided the construction loan on behalf of RealAmerica Cos.

November 16, 2020

Company News Indiana Michigan Midwest Retail Top Stories

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800M

by Taylor Williams November 16, 2020

INDIANAPOLIS AND BLOOMFIELD HILLS, MICH. — Simon Property Group (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland County (Michigan), litigation that has since been settled. Analysts at Piper Sandler, a Minnesota-based investment banking firm, expressed surprise at the ability of the two owner-operators to resolve the price disagreement ahead of today’s court hearing. “We thought any settlement or price cut would occur after the judge’s ruling,” the firm wrote. “Ultimately, Simon Property Group saves approximately $700 million in cash on the recut of the deal, offset by obligatory legal fees, which totaled $18 million in the third quarter. The pushing of the closing until late 2020 or early 2021 is also better timed for the economic recovery.” “For Taubman, the outcome is …

November 16, 2020

Acquisitions Indiana Industrial Midwest

Sealy & Co. Acquires Westfield Business Centre Near Indianapolis

by Kristin Harlow November 13, 2020

WESTFIELD, IND. — Sealy & Co. has acquired Westfield Business Centre in Westfield, north of Indianapolis. The purchase price was undisclosed. The distribution center spans 133,160 square feet and is located on Oak Ridge Road. The Peterson Co. built the property in 2018. It is fully leased to distribution and manufacturing tenants, with Aptiv occupying 40 percent. Other tenants include Grinds LLC, ETI Fab and 3rd Dimension Industrial Printing. Alex Cantu and Alex Davenport of Colliers International brokered the sale on behalf of the seller, Oak Ridge LLC, which is an affiliate of Carmel-based Jackson Development LLC.

November 13, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Provides $10M Construction Loan for Affordable, Supportive Housing Community in Plainfield, Indiana

by Kristin Harlow November 12, 2020

PLAINFIELD, IND. — Merchants Capital has provided a $10 million loan for the construction of Haven Homes, a 52-unit affordable and supportive housing community in Plainfield. The borrower, RealAmerica Cos., has partnered with Sheltering Wings, a nonprofit that provides emergency housing for survivors escaping abuse, to ensure 25 percent of the units are allocated for project-based vouchers specifically for survivors of domestic violence. Additionally, all residents will have access to supportive services in the community resource center and clubhouse. Cummins Behavioral Health Systems Inc. will provide mental health services while Sheltering Wings will provide domestic abuse support. Construction has commenced with completion slated for fall 2021.

November 12, 2020

Acquisitions Indiana Industrial Midwest

Colliers Arranges Sale-Leaseback of 636,742 SF Distribution Center in Whitestown, Indiana

by Kristin Harlow November 10, 2020

WHITESTOWN, IND. — Colliers International has arranged the sale-leaseback of Whitestown Business Park Building 2, a 636,742-square-foot industrial building in Whitestown, about 20 miles northwest of Indianapolis. The sales price was undisclosed. Constructed in 2019, the building is located at 3632 Perry Blvd. It is fully leased to Puma North America Inc. Alex Cantu, Jeff Devine and Steven Disse of Colliers represented the seller, Puma. An affiliate of Walton Street Capital, a Chicago-based real estate private equity firm, purchased the asset. The property serves as the largest of Puma’s two national distribution hubs, handling 75 percent of its e-commerce business. The sportswear retailer took occupancy of the facility in June of this year.

November 10, 2020

Acquisitions Healthcare Illinois Indiana Midwest Missouri

JLL Brokers Sale of Seven-Property Medical Office Portfolio in Midwest

by Kristin Harlow November 10, 2020

INDIANA, ILLINOIS AND MISSOURI — JLL Capital Markets has brokered the sale of a medical office portfolio spanning seven properties and 439,000 square feet for an undisclosed price. The assets are primarily located on hospital campuses in metro areas within Indiana, Illinois and Missouri. The Class A portfolio is 93 percent leased to healthcare systems such as Ascension, Franciscan, AMITA and University of Missouri Health. Mindy Berman, Daniel Turley, Tim Joyce and Brannan Knott of JLL represented the undisclosed seller. Healthpeak Properties Inc. purchased the portfolio.

November 10, 2020

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