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DevelopmentIndianaMidwestMultifamily

TWG to Develop $41M Apartment Community in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.

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DevelopmentIndianaIndustrialMidwest

Meridian Design Build to Construct 278,148 SF Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

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DevelopmentIndianaMidwestMultifamilyNortheastPennsylvaniaSouth CarolinaSoutheastStudent HousingTop Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

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AcquisitionsIndianaMidwestRetail

First National Realty Partners Acquires Kroger-Anchored Shopping Center in Bloomington, Indiana

by Kristin Harlow

BLOOMINGTON, IND. — First National Realty Partners (FNRP) has acquired Whitehall Plaza in Bloomington for an undisclosed price. Anchored by a 62,426-square-foot Kroger store, the shopping center spans a total of 172,485 square feet. The property, located at 500 South Liberty Drive, is 92 percent occupied. Additional tenants include Planet Fitness, JoAnn, Regions Bank and Freddy’s Frozen Custard and Steakburgers. Seller information was undisclosed.

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AcquisitionsHealthcareIndianaMidwest

Fairfield Advisors Arranges $88M Sale of Medical Office Building in Newburgh, Indiana

by Kristin Harlow

NEWBURGH, IND. — Fairfield Advisors has arranged the $88 million sale of St. Vincent’s Orthopedic Hospital and Medical Office Building in southern Indiana’s Newburgh. Completed in 2019, the 136,000-square-foot building contains 10 operating rooms, 48 beds and a number of medical office suites. The facility is located at 10388 Warrick Trail. The tenant, St. Vincent’s Hospital, is part of the Ascension Health Network. Greg Trainor and Ben Whitney of Fairfield represented the seller, a physician group that developed the property. The buyer was undisclosed.

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IndianaLoansMidwestMultifamilyNorthmarq

NorthMarq Arranges $6M CMBS Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow

INDIANAPOLIS — NorthMarq has arranged a $6 million CMBS loan for the refinancing of El Dorado Apartments in Indianapolis. The 164-unit apartment property is located five miles northwest of downtown. Originally built in 1972, the community has undergone many improvements since 2008. Units range in size from one-bedroom to four-bedroom floor plans. Lawrence Larisma of NorthMarq’s Charlotte office arranged the 10-year loan, which features a 30-year amortization schedule.

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AcquisitionsIndianaIndustrialMidwest

Colliers Brokers Sale of 281,888 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow

GREENFIELD, IND. — Colliers International has brokered the sale of IFCO 70/Connect Distribution Center, a 281,888-square-foot facility in Greenfield, an eastern suburb of Indianapolis. IFCO, a provider of reusable packaging solutions for fresh foods, fully occupies the newly built property. Located immediately off I-70, the facility features a clear height of 32 feet, 28 docks and ample car and trailer parking. Alex Cantu of the Colliers Indianapolis office, as well as Jeff Devine and Steve Disse of Colliers Chicago, represented the seller, Carmel-based Lauth Group. The buyer and sales price were undisclosed.

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DevelopmentIndianaIndustrialMidwest

Opus Breaks Ground on 256,000 SF Spec Industrial Project in Suburban Indianapolis

by Kristin Harlow

WHITESTOWN, IND. — The Opus Group has broken ground on a speculative industrial building at AllPoints at Anson, an industrial park in Boone County’s Whitestown, about 25 miles northwest of Indianapolis. The 256,000-square-foot building will feature a clear height of 36 feet, 26 dock doors, four drive-in doors, 219 car parking spots, 33 trailer parking spots and office space. Completion of the 16-acre project is slated for March 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessel of Cushman & Wakefield will market the new building for lease. AllPoints at Anson is a 616-acre industrial park.

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DevelopmentIndianaIndustrialMidwest

Stonemont Breaks Ground on 500,000 SF Industrial Build-to-Suit in Bristol, Indiana

by Kristin Harlow

BRISTOL, IND. — Stonemont Financial Group has broken ground on a 500,000-square-foot industrial build-to-suit for MJB Wood Group in northern Indiana’s Bristol. Headquartered in Dallas, MJB is a manufacturer and distributor of industrial wood products. The Bristol facility will service the manufacturer’s transportation division, which supplies specialty wood to recreation vehicle manufacturers in the surrounding area. The development lies on a 37-acre rail-served site and will include 374,320 square feet of warehouse space, a 108,000-square-foot manufacturing area and 10,000 square feet of office space. Stonemont will serve as the building landlord once construction is complete. Stonemont is partnering with ARCO Construction on the project, completion of which is slated for March 2022.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Woda Cooper Breaks Ground on $12.9M Affordable Housing Development in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Woda Cooper Cos. Inc. has broken ground on a new affordable housing community named Harper’s Crossing in the Indianapolis suburb of Plainfield. The $12.9 million, 60-unit community will be located at 311 Harper’s Way near The Shops at Perry Crossing. The three-story building will offer a number of amenities to residents earning between 30 and 80 percent of area median income, including a common laundry room, free Wi-Fi throughout and a community room. The developer was able to receive a tax abatement from the Town of Plainfield since the project is located in an Opportunity Zone. Tax credits awarded by The Indiana Housing & Community Development Authority (IHCDA) generated equity financing. Monthly rents at the community, which will offer one-, two- and three-bedroom units as well as accessible units, will remain between $292 and $1,070, depending on income restrictions and unit size. Building materials are being used to meet LEED Silver certification standards for energy efficiency. RBC Community Investments (RBCCI) was the tax credit syndicator. Huntington National Bank made an investment through RBCCI and also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe is the architect, BWI LLC is the general contractor and Sol Design + Consulting is the sustainability consultant. …

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