INDIANAPOLIS — The Klink Group of Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of the brokerage marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC. The Klink Group also sourced the buyers, Nora LLC and PP Nora LLC. Both are based in Indiana.
FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.
INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.
INDIANAPOLIS — Chicken Salad Chick is slated to open at Pyramid Place Shopping Center in Indianapolis on Tuesday, March 16. This is the first of four company-owned restaurants to open in central Indiana. Additional locations are scheduled to open in Fishers, Glendale and Greenwood. The Indianapolis restaurant will feature a drive-thru in addition to dine-in, carryout, delivery and curbside pickup options. In addition to its various chicken salad flavors, Chicken Salad Chick serves salads, sides and soups. The company was founded in Auburn, Ala. in 2008.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.
KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …
MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.
KENDALLVILLE, IND. — Marcus & Millichap’s The Klink Group has brokered the $1.8 million sale of a single-tenant, net-leased retail property in Kendallville, about 30 miles north of Fort Wayne. The building, located at 510 Fairview Blvd, is occupied by Rural King. The retailer offers essential goods and farming products. Jordan Klink marketed the property on behalf of the seller, Los Angeles-based Walmilton LLC. Klink also sourced the buyer, Indiana-based K&K Real Estate Associates LLC. Rural King, founded in 1960, maintains more than 120 stores in 13 states.
PLAINFIELD, IND. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.
ELKHART, IND. — Greystone has provided a $23.8 million HUD-insured loan for the refinancing of a newly expanded, 220-unit seniors housing and healthcare campus in Elkhart. Lisa Fischman of Greystone originated the loan on behalf of nonprofit Hubbard Hill Retirement Community. Located on 70 acres, Hubbard Hill offers independent living, assisted living, long-term skilled nursing and short-term rehab as well as the Living Wisdom Center for Dementia. The 232/223(a)(7) loan refinances the skilled nursing, assisted living and memory care portion of the campus. The loan carries a 30-year term with a fixed interest rate.
