Indiana

The Annex Group to Develop $29M Affordable Housing Community in Indianapolis

by Kristin Harlow January 13, 2021

INDIANAPOLIS — The Annex Group is developing Union at 16th, a $29 million affordable housing community in Indianapolis. Located at 2215 W. 16th St., the 159-unit property will feature one-, two- and three-bedroom floor plans. Annex has closed on project financing and will begin construction immediately. Completion is slated for winter 2021. Project partners include T&H Investment Properties LLC and the Indiana Housing & Community Development Authority. The City of Indianapolis gave tax abatement incentives, R4 Capital Funding provided construction and permanent loan financing, Cinnaire provided tax credit equity and the Indianapolis Neighborhood Housing Partnership provided additional construction financing. Brenner Design is the architect and Crestline will serve as property manager. Amenities will include a playground, community center, fitness center, community gardens and bike parking.

January 13, 2021

Acquisitions Indiana Midwest Multifamily

The Connor Group Acquires 219-Unit Apartment Property in Suburban Indianapolis for $40.5M

by Kristin Harlow January 8, 2021

ZIONSVILLE, IND. — The Connor Group has acquired The Domain at Bennett Farms in Zionsville, a northwest suburb of Indianapolis, for $40.5 million. Amenities at the 219-unit apartment property include a fitness center, resident lounge, community garden, bike storage and garage parking. The three-story community was built in 2012. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, REI Real Estate Services.

January 8, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires Two Medical Office Buildings in Central Indiana

by Kristin Harlow January 6, 2021

INDIANAPOLIS AND FRANKLIN, IND. — Montecito Medical Real Estate has acquired two recently constructed medical office buildings in central Indiana. The two properties, located in Indianapolis and Franklin, are nearly identical in size and represent a combined total of 47,000 square feet. Both buildings were constructed on a build-to-suit basis and are now fully leased. Providers at both facilities offer a range of medical services, including primary care, family medicine and imaging. Physicians at the Indianapolis location also provide care in the specialties of pediatrics, women’s health and oncology, while those at the Franklin location serve patients in the specialties of orthopedics, pain management, neurology, sleep management and podiatry. The Indianapolis property is located at 7255 Marsh Road on the city’s northwest side, near the junction of I-65 and I-465. The Franklin building is located at 990 State Route 44, on the south side of the Indianapolis metro area. Seller information was not disclosed.

January 6, 2021

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 138,571 SF Shopping Center in Indiana

by Kristin Harlow January 5, 2021

SCHERERVILLE, IND. — JLL Capital Markets has brokered the sale of Town Square, a 138,571-square-foot, regional shopping center in Schererville in Northwest Indiana. The sales price was undisclosed. Bed Bath & Beyond, T.J. Maxx, Old Navy and Shoe Carnival are among the tenants. The property was built in 2001. Clinton Mitchell and Amy Sands of JLL represented the seller, Walton Street Capital. Albanese Cormier Holdings purchased the asset.

January 5, 2021

Acquisitions Indiana Industrial Midwest

Sansone Sells 424,849 SF Industrial Facility in Indianapolis

by Kristin Harlow January 4, 2021

INDIANAPOLIS — Sansone Group and its joint venture partner Centersquare Investment Management have sold a 424,849-square-foot industrial facility in Indianapolis for an undisclosed price. Conrad Jacobs and Matt Kiger of Newmark assisted in the lease-up of the previously vacant property. Located at 7520 Georgetown Road, the property is now fully leased to Blue Marble Productions and DXL. The buyer was not disclosed.

January 4, 2021

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $4.1M Sale of Manufactured Housing Community in Gary, Indiana

by Kristin Harlow December 23, 2020

GARY, IND. — Marcus & Millichap has brokered the $4.1 million sale of Melody Lane Mobile Home Park in Gary, about 25 miles southeast of Chicago. Located at 3625 Calhoun St., the property consists of 154 home sites, 54 of which are park-owned homes. There is also an onsite office. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, an out-of-state limited liability company.

December 23, 2020

Acquisitions Indiana Industrial Midwest

JLL Income Property Trust Buys Distribution Center in Suburban Indianapolis for $62M

by Kristin Harlow December 22, 2020

WHITESTOWN, IND. — JLL Income Property Trust has purchased Whitestown Distribution Center in Whitestown, a northwest suburb of Indianapolis, for $62 million. The two-building distribution center spans 720,000 square feet. Completed this year, it is now fully leased. The larger of the two buildings is 440,000 square feet and is leased to an undisclosed investment-grade tenant, while the second building spans 280,000 square feet and is leased to a third-party logistics company servicing the healthcare industry. This acquisition brings JLL Income Property Trust’s aggregate industrial allocation to more than $850 million across 36 properties in 12 markets. The seller was undisclosed.

December 22, 2020

Development Indiana Industrial Midwest

Mohr Capital Completes Development of 200,000 SF Industrial Build-to-Suit for GAF Materials in Indiana

by Kristin Harlow December 18, 2020

MICHIGAN CITY, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has completed development of a 200,000-square-foot industrial build-to-suit for GAF Materials Corp. in Michigan City. The property, which sits on 45 acres at 130 Tri Quad Drive, features office, warehouse and concrete storage capacity. GAF, a subsidiary of Standard Industries, is a roofing and waterproofing manufacturer. Larson Danielson served as general contractor. Bank of Texas provided construction financing.

December 18, 2020

Acquisitions Indiana Midwest Multifamily

Berkadia Arranges Sale of 354-Unit Apartment Property in Indianapolis

by Kristin Harlow December 18, 2020

INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.

December 18, 2020

Indiana Loans Midwest Multifamily

Merchants Capital Arranges $17M HUD-Insured Loan for Refinancing of Multifamily Asset in Indiana

by Kristin Harlow December 17, 2020

WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.

December 17, 2020

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