Indiana

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

by Kristin Harlow May 10, 2024

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.

May 10, 2024

Data Centers Development Indiana Industrial Midwest Top Stories

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

by Taylor Williams April 25, 2024

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 …

April 25, 2024

Indiana Leasing Activity Midwest Retail

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

by Kristin Harlow April 24, 2024

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.

April 24, 2024

Acquisitions Indiana Industrial Midwest Missouri Self-Storage

StorageMart Acquires Properties in Indiana, Missouri Totaling 550 Units

by Kristin Harlow April 23, 2024

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.

April 23, 2024

Indiana Industrial Leasing Activity Midwest

Continental Signs 49,977 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow April 4, 2024

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.

April 4, 2024

Acquisitions Indiana Midwest Multifamily

Capstone Brokers $1.8M Sale of Multifamily Property in Indianapolis

by Kristin Harlow April 4, 2024

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.

April 4, 2024

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Completes 120-Unit Affordable Assisted Living Community in Goshen, Indiana

by Kristin Harlow March 26, 2024

GOSHEN, IND. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased. Located at 282 Johnson St., the $30 million project replaces a vacant three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story community. Green Oaks of Goshen offers 49 studio and 71 one-bedroom units, all of which are reserved for seniors age 62 or older with incomes at or below 80 percent of the area median income. Amenities include a community room with kitchen, private dining room, media and theater room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent Low-Income Housing Tax Credits (LIHTC) for the project. In addition, the City of Goshen issued tax-exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners also invested in the project, providing LIHTC equity.

March 26, 2024

Indiana Loans Midwest Office

Maverick Commercial Mortgage Arranges $2.4M Loan for Refinancing of Indianapolis Office Building

by Kristin Harlow March 26, 2024

INDIANAPOLIS — Maverick Commercial Mortgage Inc. has arranged a $2.4 million loan for the refinancing of a 30,000-square-foot office building in downtown Indianapolis. The property is 97 percent leased to 30 tenants. Originally constructed in 1911, the building was renovated in 2006 with restored original woodwork, tile work and terrazzo flooring. A Midwest lending institution provided the five-year, fixed-rate loan on behalf of the Indianapolis-based buyer. Proceeds of the loan were used to retire the acquisition financing and for a partner buyout.

March 26, 2024

Indiana Loans Midwest Multifamily

Red Oak Capital Holdings Provides $4M Bridge Loan for Renovation of Indianapolis Apartment Property

by Kristin Harlow March 20, 2024

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …

March 20, 2024

Indiana Midwest Multifamily

Friedman Communities to Manage 398-Unit Veridian Castleton Apartments in Indianapolis

by Kristin Harlow March 18, 2024

INDIANAPOLIS — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage Veridian Castleton Apartments in Indianapolis. Constructed in 1965, the property contains 398 units with a mix of one-, two- and three-bedroom layouts. Amenities include a fitness center, pool, lounge area, playground, two bark parks and a picnic and grilling area.

March 18, 2024

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