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IndianaLoansMidwestMultifamily

Greystone Provides $32M HUD Loan for Refinancing of Multifamily Property in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Greystone has provided a $32 million HUD-insured loan for the refinancing of Central Park Metropolis, a 304-unit multifamily property in Plainfield. Built in 2006, the property features a mix of one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, café and private movie screening room. Eric Rosenstock of Greystone originated the 35-year loan on behalf of the borrower, Becovic Management Group. The nonrecourse loan features a fixed rate and qualifies for HUD’s green mortgage insurance premium rate reduction program.

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AcquisitionsIndianaMidwestMultifamily

Emma Capital Acquires Two Apartment Properties in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Emma Capital has acquired two apartment properties in Indianapolis for an undisclosed price. Brandywine Apartments is a 296-unit community located at 8444 Rothbury Drive. The Hunt Club Apartments is a 200-unit community located at 5421 Calder Way. Both properties were built in the early 1970s. Emma Capital plans to rebrand the communities. Sellers were not disclosed.

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AcquisitionsIndianaMidwestOffice

JLL Arranges Sale of Two Office Buildings in Indianapolis

by Kristin Harlow

INDIANAPOLIS — JLL has arranged the sale of Lake Pointe Center III and IV in Indianapolis for an undisclosed price. M&J Wilkow and a fund manager by DRA Advisors LLC purchased the pair of office buildings, which span 170,000 square feet. Recently updated amenities include an on-site conference facility and fitness center. Jim Postweiler, Peter Harwood and Derek Fohl of JLL arranged the sale on behalf of the seller, USAA Real Estate.

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 560-Unit Self-Storage Facility in Newburgh, Indiana

by Kristin Harlow

NEWBURGH, IND. — Marcus & Millichap has brokered the sale of a 560-unit self-storage facility in Newburgh in southwestern Indiana. The sales price was not disclosed. The facility, located at 6998 Loehr Road, spans 74,562 square feet. The property includes 88 climate-controlled units, 411 drive-up units and 61 parking spaces. Jeffrey Herrmann, Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the undisclosed sellers. The team also secured and represented the buyer, Iron Gurad Storage.

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IndianaLoansMidwestMultifamily

Dougherty Provides $5M Fannie Mae Loan for Acquisition of Multifamily Property in Indiana

by Kristin Harlow

KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

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DevelopmentIndianaIndustrialMidwest

Cabot Properties Purchases Land Site Near Indianapolis for Development of 440,000 SF Industrial Building

by Kristin Harlow

MOUNT COMFORT, IND. — Cabot Properties has purchased a 27.9-acre land site in Mount Comfort near Indianapolis with plans to develop a 440,000-square-foot industrial building. Known as Velocity 70 Trade Center Building 4, the building will be developed on a speculative basis and feature a clear height of 36 feet, LED lighting, 205 car parking spaces, 56 trailer spaces and 32 dock positions. Alex Cantu of Colliers International brokered the sale of the land site. Jason Speckman and Brian Zurawski of Colliers will market the facility for lease on behalf of Cabot. Browning Construction has been hired to construct the building, with delivery slated for spring 2019. Velocity 70 is a logistics park with immediate access to I-70. The first three buildings house tenants such as Smithfield Foods Inc., Spectra Premium Corp. and Atkins Nutritionals.

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DevelopmentIndianaKentuckyMidwestOfficeSoutheastTop Stories

Hollenbach-Oakley to Develop 600-Acre Office Campus Near Louisville

by David Cohen

JEFFERSONVILLE, IND. — Commercial real estate developer Hollenbach-Oakley LLC has unveiled plans for a 600-acre office campus at the River Ridge Commerce Center in Jeffersonville, located just across the Ohio River from Louisville, Ky. The project will be completed in two phases, the first 300 acres being developed as the River Ridge Gateway Office Campus. The remaining 300 acres will be developed as the River Ridge Research Campus. The River Ridge Development Authority recently approved the master development agreement. “This is a real game-changer for River Ridge,” says Jerry Acy, executive director of the River Ridge Development Authority. “To date, most of the development at the center has been logistics, manufacturing and warehousing jobs. We love the firms that are here, but the office and research park will be the perfect complement and draw a different type of employer to River Ridge.” The office campus will remain part of River Ridge Commerce Center and the River Ridge Development Authority will continue to develop significant infrastructure, such as roads, sidewalks and gutters. Hollenbach-Oakley will develop the office buildings and handle the sales and leasing efforts, as well as maintaining the campus infrastructure. Of the 6,000 acres in the River Ridge Commerce …

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AcquisitionsIndianaIndustrialMidwest

Colliers Brokers Sale of 823,088 SF Industrial Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Colliers International has brokered the sale of a three-building industrial property spanning 823,088 square feet in Indianapolis. Franklin Road Distribution Center, located at 221 S. Franklin Road, spans 38 acres within the Indianapolis East submarket. The property is fully leased to 12 tenants, including Pioneer, Dimplex North America, Hoosier Freight & Warehousing, Balsam Brands, Horner Industrial Services, Continuum Games and Sherwin-Williams. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, Real Capital Solutions. John Kuiper of Colliers represented the buyer, California-based CORE Realty Holdings Management Inc.

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AcquisitionsIndianaMidwestRetail

Baum Arranges $3.6M Sale of Retail Building in Elkhart, Indiana

by Kristin Harlow

ELKHART, IND. — Baum Realty Group LLC has arranged the sale of a retail building leased to MOD Pizza and McAlister’s Deli in Elkhart for $3.6 million. Newly constructed, the 7,305-square-foot property is located 15 miles east of South Bend. Patrick Forkin of Baum represented the seller, a national retail developer. A Canadian-based institutional buyer purchased the asset.

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IndianaMarket ReportsMidwestMidwest Market ReportsOffice

Don’t Nap on Naptown: Indianapolis Office Market Is Actively Transforming

by Kristin Harlow

You would be hard pressed to find another city more excited about transformation than Indianapolis right now. Previously known as “Naptown” by outsiders due to the sleepy feel the city exuded, those days are long gone. Indy has experienced incredible transformative activity in the past decade, and that extends to the commercial real estate office sector.  For the 18th consecutive quarter, this sector has experienced positive net occupancy gains, and 14 of those quarters have fallen below the 10-year average vacancy rate of 18 percent. Average asking rental rates have experienced healthy growth, with five-year rental rate growth at nearly 14.3 percent. Changing ownership  According to colleague Bennett Williams, director, the office landscape is really about change right now. “Long-term Indianapolis owners, such as Duke Realty, historically have developed and held their assets, but now that they are selling off their product, national and international firms are entering the market,” he says. “These new firms have been pushing all facets of the deal to maximize the return for their investors.”  Within the past five years, Indy has experienced many ownership changes of large office assets both in the suburban markets and the central business district (CBD). Cushman and Wakefield research …

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