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DevelopmentIndianaMidwestOffice

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

by Kristin Harlow

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.

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AcquisitionsDevelopmentIndianaIndustrialMidwest

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

by Kristin Harlow

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.

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IndianaIndustrialLeasing ActivityMidwest

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

by Kristin Harlow

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.

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

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

by Kristin Harlow

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.

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AcquisitionsIndianaMidwestRetail

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

by Kristin Harlow

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.

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DevelopmentIndianaMidwestOffice

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

by Kristin Harlow

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.

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IndianaLoansMidwestMultifamilySeniors Housing

Ziegler Arranges $32M in Financing for Hoosier Village Seniors Housing Campus Expansion in Indiana

by Kristin Harlow

ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes.  BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …

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Lilly-Lebanon
DevelopmentIndianaIndustrialMidwestTop Stories

Eli Lilly Plans $5.3B Expansion of Pharmaceutical Manufacturing Facility in Lebanon, Indiana

by Katie Sloan

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has released plans for a $5.3 billion expansion of its manufacturing facility in Lebanon, roughly 27 miles northwest of Indianapolis. The investment is the largest in U.S. history for active pharmaceutical ingredient manufacturing, according to the company.  Lilly began developing the Lebanon site, located within the LEAP Research and Innovation District, in 2023. The expansion will enhance the company’s capacity to manufacture active pharmaceutical ingredients for its Zepbound and Mounjaro injectables, which are both diabetes and weight loss drugs. Lilly’s total investment in the site is now $9 billion.  Upon full build-out, the facility will staff 900 full-time employees. The company expects to begin manufacturing at the property in 2026, with operations scaling up through 2028. The development will include the addition of a learning and training center built in conjunction with the State of Indiana, which will be utilized by the larger LEAP District. Lilly will also partner with the state on new infrastructural additions including roads, water, electricity and other utilities. Since 2020, Lilly has committed more than $16 billion to develop new manufacturing sites in the U.S. and Europe, with developments located in the Research Triangle of North …

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Completes $30M Assisted Living Community in Valparaiso, Indiana

by Kristin Harlow

VALPARAISO, IND. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on the development, which received 90 pre-leases prior to opening. Managed by Gardant Management Solutions, Green Oaks of Valparaiso is licensed and regulated as a residential care facility by the Indiana Department of Health and approved as an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.    The community is staffed 24 hours by certified nursing assistants who monitor and assess resident health and assist with bathing, grooming, dressing, medication management and other daily needs. Additional offerings include transportation, laundry, weekly housekeeping and onsite beauty/barber services. The onsite dining room provides residents with three meals per day plus snacks. Units include a kitchenette, individually controlled heating and …

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Hudson Investing, Midloch Acquire Jackson Run Build-to-Rent Community in Suburban Indianapolis

by Kristin Harlow

WHITESTOWN, IND. — Hudson Investing and Midloch Investment Partners have acquired Jackson Run Townhomes, an 84-unit build-to-rent community in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. Completed in 2023, the property features three- and four-bedroom units averaging 1,897 square feet. The two-story townhomes feature two-car garages and ADT home security systems. Hudson is planning several amenity upgrades, including expansion and enhancement of the existing pet park and the addition of an outdoor gas grilling pavilion.

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