Indiana

Marcus & Millichap Arranges $2.2M Sale of Multifamily Property in Indianapolis

by Kristin Harlow July 10, 2024

INDIANAPOLIS — Marcus & Millichap has arranged the sale of Glenstone Apartments in Indianapolis for $2.2 million. The 44-unit multifamily property is located at 2215 E. 56th St. and features studio units that average 250 square feet. Built in 1965, the asset is located in the Canterbury-Chatard neighborhood. Jack Friskney, Austin Meeker and Aaron Kuroiwa of Marcus & Millichap represented the buyer and seller, both Indianapolis locals. The seller is existing after nearly a decade of ownership and is moving closer to retirement. The buyer plans to renovate the units over the next 12 to 24 months.

July 10, 2024

Acquisitions Indiana Industrial Midwest

CBRE Brokers $5.2M Sale of Industrial Building in South Indianapolis

by Kristin Harlow July 9, 2024

INDIANAPOLIS — CBRE has brokered the sale of a 34,000-square-foot industrial building in Indianapolis for $5.2 million. Located at 5150 Elmwood Ave. and renovated in 2023, the property features a clear height of 22 feet, nine dock doors, 138 auto parking spaces and outdoor storage. Cinderella, a wholesale distributor of pool supply products, leases the facility. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Nick Busch and Terry Busch of CBRE Investment Properties represented the undisclosed seller. The asset sold to a high-net-worth buyer from California at a cap rate of 5.8 percent.

July 9, 2024

Development Indiana Midwest Multifamily

Flaherty & Collins Opens Phase II of Arbuckle Apartments in Brownsburg, Indiana

by Kristin Harlow July 8, 2024

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.

July 8, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.7M Sale of Three-Tenant Retail Property in Valparaiso, Indiana

by Kristin Harlow July 8, 2024

VALPARAISO, IND. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail property that serves as an outlot to the Cumberland Crossing retail center in Valparaiso near Chicago. Built in 2008, the 7,541-square-foot building is leased to Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, an Illinois-based real estate development and management company. Josh Caruana assisted in closing the transaction as the broker of record in Indiana. The property, located at 3029 Calumet Drive, closed at 97.5 percent of the list price.

July 8, 2024

Development Indiana Midwest Office

Bradford Allen, Clark Construction Top Out Phase I of New Global Headquarters for Andretti in Fishers, Indiana

by Kristin Harlow July 2, 2024

FISHERS, IND. — Developer Bradford Allen and Clark Construction Group have topped out the new headquarters for Andretti Global in the Indianapolis suburb of Fishers. The nearly 400,000-square-foot facility, part of a larger 90-acre campus, more than quadruples the size of Andretti’s current headquarters. In addition to housing day-to-day operations for the auto racing team, the building will be home to the advanced research and development of Andretti Technologies. The facility is slated to include a fitness center, walking trails, amphitheaters, employee gathering areas and dining options. The development will continue through a phased approach. The design team included U.K-based motorsport design consultants Ridge and Partners and Indianapolis-based international design firm RATIO. Michael Andretti, son of racing legend Mario Andretti, launched Andretti Global in the early 2000s.

July 2, 2024

Acquisitions Development Indiana Industrial Midwest

John Deere Purchases 234 Acres in Northwest Indiana, Plans to Build 1.2 MSF Warehouse

by Kristin Harlow July 2, 2024

LOWELL, IND. — John Deere has purchased 234 acres of land in Lowell, a city in northwest Indiana, for $7 million. The company plans to build a 1.2 million-square-foot warehouse and distribution facility. Nancy Frigo and Nicholas Smith of Coldwell Banker Commercial Realty represented the seller, Hallmark Construction Co. Venture One will serve as the developer for the project, which is expected to create approximately 1,200 union construction jobs and 400 to 500 permanent positions upon completion. The project site, located at the southwest corner of I-65 South and Route 2, has gas, sewer and water availability.

July 2, 2024

Indiana Industrial Leasing Activity Midwest

Marathon Electric Inks 233,618 SF Industrial Lease Near Indianapolis International Airport

by Kristin Harlow June 28, 2024

PLAINFIELD, IND. — Marathon Electric LLC has signed a full-building industrial lease totaling 233,618 square feet at Terminus at Hobbs Station in the Indianapolis suburb of Plainfield. The owner and developer, Chicago-based HSA Commercial Real Estate, recently completed the two-building speculative development near the Indianapolis International Airport. The 497,540-square-foot project is now 45 percent leased. Marathon Electric expects to take occupancy in September following an interior build-out. The manufacturer of motors and generators will use most of the space for warehousing and distribution. The building features a clear height of 32 feet, 36 dock doors, three drive-in doors, 163 car parking spots and 48 trailer parking stalls. The adjacent building, which is still available for lease, spans 263,922 square feet. Andrea Hopper of Colliers represented ownership in the lease with Marathon Electric. Jimmy Cohoat and Darren Ross of Colliers represented the tenant.

June 28, 2024

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 33,380 SF Self-Storage Facility in Osceola, Indiana

by Kristin Harlow June 17, 2024

OSCEOLA, IND. — Marcus & Millichap has negotiated the sale of McKinley Penn Self-Lock Storage in Osceola, a city in northern Indiana. The 33,380-square-foot self-storage facility is located at 10386 McKinley Highway. The 164-unit, two-building property features new roofs, updated security features and a new insomniac kiosk. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.

June 17, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.5M Sale of Former Walgreens Building in Fort Wayne, Indiana

by Kristin Harlow June 14, 2024

FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

June 14, 2024

Development Indiana Midwest Office

WaterFurnace Breaks Ground on 173,000 SF Headquarters Expansion in Fort Wayne, Indiana

by Kristin Harlow June 10, 2024

FORT WAYNE, IND. — WaterFurnace International, a geothermal and water source heating and cooling solutions provider, has broken ground on a 173,000-square-foot expansion of its headquarters in Fort Wayne. The $14 million project will more than double the current size of the property. The entire facility will continue to be heated and cooled by WaterFurnace geothermal heat pumps that draw from the renewable energy of its existing pond. WaterFurnace says its expansion comes on the heels of two record-breaking years, driven by a growing demand for renewable energy technologies and the currently available 30 percent federal tax credit for geothermal systems.

June 10, 2024

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