Indiana

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

Indiana Loans Midwest Multifamily

NorthMarq Arranges $11.9M Loan for Refinancing of Workforce Housing Community in Indianapolis

by Kristin Harlow November 10, 2020

INDIANAPOLIS — NorthMarq has arranged an $11.9 million loan for the refinancing of La Joya Apartments in Indianapolis. Built in 1974, the 320-unit workforce housing community is located 10 miles from downtown. Lawrence Larisma and Ryan Taylor of NorthMarq arranged the loan with Freddie Mac. It features a 15-year term and a fixed rate. The borrower was undisclosed.

November 10, 2020

Content Partner Heartland Feature Archive Indiana Lument Midwest Missouri Multifamily Ohio RED Capital Group

Secondary Midwest Markets: Investor Refuge or Flavor of the Month?

by Sarah Daniels November 5, 2020

More than a few column inches in multifamily media this year were dedicated to the implications of coronavirus on the housing preferences of renter households. Many theorize that the pandemic is leading householders to reexamine their attachment to urban life and consider suburban alternatives that offer larger floor plans, better schools, free parking and unit access without an elevator ride. Available data suggest there is something to this notion. Occupancy and rent in core urban neighborhoods in the primary markets have declined, substantially in the highest-cost cities. Suburban performance, by contrast, is strengthening. What is less certain is whether the same phenomenon is working to the benefit of secondary markets as well as big city suburbs. The jury is still out but investors already have stepped up acquisitions in the Sunbelt growth markets to exploit the opportunity — Austin and Phoenix were among the nine most active property markets in the third quarter, and Raleigh and Charlotte were just a step behind – but what of the staid and stable Midwest? Columbus, Indianapolis and Kansas City (the “Midwest Three”) stand out among Midwest cities as the secondary markets most likely to attract gateway city refugees. Each offers renters most of …

November 5, 2020

Development Indiana Industrial Midwest

Mohr Capital Completes Land Assemblage for First Phase of Logistics Park in Whiteland, Indiana

by Kristin Harlow October 29, 2020

WHITELAND, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired an additional 184 acres of land in Whiteland in metro Indianapolis. The acquisition represents the completion of the land needed for Phase I of Mohr Logistics Park, a master-planned development. The project will encompass more than 500 acres upon completion. Mohr plans to commence development of an 827,180-square-foot speculative industrial building in the spring. Mark Writt of CBRE assisted Mohr in the land assemblage. Earlier this year, Mohr closed on the purchase of 122 acres that will house a 1 million-square-foot build-to-suit for Cooper Tires, the park’s inaugural tenant. Pepper Construction is underway on that project.

October 29, 2020

Acquisitions Indiana Midwest Office

Colliers Arranges Sale of 77,793 SF Office Building in Carmel, Indiana

by Kristin Harlow October 29, 2020

CARMEL, IND. — Colliers International has arranged the sale of Midtown III, a recently completed office building in Carmel, a suburb of Indianapolis. The sales price was undisclosed. The three-story, Class A property is located at 571 Monon Blvd. It spans 77,793 square feet. Alex Cantu and Alex Davenport of Colliers represented the seller, Ambrose Property Group. Diamond Income Fund LP, a St. Louis-based investment fund, purchased the asset.

October 29, 2020

Indiana Industrial Leasing Activity Midwest

Midwest Truck and Auto Parts Leases 125,000 SF in Merrillville, Indiana

by Kristin Harlow October 27, 2020

MERRILLVILLE, IND. — Midwest Truck and Auto Parts has leased 125,000 square feet of industrial space at AmeriPlex at the Crossroads in Merrillville within Northwest Indiana. The 279,000-square-foot building is located at 9401 Georgia St. Crow Holdings Industrial is developing the speculative project, which is slated for completion in summer 2021. The building features a clear height of 32 feet, 30 exterior dock doors, 47 trailer stalls and 166 car parking stalls. The tenant, a truck and auto parts distributor with locations in five states, anticipates creating up to 150 new jobs at the Merrillville location by the end of 2024. Adam Haefner, Zeke Rowan and Marty Mikaitis of Avison Young represented the tenant in the lease transaction. Avison Young is the leasing agent for the remaining space at the building.

October 27, 2020

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $1.1M Sale of Office Building in Fort Wayne, Indiana

by Kristin Harlow October 27, 2020

FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based limited liability corporation. Agents from Marcus & Millichap’s San Diego office represented the undisclosed buyer.

October 27, 2020

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