Indiana

Caddis, Invesco Acquire 41,205 SF Medical Office Building in Indianapolis

by Kristin Harlow July 26, 2019

INDIANAPOLIS — A joint venture between Caddis and a client of Invesco Real Estate has acquired the 41,205-square-foot Hand to Shoulder Center in Indianapolis. The single-tenant medical office building and ambulatory surgery center is located at 8501 Harcourt Road. The property serves as the headquarters for 10 additional Hand to Shoulder locations throughout metro Indianapolis. The center opened in 1971 and now serves more than 50,000 patients annually. BMO Harris Bank’s Healthcare Real Estate Finance group provided financing for the acquisition.

July 26, 2019

Acquisitions Indiana Midwest Multifamily

Herman & Kittle Sells 296-Unit Apartment Community in Metro Indianapolis

by Kristin Harlow July 25, 2019

GREENWOOD, IND. — Herman & Kittle Properties have sold Copper Chase at Stones Crossing in Greenwood, south of Indianapolis. Copper Chase Apartments LLC purchased the 296-unit multifamily community for an undisclosed price. Built in 2010, the property is located at 2345 Thorium Drive. It features a pool, coffee café, business center, car care center and dog park. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller.

July 25, 2019

Acquisitions Indiana Industrial Midwest

Sansone Group Acquires 424,849 SF Industrial Building in Indianapolis

by Kristin Harlow July 23, 2019

INDIANAPOLIS — Sansone Group, in partnership with CenterSquare Investment Management, has acquired a 424,849-square-foot industrial building located at 7520 Georgetown Road in Indianapolis. The purchase price was not disclosed. The property is part of a larger master-planned industrial park. The building features 19,417 square feet of office space, 37 dock doors, 43 trailer parking stalls and 594 car parking spaces. Vince Bajardi and Jake Corrigan of St. Louis-based Sansone represented the company in the purchase. Matt Kiger of Newmark Knight Frank and Conrad Jacobs of Halakar Commercial Real Estate brokered the transaction. Duke Secured Financing 2009-1ALZ LLC was the seller.

July 23, 2019

Development Indiana Industrial Midwest

Core5 Begins Development of 1 MSF Spec Industrial Building Near Indianapolis

by Kristin Harlow July 18, 2019

MONROVIA, IND. — Core5 Industrial Partners has begun development of a 1 million-square-foot industrial building within the Hendricks Gateway Park in Monrovia, about 25 miles southwest of Indianapolis. The building will be the first speculative industrial building in the market with a clear height of 40 feet. It is slated for completion in the second quarter of 2020. The development will offer parking for 663 cars and 251 trailers. Andrew Morris and Jeremy Woods of CBRE represented Core5 in the purchase of 76 acres of land for the project. The duo will also represent Core5’s leasing efforts for the new property. The project team includes GDI Construction, MacGregor Associates Architects and Structurepoint. Hendricks Gateway Park is currently home to DHL, Chewy.com, Johnson & Johnson and Geodis.

July 18, 2019

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 254,460 SF Industrial Building in Indianapolis

by Kristin Harlow July 16, 2019

INDIANAPOLIS — Colliers International has brokered the sale of a 254,460-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 4310 Stout Field Drive within the Stout Field Industrial Park. The asset is situated within the southwest submarket of Indianapolis, the most active industrial submarket in the city, according to Colliers. The property offers convenient access to I-70 and the Indianapolis International Airport. The site also includes approximately three acres of excess land for future development. Progressive Logistics, Dugdale Foods, Gilmore Supply and GS Transportation fully occupy the property. Alex Davenport, Alex Cantu and Mike Lubbers of Colliers brokered the transaction on behalf of the seller, SAW Capital. The O’Donnell Group Inc., a southern California-based developer, purchased the building.

July 16, 2019

Indiana Midwest

O’Brien Commercial, Cresa Indianapolis Office Complete Merger

by Kristin Harlow July 16, 2019

INDIANAPOLIS — O’Brien Commercial Real Estate LLC and the Indianapolis office of Cresa have merged effective Monday, July 1. The merged firms now operate under the Cresa name. All employees of both companies have been retained. Cresa, which established its Indianapolis office in 1998, operates under the direction of Jim Teskey, David Black and Leslie Teskey. Tim O’Brien, president and owner of O’Brien Commercial, now serves as a principal with Cresa. Both companies focus exclusively on tenant representation.

July 16, 2019

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 184-Unit Multifamily Property Near Indianapolis

by Kristin Harlow July 15, 2019

WARREN TOWNSHIP, IND. — Cushman & Wakefield has brokered the sale of Pheasant Run Apartments in Warren Township, just east of Indianapolis. George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield represented the seller, Birge & Held. Connecticut-based Hamilton Point Investments was the buyer. The firm plans to make common area and exterior improvements, including new LED lighting, landscaping and an updated clubhouse. Units will receive new appliances, flooring, counters and plumbing.

July 15, 2019

Affordable Housing Development Indiana Midwest Multifamily

32-Unit Affordable Housing Project Under Development in Lafayette, Indiana

by Kristin Harlow July 15, 2019

LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.

July 15, 2019

Development Indiana Industrial Midwest Self-Storage

U-Haul Transforms Former Kmart Property Into Self-Storage Facility in Indianapolis

by Kristin Harlow July 8, 2019

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.

July 8, 2019

Development Indiana Midwest Multifamily

Holladay Set to Break Ground on 32-Unit Apartment Project in Whiting, Indiana

by Kristin Harlow July 3, 2019

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.

July 3, 2019

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