Indiana

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

by David Cohen November 21, 2018

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 …

November 21, 2018

Acquisitions Indiana Industrial Midwest

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

by Kristin Harlow November 19, 2018

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.

November 19, 2018

Acquisitions Indiana Midwest Retail

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

by Kristin Harlow November 9, 2018

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.

November 9, 2018

Indiana Market Reports Midwest Midwest Market Reports Office

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

by Kristin Harlow November 8, 2018

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 …

November 8, 2018

Indiana Midwest Multifamily Top Stories

Wilkinson, Torchlight Investors Purchase Five-Property Multifamily Portfolio in Indianapolis for $121.5M

by Katie Sloan November 8, 2018

INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities. The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names. The acquired communities include: Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors. Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces. Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, …

November 8, 2018

Development Indiana Midwest Mixed-Use

JLL to Complete Lease-Up of $1B Mixed-Use Development in Indianapolis

by Kristin Harlow November 5, 2018

INDIANAPOLIS — JLL has been selected to complete the lease-up of Waterside, the redevelopment of the former GM Stamping Plant in Indianapolis. The project is expected to take 15 years and include more than $1 billion in development. Plans call for 2.8 million square feet of office space and 100,000 square feet of retail space, as well as 1,350 residential units, 620 hotel rooms and public green space. Ambrose Property Group, the developer, purchased the 103-acre site from RACER Trust in March. The site had been vacant since GM shuttered operations in 2011. The name Waterside is a nod to the company’s vision of making the river accessible to the public, according to the Indy Star.

November 5, 2018

Development Indiana Industrial Midwest

CT Realty Buys 95-Acre Land Site Near Indianapolis for Development of 1 MSF Industrial Building

by Kristin Harlow October 30, 2018

WHITESTOWN, IND. — CT Realty has purchased a 95-acre land site in Whitestown, about 20 miles northwest of Indianapolis. The purchase price was not disclosed. The developer plans to build a 1 million-square-foot building. Project costs are estimated at $50 million. CT acquired the land from GDI Cos., which is the master planner for the surrounding Crossroads Logistics Center. The project will be situated within a one-day drive of 57 percent of the U.S. population, according to CT. Completion is slated for late 2019. Terry Busch of CBRE represented GDI, which will serve as general contractor via its subsidiary GDI Construction. Busch is also handling lease-up of the building.

October 30, 2018

Indiana Industrial Loans Midwest

Subsidiary of Olympus Ventures Receives $13M Loan for Refinancing of Indiana Distribution Center

by Kristin Harlow October 11, 2018

CHARLESTOWN, IND. — 1250 Patrol Road LLC, a subsidiary of Olympus Ventures, has received a $13 million loan for the refinancing of a 314,400-square-foot distribution center in Charlestown near Louisville. J. Knipper & Co. Inc., a pharmaceutical supplier, fully occupies the building as its Midwest distribution center. Doug Seylar of CBRE arranged the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule. The lender was not disclosed.

October 11, 2018

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $12M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow October 5, 2018

EVANSVILLE, IND. — Marcus & Millichap has brokered the $12 million sale of Plaza East in Evansville in southwestern Indiana. The 192,377-square-foot shopping center is located at the intersection of Green River Road and Lloyd Expressway. At Home and Local Overstock Warehouse anchor the property. Other tenants include SkyZone, Tuesday Morning, CATO and Cici’s Pizza. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private investment fund. The team also procured the buyer, an out-of-state private investment group.

October 5, 2018

Development Indiana Industrial Midwest

Pitney Bowes Opens 450,000 SF Fulfillment Center in Greenwood, Indiana

by Kristin Harlow October 3, 2018

GREENWOOD, IND. — Pitney Bowes (NYSE: PBI) has opened a new 450,000-square-foot fulfillment, delivery and returns super center in Greenwood. Pitney Bowes is a global technology company that provides commerce solutions. The facility has automated parcel sortation equipment and fulfillment solutions powered by robotics to fulfill e-commerce orders, enable deliveries and process returns for both consumers and e-commerce retailers. Building features include 80 dock doors and parking for 144 trailers. Pitney Bowes plans to grow its presence to more than 300 full-time employees in the coming year.

October 3, 2018

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