FORT WAYNE, IND. — Schindler Elevator Corp. has renewed its 2,150-square-foot industrial lease at 7616 DiSalle Blvd. in Fort Wayne. John Caffray of Sturges Property Group represented the tenant as well as the landlord, DiSalle Boulevard Partnership. Switzerland-based Schindler Group is one of the leading global manufacturers of elevators, escalators and moving walks. The U.S. headquarters for Schindler Elevator Corp. is based in Morristown, N.J.
SHIPSEWANA, GALVESTON AND RUSSIAVILLE, IND. — Mag Mile Capital has arranged a $4.3 million loan for the acquisition of three mobile home properties in Indiana. The three parks are located in Shipsewana, Galveston and Russiaville and contain a total of 183 home sites. Rob Bernstein and Matt Weilgus of Mag Mile arranged the five-year loan with an interest rate of 5.5 percent. Aran Capital was the borrower.
ELKHART, IND. — SVN Chicago Commercial has brokered the sale of Concord Shopping Center in Elkhart for $8 million. The 601,205-square-foot property is located at 3701 S. Main St. and is 54 percent occupied. Some of the tenants include Chase, Claire’s, GNC, Hobby Lobby, JC Penney, Jo-Ann Fabrics and Spencer’s Gifts. Tim Franz and Matt McParland of SVN represented the undisclosed seller.
FORT WAYNE, IND. — United Technologies Electronic Controls Inc. (UTEC) has signed a long-term lease for 53,246 square feet at the Indiana Office Center. The company will occupy several floors of the building, which is located at 111 E. Wayne St. in downtown Fort Wayne. Brad Sturges of Sturges Property Group handled lease negotiations on behalf of the undisclosed landlord. Tammy Canfield of Sturges will lead coordination of the construction of tenant improvements. UTEC is a manufacturer of electronic controls for the HVAC, foodservice and RV industries. Up to 140 engineers, research and development staff will begin occupying the new space this summer. Built in 1994, Indiana Office Center is an eight-story building. Current tenants include Flagstar Bank, Wells Fargo and Elevatus Architecture.
INDIANAPOLIS — Peachtree Hotel Group has purchased the 180-room Downtown Indianapolis Hampton Inn for an undisclosed price. Located at 105 S. Meridian St., the property is situated near Bankers Life Fieldhouse, Indiana Convention Center, Circle Center and Lucas Oil Stadium. The transaction also included a land parcel that Peachtree plans on developing at a later date. Brian Silberman, Scott Miller, Paul DeLucia, Matt McClure and Jack Silberman of CBRE represented the seller, 105 S. Meridian Inc.
FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.
BEDFORD, IND. — The capital services division of Ariel Property Advisors has arranged a $19.9 million loan for the acquisition of a 384,000-square-foot industrial facility in Bedford, about 75 miles south of Indianapolis. A West Coast-based lender provided the loan, which features a 10-year, fixed-rate term and a 30-year amortization schedule. The property is home to defense contractors SAIC and Raytheon, as well as other tenants.
INDIANAPOLIS — Muesing Management has acquired Waterside at Castleton, a 400-unit apartment community on the northeast side of Indianapolis. The purchase price was undisclosed. Built in 1983, the property is located at 8380 Whipporwill Drive. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Wilkinson Corp. and its partner BRT Apartments Corp.
Indianapolis is a humble midwestern city that often seems to fly under the radar, but for those willing to take a closer look, they will find more than just a famous racetrack and cornfields. Indianapolis is a dynamic city with a thriving commercial real estate market. Sitting as the 14th-largest city in the U.S., Indianapolis is the economic heart of the region and has experienced steady growth over the past decade — and with true Hoosier hospitality. Here’s a look at what’s happening and what’s to come in the Indianapolis market. Downtown Indianapolis has rapidly evolved over the last few years. The “Circle City” gained momentum through the emergence of a thriving technology sector and steady employment gains in an already economically diverse business landscape. Those influences added to the convenience and tourism that make downtown a desirable destination for retailers. Increased interest from brands has spurred new development and better amenities. An additional 1 million square feet of first-floor commercial space has been added in downtown Indianapolis over the last eight years, and an additional 400,000 square feet is expected over the next few years — a firm foundation that tells an incredible story of growth and investment. Mass …
AVON, BROWNSBURG, PLAINFIELD AND DANVILLE, IND. — Newmark Knight Frank (NKF) has arranged $102 million in Fannie Mae debt financing for the acquisition of a 1,024-unit multifamily portfolio in suburban Indianapolis. The four properties include Avon Creek Apartments in Avon, Brownsburg Crossing Apartments in Brownsburg, Saratoga Crossing Apartments in Plainfield, and Settlers Run Apartments in Danville. Spruce Capital purchased the portfolio from Hampshire Properties for $133 million. Ari Schwartzbard, Matt Mense and Daniel Sarsfield of NKF secured the loan at a 75 percent loan-to-value ratio.