Indiana

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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INDIANAPOLIS — Besyata Investment Group and The Scharf Group have acquired Southport Crossing Apartments in Indianapolis for an undisclosed price. Built in 1971, the 328-unit apartment property is located on Southport Road near Greenwood Park Mall. Amenities include a clubhouse, pool and fitness center. The seller was not disclosed.

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Demographic shifts and the subsequent demand for affordable housing are currently impacting the greater Indianapolis multifamily sector, but the most marked influence is increased and expanded investor interest. Demographic shifts in population are influencing developers and owners in their long-term decision making when it comes to the multifamily sector. Two primary factors are at play. One, the traditional renter’s segment is changing as millennials age and delay having children. Two, national population projections are showing a decline in the prime renter’s segment as Baby Boomers begin to move into seniors housing. As a result, developers and owners are beginning to plan more senior living communities. Millennials are also impacting affordable housing occupancy rates as they want to live in walkable and amenity-rich areas without the cost of high-end apartments. This is leading to more rehabbed properties. At the moment, Class C properties in the Indianapolis area are reflecting greater occupancy movements, as occupancy declines when properties become distressed and increases when they are purchased and rehabbed. Additionally, college debt is delaying graduates in purchasing traditional homes. Both of these factors are causing occupancy rate increases which, in turn, result in a shortage of affordable housing. New housing construction costs are …

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