HAMMOND, IND. — JLL Capital Markets has brokered the $1.7 million sale of a 2,100-square-foot property net leased to Starbucks in Hammond near Chicago. Constructed in 2019, the single-tenant building features a drive-thru. It is located at 906 Indianapolis Blvd. Alex Sharrin and Nicholas Kanich of JLL represented the seller, Luke Land LLC. A Maryland-based private buyer purchased the asset in a 1031 exchange.
MICHIGAN CITY, IND. — Mohr Capital has begun development of a 200,000-square-foot office and warehouse facility for GAF Materials Corp. in northern Indiana’s Michigan City. Larson-Danielson Construction is serving as general contractor for the project, which is slated for completion in December. Bank of Texas provided project financing. GAF is a subsidiary of Standard Industries. Gary Horn of Mohr and Mike Maratea of Standard Industries negotiated the ground lease and lease agreement before construction began.
WEST LAFAYETTE, IND. — Muinzer has acquired Village West Apartments, a 1,134-bed student housing community located near the Purdue University campus in West Lafayette, for $48 million. The seller in the off-market transaction was undisclosed. Village West offers two-, three- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, state-of-the-art fitness center, two basketball courts, a study center, media lounge, resort-style swimming pool, dog park, volleyball court, grilling areas and a private shuttle to campus. Muinzer is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller.
The Indianapolis industrial market somehow heated up even more throughout 2019, setting several all-time records along the way and setting the table for another strong year in 2020. Landlords and tenants showed just how strong the market remained throughout 2019, with absorption across all industrial property types besting its previous record by nearly a third. A total of 11.4 million square feet was absorbed throughout the market in 2019. That blew away what was a record at the time — 8.9 million square feet absorbed in 2018. Tenants were active all throughout the market, with 17.3 million square feet of space leased over the course of the year. That’s up from just under 14 million square feet that had been leased in 2018. While all sectors of the market attracted plenty of attention, the southwest and northwest Indianapolis markets saw the most action, with 5.3 million square feet leased in the southwest, and another 5 million square feet leased in the northwest. The activity applied to both small and large tenants, with new projects all over the metro leasing up quickly. The city’s largest deal was a 933,000-square-foot lease to Energizer at Franklin Tech Park within a year of Sunbeam …
COLUMBUS, IND. — Herman & Kittle Properties Inc. has opened Ashford Park Apartments, a 209-unit multifamily complex in Columbus, about 45 miles south of Indianapolis. The one-bedroom units measure 705 square feet, while two-bedroom residences span 1,020 square feet and three-bedroom apartments are 1,334 square feet. Amenities include two fitness centers, a library, business center, theater, game room, pet spa and car wash station.
MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.
LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $6.1 million first mortgage loan through Centier Bank for the Chase Center office building in Lafayette. Located at 201 Main St., the property spans 128,574 square feet, including a 93-space parking garage. The asset is 93 percent leased. The six-year, fixed-rate loan is amortized over 25 years. Proceeds from the first mortgage paid off existing debt and funded improvements such as new elevators and an HVAC modernization. Shook Realty Group was the borrower.
KOKOMO, IND. — Regency Properties has acquired Boulevard Crossing Shopping Center in Kokomo, about 60 miles north of Indianapolis. The purchase price and seller were undisclosed. The 125,582-square-foot shopping center is located at 2100 E. Boulevard Crossing St. Anchored by TJ Maxx, the property is also home to Petco, Shoe Carnival, Ulta, Kirkland’s and McAlister’s Deli. Regency currently owns 29 shopping centers in the state of Indiana.
INDIANAPOLIS — Mortgage banking company Merchants Capital has arranged a $59 million loan for the construction of Bottleworks District, a mixed-use project in the Massachusetts Avenue corridor of Indianapolis. Merchants Bank of Indiana provided the three-year loan on behalf of the borrower and developer, Hendricks Commercial Properties. The $300 million Bottleworks project involves the redevelopment of a former Coca-Cola bottling plant into retail, hotel and office space. Phase I is expected to open in September.
CARMEL, IND. — WB Development Partners and New Era Cos. have purchased five acres at 1260 City Center Drive in Carmel and plan to develop a 46,395-square-foot inpatient rehabilitation hospital. Bruce Gordon of JLL brokered the land sale on behalf of the buyers. Known as the Indianapolis Rehabilitation Hospital, the property is expected to open in the fourth quarter of this year. Nobis Rehabilitation Partners will manage the hospital, which will offer services for patients with complex medical, nursing and rehabilitative needs.
