INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.
WHITING, IND. — Holladay Properties plans to break ground on an apartment project known as The Illiana on Monday, July 8 in Whiting, which is about 16 miles south of Chicago. The project will feature 32 apartment units and 4,000 square feet of first-floor commercial space. The development, located at the southeast corner of 119th Street and Atchison Avenue, is named for the Illiana Hotel, which stood at the site from 1928 until it was demolished in 2018. Holladay is the owner and developer. Curran Architecture is the project architect and Holladay Construction Group LLC is the general contractor. A timeline for completion was not disclosed.
INDIANAPOLIS — Berkadia has negotiated the sale of Park Place at Fox Hill, a 60-unit, garden-style apartment community in Indianapolis. The sales price was not disclosed. Originally built in 1970, the property features 15 one-bedroom units measuring 750 square feet and 45 two-bedroom units measuring 950 square feet. Chris Bruzas and Alex Blagojevich of Berkadia represented the seller, Indianapolis-based Barratt Asset Management. Champaign, Ill.-based Fairlawn Real Estate purchased the asset.
ELKHART, IND. — Marcus & Millichap has negotiated the sale of Goshen Village Shoppes in Elkhart for $5 million. The 37,135-square-foot retail property is located at 4542 Elkhart Road. Built between 2004 and 2006, the property is 75.2 percent occupied by Little Caesars Pizza, AT&T, Panera Bread, Mattress Warehouse, Great Clips and Starbucks. Jordan Goodman, Jeff Rowlett and Matt Fitzgerald of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
INDIANAPOLIS — PCCP has formed a joint venture with Indianapolis-based Strategic Capital Partners LLC to develop the next phase of Metro Air Business Park in Plainfield on a speculative basis. The 100-acre business park is located along Ronald Reagan Parkway, adjacent to the Indianapolis International Airport. The next phase of development will total 724,878 square feet and will include a 223,480-square-foot Building 8 and a 501,398-square-foot Building 9. Construction is expected to begin in August with completion in the second quarter of 2020. Building 8 will have a clear height of 32 feet while Building 9 will feature a clear height of 36 feet.
INDIANAPOLIS — In joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased Keystone at the Crossing in Indianapolis. Equus Capital Partners Ltd. sold the asset for an estimated $142 million, according to the Indianapolis Business Journal. The office campus spans 1 million square feet and features upgraded lobbies, new tenant lounges, conference centers, electric car charging stations, two attached parking garages and a fitness facility. The campus is situated within a larger mixed-use development comprising retail, residential and hospitality space. This is M & J Wilkow’s eighth acquisition with DRA Advisors.
EVANSVILLE, IND. — The Cooper Commercial Investment Group has brokered the sale of Diamond Center in Evansville for $1 million. The 10,000-square-foot retail property is fully occupied. Tenants include Dollar General and Subway. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Indiana-based private investment group. A New Jersey-based private group purchased the asset at a cap rate of 7.3 percent.
KOKOMO, IND. — The Annex Group LLC, a student housing and affordable housing developer, has unveiled plans to develop a 50-unit affordable housing property at 918 N. Washington St. in Kokomo. The developer plans to break ground this month with completion slated for summer 2020. Known as Union at Washington, the property will include amenities such as a fitness center, playground, computer center and outdoor grilling area. River Hills Bank provided construction financing of approximately $6.5 million. Cinnaire provided $7 million in tax credit equity. Annex also worked in collaboration with the Kokomo Community Development Corp. and Indiana Housing and Community Development Authority. T&H Investment Properties LLC is serving as co-developer and co-owner of the project.
WHITELAND, IND. — Jones Development Co. has broken ground on a 2.4 million-square-foot industrial business park in Whiteland, south of Indianapolis. Known as Whiteland Exchange, the development will include speculative industrial buildings designed for logistics, advanced manufacturing and other uses. The project will be situated at the intersection of I-65 and Whiteland Road in Johnson County. The initial two speculative buildings, one spanning 436,800 square feet and the other 168,480 square feet, are slated for delivery in the first quarter of 2020. Sean McHale and Peter Seoane of Avison Young will market the park for lease.
INDIANAPOLIS — BNSF Logistics has signed a 13,105-square-foot office lease at 141 E. Ohio St. in downtown Indianapolis. Crown Property Management owns the historic building, which dates back to 1913. First-floor tenants at the property include Crown Wine & Spirits and Punch Burger. Kevin O’Donnell of Newmark Knight Frank represented BNSF in the lease transaction. BNSF had outgrown its former office space in Indianapolis, which spans 2,500 square feet.