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.
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 …
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.
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.
PLAINFIELD, IND. — American Residential Services (ARS) has signed a 20,439-square-foot industrial lease at Gateway Business Park in Plainfield near Indianapolis. The Memphis-based plumbing and HVAC company will occupy the space at 853 Columbia Road. The 104,400-square-foot building, developed in 2004, was the first phase of HSA Commercial Real Estate’s Gateway Business Park. The 55-acre park now includes six buildings totaling about 900,000 square feet. Terry Busch and Jared Scaringe of CBRE, along with Christine Muszynski of HSA, represented ownership in the lease transaction.
WESTFIELD, IND. — Hanley Investment Group Real Estate Advisors has brokered the sale of a Burger King ground lease in suburban Indianapolis for $2.4 million. The newly constructed, 3,245-square-foot building is located at 819 East State Road 32 in the northern suburb of Westfield. The property sits on 1.3 acres and is part of the larger Monon Crossing retail development. Burger King is scheduled to open this month. Franchisee Carrols Restaurant Group will operate the restaurant. Dylan Mallory of Hanley represented the seller and developer, Midland Atlantic Properties. Ryan Chakroff of Marcus & Millichap represented the buyer, a Denver-based private investor. The sales price represents a cap rate of 5 percent, the lowest cap rate for a single-tenant Burger King in the state of Indiana, according to Hanley.
SHELBYVILLE, IND. — Four institutions in Shelby County have teamed up to help small businesses and nonprofit organizations apply for federal assistance to survive the COVID-19 crisis. Blue River Community Foundation is providing up to $10,000 for local attorneys to assist businesses in applying for loans through the new Coronavirus Aid, Relief and Economic Security (CARES) Act. Shelby County Development Corp., Mainstreet Shelbyville and Shelby County Chamber of Commerce are also playing key roles. Attorneys from the Shelbyville firms of Brown, DePrez & Johnson, McNeely Law and Stephenson Rife will guide the small business and nonprofit leaders through the process. Eligible businesses must be locally owned, brick-and-mortar establishments with fewer than 35 employees. Shelbyville is located about 30 miles southeast of Indianapolis.
VALPARAISO, IND. — Dougherty Mortgage LLC has provided an $8.4 million loan for the refinancing of Arbor Crossing Apartments in Valparaiso. Constructed between 1967 and 1979, the 138-unit property consists of 16 rental townhome buildings and three apartment buildings. The community also features a leasing office and a one-story maintenance and garage building. The 10-year loan features a 30-year amortization schedule. Arbor Crossing Housing LLC was the borrower.
PLAINFIELD, IND. — Avison Young has arranged the sale of a 3,414-square-foot property occupied by Steak ’N Shake in Plainfield for $1.4 million. Built in 1996, the restaurant is located at 6208 Cambridge Way. There are approximately five years left on the corporate-guaranteed lease. Matthew Spear and Hayden Eaves of Avison Young represented the California-based buyer, which completed a 1031 exchange. An Indiana-based private investor was the seller.
ST. LOUIS PARK, MINN. AND FISHERS, IND. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops in Fishers. The 21,330-square-foot neighborhood shopping center, located at 9001 E. 116th St., was also fully leased at the time of closing. The 10-year loan features a 25-year amortization schedule. David Garfinkel of NorthMarq arranged both loans. He also secured a $19.5 million acquisition loan for a property in Washington on behalf of the same borrower.