Indiana

NorthMarq Arranges $23.1M in Financing for Two Retail Properties in Minnesota, Indiana

by Kristin Harlow March 27, 2020

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.

March 27, 2020

Indiana Midwest Retail

Vera Bradley to Temporarily Close All Stores Through April 2

by Kristin Harlow March 23, 2020

FORT WAYNE, IND. — As a result of COVID-19, Vera Bradley Inc. has temporarily closed all of its full-line and factory stores through Thursday, April 2. Store associates will be compensated through that date. The Fort Wayne-based handbag retailer will continue to serve its customers through its website. Vera Bradley also postponed its annual outlet sale, traditionally slated for April in Fort Wayne. The company says it is also “addressing day-to-day operations, including reducing expenses, inventory levels and capital spending.”

March 23, 2020

Indiana Midwest Retail

Old National Bank to Temporarily Shift to Appointment-Only, Drive-Thru Banking

by Kristin Harlow March 20, 2020

EVANSVILLE, IND. — Old National Bank will temporarily shift to appointment-only banking at all branch locations as a result of the coronavirus pandemic. The practice will enable staff to clean and disinfect surfaces after each visit. The drive-thru will remain open at all locations and hours of operation will not change. Appointments will be available between 9 a.m. and 3 p.m., with the first hour of each day reserved for persons age 60 or older and others who are a high risk to contract the coronavirus. Old National Bancorp, the holding company of Old National Bank, is the largest bank holding company headquartered in the state of Indiana.

March 20, 2020

Acquisitions Indiana Industrial Midwest

Sturges Property Group Arranges Sale of 12,000 SF Industrial Building in Fort Wayne, Indiana

by Kristin Harlow March 20, 2020

FORT WAYNE, IND. — Sturges Property Group has arranged the sale of a 12,000-square-foot, single-tenant industrial building located at 6821 Metro Park Drive in Fort Wayne for an undisclosed price. John Caffray of Sturges represented the seller, Duncan Supply Co. Inc., as well as the buyer, Peakway Investment Group LLC. Indianapolis-based Duncan is a heating equipment supplier.

March 20, 2020

California Company News Indiana Midwest Retail Top Stories Western

Simon, URW Among Latest to Temporarily Close Retail Centers Amid Coronavirus Outbreak

by Alex Tostado March 19, 2020

INDIANAPOLIS AND LOS ANGELES — Simon Property Group and Unibail-Rodamco-Westfield (URW) have announced they will temporarily close their respective shopping centers across the United States amid the worldwide COVID-19 outbreak. Simon (NYSE: SPG) closed all of its U.S. properties at 7 p.m. local time Wednesday. URW will close its properties starting today. URW, which is headquartered in Paris and has offices in Los Angeles and New York City, operates 47 properties in the U.S. Due to European governments implementing crowd bans, URW began shuttering centers in France, Spain, Poland, Austria, the Czech Republic and Slovakia on March 16. In a corresponding move, the company began actively reducing non-staff expenses and deferring non-essential capital expenditure. Unless instructed otherwise by local authorities, URW will reopen its properties March 29. URW says “essential” retailers will remain open. Essential stores are typically defined as grocery stores, pharmacies, convenient stores, etc. “We have not made this decision lightly and believe this is in the best interest of protecting our various stakeholders. We look forward to reopening these centers in the very near future,” says Jean-Marie Tritant, U.S. President of URW. “In the meantime, we are doing everything possible to make sure that ‘essential’ retail outlets …

March 19, 2020

Indiana Industrial Leasing Activity Midwest

Schindler Renews 2,150 SF Industrial Lease in Fort Wayne, Indiana

by Kristin Harlow March 17, 2020

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.

March 17, 2020

Indiana Loans Midwest Multifamily

Mag Mile Capital Arranges $4.3M Acquisition Loan for Three Mobile Home Properties in Indiana

by Kristin Harlow March 13, 2020

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.

March 13, 2020

Acquisitions Indiana Midwest Retail

SVN Chicago Commercial Brokers $8M Sale of Shopping Center in Elkhart, Indiana

by Kristin Harlow March 11, 2020

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.

March 11, 2020

Indiana Leasing Activity Midwest Office

UTEC Signs 53,246 SF Office Lease in Downtown Fort Wayne

by Kristin Harlow March 2, 2020

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.

March 2, 2020

Acquisitions Hospitality Indiana Midwest

Peachtree Hotel Group Purchases 180-Room Hampton Inn in Indianapolis

by Kristin Harlow March 2, 2020

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.

March 2, 2020

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