INDIANAPOLIS — Colliers International has negotiated the sale of a two-building, 166,119-square-foot industrial portfolio in Indianapolis for $6.6 million. The properties, located within the Stout Field Industrial Park, are fully leased to Progressive Logistics and Micronutrients. Alex Cantu and Alex Davenport of Colliers brokered the transaction on behalf of the seller, Progressive Logistics. The O’Donnell Group Inc. purchased the portfolio. This is the first acquisition in the Indianapolis market for the California-based firm.
INDIANAPOLIS — SunTrust Banks Inc. has originated a $4.2 million Fannie Mae loan for the refinancing of Temple Lofts Apartments in Indianapolis. The apartment property features 40 units within two buildings. The site was formerly home to a historic church that was converted into apartments. The 12-year loan features a 30-year amortization schedule. SunTrust sourced the loan through Jeff Spahn of PR Mortgage & Investments, a SunTrust correspondent based in Indianapolis.
INDIANAPOLIS — Colliers International has brokered the sale of six industrial buildings at Northeast Business Center in Indianapolis for an undisclosed price. The 401,223-square-foot portfolio is located in the Northeast industrial submarket between the 86th Street and 96th Street interchanges. Alex Cantu of Colliers represented the buyer, Sealy & Co. The seller, Citimark, developed the business center in the 1980s and has managed the portfolio since.
INDIANAPOLIS — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,936-square-foot retail building in Indianapolis for $1.9 million. The multi-tenant property is located at 1950 Kessler Blvd. Tenants include Starbucks, Verizon and Subway. Jack Farritor of Quantum brokered the transaction. A Washington, D.C.-based investment group was the buyer. A Phoenix-based developer was the seller.
INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views. According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit. 360 Market Square sits on the …
EVANSVILLE, IND. — Mid-America Real Estate Corp. has brokered the sale of East Lloyd Commons in Evansville for $23 million. The 159,682-square-foot shopping center is located at the northwest corner of Lloyd Expressway and Burkhardt Road in southwestern Indiana. Dick’s Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread anchor the property. Ben Wineman, Rick Drogosz and Carly Gallagher of Mid-America represented the seller, Retail Value Inc. (NYSE: RVI). A Cleveland-based private buyer purchased the asset.
LAPORTE, IND. —The City of LaPorte Redevelopment Commission has selected Flaherty & Collins Properties to develop a 200-unit multifamily project in the city’s NewPorte Landing redevelopment project. Plans call for two buildings totaling approximately 167,000 square feet. Amenities will include a pool, outdoor courtyard, dog park, fitness center and bike storage. The apartment property represents a capital investment of more than $30 million, according to Flaherty & Collins. The LaPorte Redevelopment Commission is financing the project with tax-increment financing. Construction is set to begin next summer with completion in late 2020.
INDIANAPOLIS — A joint venture between Integris Ventures and Starlight Equity Partners has acquired 50 South Meridian, a 50,000-square-foot office building in the heart of downtown Indianapolis. The purchase price was not disclosed. The new owners plan to renovate the main elevator lobby, common corridors and signage. Rich Forslund and Matt Langfeldt of Colliers are marketing the property for lease. Originally constructed in 1985, the property was 75 percent occupied at the time of acquisition.
FORT WAYNE, IND. — Cushman & Wakefield has negotiated a 282,550-square-foot, seven-year industrial lease renewal on behalf of Essex and Essex Brownell in Fort Wayne. The property is located at 3405 Meyer Road. Essex is a magnet wire product manufacturer while Essex Brownell is a North American distributor of a wide variety of industrial service and repair parts. The building will also continue to be a home for Essex Active, an industrial material conversion and fabrication service offered by Essex Brownell. Kirk Diamond, Greg Dickerson and Fritz Kauffman of Cushman & Wakefield represented Essex in the lease negotiation. Steve Zacher and John Adams of The Zacher Company represented the landlords, Indiana Acquisitions and Continental Hastings. The 862,450-square-foot warehouse is part of the Coastal Commerce Center. Both Essex and the landlord plan to invest capital to upgrade the space. Five other tenants also occupy space at the property.
HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis
PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.