Wednesday, January 22, 2025
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Indiana

IndianaLoansMidwestMultifamilySeniors Housing

Ziegler Arranges $32M in Financing for Hoosier Village Seniors Housing Campus Expansion in Indiana

by Kristin Harlow

ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes.  BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …

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Lilly-Lebanon
DevelopmentIndianaIndustrialMidwestTop Stories

Eli Lilly Plans $5.3B Expansion of Pharmaceutical Manufacturing Facility in Lebanon, Indiana

by Katie Sloan

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has released plans for a $5.3 billion expansion of its manufacturing facility in Lebanon, roughly 27 miles northwest of Indianapolis. The investment is the largest in U.S. history for active pharmaceutical ingredient manufacturing, according to the company.  Lilly began developing the Lebanon site, located within the LEAP Research and Innovation District, in 2023. The expansion will enhance the company’s capacity to manufacture active pharmaceutical ingredients for its Zepbound and Mounjaro injectables, which are both diabetes and weight loss drugs. Lilly’s total investment in the site is now $9 billion.  Upon full build-out, the facility will staff 900 full-time employees. The company expects to begin manufacturing at the property in 2026, with operations scaling up through 2028. The development will include the addition of a learning and training center built in conjunction with the State of Indiana, which will be utilized by the larger LEAP District. Lilly will also partner with the state on new infrastructural additions including roads, water, electricity and other utilities. Since 2020, Lilly has committed more than $16 billion to develop new manufacturing sites in the U.S. and Europe, with developments located in the Research Triangle of North …

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Completes $30M Assisted Living Community in Valparaiso, Indiana

by Kristin Harlow

VALPARAISO, IND. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on the development, which received 90 pre-leases prior to opening. Managed by Gardant Management Solutions, Green Oaks of Valparaiso is licensed and regulated as a residential care facility by the Indiana Department of Health and approved as an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.    The community is staffed 24 hours by certified nursing assistants who monitor and assess resident health and assist with bathing, grooming, dressing, medication management and other daily needs. Additional offerings include transportation, laundry, weekly housekeeping and onsite beauty/barber services. The onsite dining room provides residents with three meals per day plus snacks. Units include a kitchenette, individually controlled heating and …

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Hudson Investing, Midloch Acquire Jackson Run Build-to-Rent Community in Suburban Indianapolis

by Kristin Harlow

WHITESTOWN, IND. — Hudson Investing and Midloch Investment Partners have acquired Jackson Run Townhomes, an 84-unit build-to-rent community in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. Completed in 2023, the property features three- and four-bedroom units averaging 1,897 square feet. The two-story townhomes feature two-car garages and ADT home security systems. Hudson is planning several amenity upgrades, including expansion and enhancement of the existing pet park and the addition of an outdoor gas grilling pavilion.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Arranges Receivership Sale of 43,450 SF Medical Office Building in Indiana

by Kristin Harlow

VALPARAISO, IND. — Marcus & Millichap has arranged the receivership sale of a 43,450-square-foot medical office building in Valparaiso, a city in northwest Indiana. Located at 1425 Glendale Ave., the building is about 75 percent completed. Litigation with a neighboring owner tied up the property in the legal system for an extended period, during which interest rates climbed 525 basis points, says Julia Evinger of Marcus & Millichap. Evinger marketed the property for sale on behalf of the court appointed receiver. The new owner plans to complete and lease the building to medical office tenants.

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Amazon-Web-Services-data-center_Ohio
Data CentersDevelopmentIndianaIndustrialMidwestTop Stories

Amazon Web Services to Develop $11B Data Center Campus in Northern Indiana

by Taylor Williams

NEW CARLISLE, IND. — Amazon Web Services (AWS), the web hosting division of Amazon (NASDAQ: AMZN) has announced plans for an $11 billion data center campus in New Carlisle, a town of roughly 1,600 people located near the Michigan-Indiana border. The exact location of the site was not disclosed, but the campus will be situated within the Indiana Enterprise Center, a master-planned development in St. Joseph County that spans nearly 3,000 acres. The Indiana Economic Development Corp. has committed to several incentives for the project. These incentives include up to $18.3 million in employment-based tax credits, up to $5 million in training grants, up to $55 million in Hoosier Business Investment tax credits and up to $20 million in redevelopment tax credits. These incentives are performance-based, meaning the company is eligible to claim state benefits once investments are made. In addition to its community investment and engagement activities, AWS will also contribute up to $7 million to support road infrastructure improvements in and around the site. Details on the development timeline were not immediately available. Amazon claims the project will create at least 1,000 new jobs. “Amazon has long been an important economic partner in Indiana, and we are excited …

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IndianaLeasing ActivityMidwestRetail

The Picklr to Open 30,000 SF Location in Indianapolis, Expand Throughout Metro Area

by Kristin Harlow

INDIANAPOLIS — The Picklr, an indoor pickleball franchise, is slated to open its first Indiana location this summer. The Picklr Indianapolis Keystone Crossing club, located at 3810 E. 82nd St., will be the first of more than five locations to open in the greater Indianapolis area. The 30,000-square-foot facility will feature 10 indoor courts, a full pro shop, private event space, unlimited league play, tournaments, youth academies and open play. Dave Gilreath and Ron Brock, local Indianapolis businessmen, are managing partners of Pickle Indy LLC and franchise owners of The Picklr Indianapolis Keystone Crossing.

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AcquisitionsIndianaIndustrialMidwestMissouriSelf-Storage

StorageMart Acquires Properties in Indiana, Missouri Totaling 550 Units

by Kristin Harlow

GREENWOOD, IND. AND COLUMBIA, MO. — StorageMart has acquired two facilities in Indiana and Missouri totaling 550 units. The Columbia, Mo., property is located at 1500 Creekwood Parkway and includes 312 units across 42,200 square feet. The Greenwood, Ind., facility is located at 994 S. State Road 135 and comprises 238 units across 37,475 square feet. The properties will undergo enhancements to align with StorageMart standards.

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IndianaIndustrialLeasing ActivityMidwest

Continental Signs 49,977 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow

PLAINFIELD, IND. — Continental, a contract dining and refreshment provider, has signed a 49,977-square-foot industrial lease at Gateway Industrial II within HSA Commercial’s Gateway Business Park in the Indianapolis suburb of Plainfield. The deal returns Gateway Industrial II to full occupancy after a previous tenant expanded elsewhere within the business park. Based in Troy, Mich., Continental specializes in workplace food and beverage programs. The company plans to establish a distribution center and office space at Gateway Industrial II. HSA will oversee the build-out of the office portion, while Continental will retrofit the warehouse space. Occupancy is slated for June 1. Built in 2004, Gateway Industrial II features a clear height of 28 feet. In addition to Continental, the 104,400-square-foot building is leased to Sky Zone Trampoline Park, In Touch Pharmaceuticals and CertiFit Auto Body Parts. To date, HSA has completed seven buildings totaling approximately 1.2 million square feet at Gateway Business Park. The development is situated one mile from Indianapolis International Airport. Tom Ferguson of Premier Commercial and John Boyd of Signature Associates represented Continental in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.

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AcquisitionsIndianaMidwestMultifamily

Capstone Brokers $1.8M Sale of Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Capstone Cos. has brokered the sale of Oxford Terrace Apartments in Indianapolis for $1.8 million. The 40-unit, garden-style property was constructed in 1986 and is situated in the city’s Martindale-Brightwood neighborhood. Kevin Burns and David Funke of Capstone brokered the transaction between the sellers, Paul Shannon and Powell Chee, and the buyer, Razor Capital Group. The transaction included seller financing of $1.25 million at a 6 percent interest rate with interest-only payments over the term of three years. The new owner is poised to continue the previous owner’s value-add strategy, focusing on the renovation of the remaining 18 units.

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