Indiana

JLL Arranges Sale of 690,702 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow May 28, 2020

BROWNSBURG, IND. — JLL Capital Markets has arranged the sale of Eaglepoint Six, a new Class A industrial facility totaling 690,702 square feet in Brownsburg, located about 17 miles northwest of Indianapolis. The building is fully leased to Radial Inc., an e-commerce company that provides order management, payment processing, fulfillment and analytics services. Built in 2019, Eaglepoint Six features a clear height of 36 feet, four drive-in doors, 52 dock-high doors and office space. It is part of the fully leased Eaglepoint Business Park. John Huguenard, Ed Halaburt, Jake Sturman, Sean Devaney, Kurt Sarbaugh and Robin Stolberg of JLL represented the seller, a partnership between Washington Capital Management on behalf of a client and Becknell Industrial. Denver-based Black Creek Group purchased the asset.

May 28, 2020

Indiana Loans Midwest Multifamily

Greystone Provides $27.6M Acquisition Loan for Indiana Apartment Complex

by Kristin Harlow May 21, 2020

HAMMOND, IND. — Greystone has provided a $27.6 million Freddie Mac loan for the acquisition of Tanglewood Apartments in Hammond, about 25 miles south of Chicago. The 384-unit Class B multifamily property consists of 16 three-story buildings. Amenities include a clubhouse, pool, sauna, fitness center and picnic areas. Dan Sacks and Eric Rosenstock of Greystone originated the loan on behalf of the borrower, Bayshore Properties. The 10-year loan, which features two years of interest-only payments, includes a 30-year amortization. Bayshore purchased the asset for $33.5 million.

May 21, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Arbor Provides $4.1M Loan for Refinancing of Affordable Housing Property in Indianapolis

by Kristin Harlow May 20, 2020

INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.

May 20, 2020

Indiana Midwest Retail

Out of the Box Ventures Reopens Indiana’s Haute City Center

by Kristin Harlow May 18, 2020

TERRE HAUTE, IND. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened on Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain closed. In the state of Indiana, the governor has allowed retail space to open at 50 percent capacity.

May 18, 2020

Indiana Midwest Retail

Simon Releases First-Quarter Results, Reports 20.2 Percent Decrease in Net Income

by Kristin Harlow May 12, 2020

INDIANAPOLIS — In its first-quarter results, Simon Property Group (NYSE: SPG) has reported a net income of $437.6 million — compared with $548.5 million the same time period last year — resulting in a 20.2 percent decrease. As part of the Indianapolis-based mall owner’s response to COVID-19, Simon says it suspended or eliminated more than $1 billion of redevelopment and new development projects. It also significantly reduced non-essential corporate spending and property operating expenses and implemented a temporary furlough of certain employees. As of May 11, Simon has reopened 77 of its U.S. retail properties and 12 of its premium outlets in markets where local and state orders have been lifted. Roughly 50 percent of Simon’s malls and outlet centers will reopen within the next week, according to CNBC.

May 12, 2020

Acquisitions Indiana Midwest Retail

Jameson Commercial Arranges $1.1M Sale of Single-Tenant Retail Asset in Indiana

by Kristin Harlow May 5, 2020

MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.

May 5, 2020

Indiana Leasing Activity Midwest Office

Waterfield Capital Renews 4,030 SF Office Lease in Fort Wayne, Indiana

by Kristin Harlow May 4, 2020

FORT WAYNE, IND. — Waterfield Capital LLC has renewed its 4,030-square-foot office lease at 7221 Engle Road in Fort Wayne. The investment company occupies space at 7221 Engle Road. Brady Gardner and Kevin Ellis of Sturges Property Group represented both the tenant and the landlord, Midwestern Office Park Acquisition LLC, in the lease transaction.

May 4, 2020

Indiana Midwest Retail

Simon Property Group Begins Reopening Malls in Stages, Outlines Safety Protocols

by Kristin Harlow May 1, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort to help prevent further spread of COVID-19. Simon employees, contractors and vendors will be required to screen themselves at home prior coming to work. Anyone with a temperature exceeding 100.4 degrees or who exhibits flu-like symptoms will be required to stay home. Employees will be trained in COVID-19 safety guidelines from the Centers for Disease Control and Prevention. They will wear protective face masks while on property and be instructed to maintain six feet of distance from coworkers or shoppers. Simon will ensure that property occupancies do not exceed a targeted level of one person per 50 square feet. Food court seating, as well as common area seating, will …

May 1, 2020

Acquisitions Indiana Midwest Multifamily

Lightstone Group Purchases 280-Unit Apartment Community in Metro Indianapolis

by Kristin Harlow April 30, 2020

NOBLESVILLE, IND. — Lightstone Group has purchased Autumn Breeze Apartments in Noblesville for an undisclosed price. Built in 2009, the 280-unit apartment community is located at 14901 Beauty Berry Lane. Amenities include a pool, business center, dog park, sun patio and grilling pavilion. Steve LaMotte Jr. of CBRE represented the seller, Passco Cos. Dan Sacks of Greystone originated a $29.9 million Freddie Mac loan for the acquisition.

April 30, 2020

Acquisitions Hospitality Indiana Midwest

Thompson Thrift Retail Group Sells Hotel Pad Within $60M Mixed-Use Development Near Indianapolis

by Kristin Harlow April 29, 2020

FISHERS, IND. — Thompson Thrift Retail Group (TTRG) has sold the hotel pad site at The Stations, a $60 million mixed-use development in the Indianapolis suburb of Fishers. The buyer, Indiana-based Dunn Hospitality, plans to open a $20 million, 145-room Courtyard by Marriott hotel in late 2021. The Courtyard hotel will include meeting space, fitness facilities, an indoor pool and bistro bar. Later this year, TTRG plans to break ground on a Class A, four-story office building within The Stations. The company is also completing initial site work on the back portion of the project for Pulte Homes to begin development of 37 three-story, for-sale townhomes. The Stations is adjacent to Fishers District, a TTRG project with more than 100,000 square feet of retail and dining space, 260 multifamily units and a dual-branded Hyatt Place and Hyatt House hotel.

April 29, 2020

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