OSCEOLA, IND. — Marcus & Millichap has negotiated the sale of McKinley Penn Self-Lock Storage in Osceola, a city in northern Indiana. The 33,380-square-foot self-storage facility is located at 10386 McKinley Highway. The 164-unit, two-building property features new roofs, updated security features and a new insomniac kiosk. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.
FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
FORT WAYNE, IND. — WaterFurnace International, a geothermal and water source heating and cooling solutions provider, has broken ground on a 173,000-square-foot expansion of its headquarters in Fort Wayne. The $14 million project will more than double the current size of the property. The entire facility will continue to be heated and cooled by WaterFurnace geothermal heat pumps that draw from the renewable energy of its existing pond. WaterFurnace says its expansion comes on the heels of two record-breaking years, driven by a growing demand for renewable energy technologies and the currently available 30 percent federal tax credit for geothermal systems.
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 …
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 …
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 …
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.
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.
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 …
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.