Indiana

HFF Arranges Sale of 407,363 SF Retail Center in Fort Wayne, Indiana

by Kristin Harlow March 20, 2018

FORT WAYNE, IND. — HFF has arranged the sale of Jefferson Pointe in Fort Wayne for an undisclosed price. The 407,363-square-foot retail center is situated on 50 acres at 4110 W. Jefferson Blvd. Tenants at the property, built in 2000, include Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. A separately owned Von Maur shadow anchors the property. The vacancy rate is around 20 percent, according to The Journal Gazette. Amy Sands, Clinton Mitchell, Barry Brown, Dave Keller and Claudia Steeb of HFF represented the seller, Institutional Mall Investors LLC, which was advised by Miller Capital Advisory Inc. Jefferson Pointe Center SPE LLC purchased the asset.

March 20, 2018

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $17.1M in Financing for Renovation of Affordable Housing Community in Indianapolis

by Kristin Harlow March 20, 2018

INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.

March 20, 2018

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Multifamily Urban Infill Development Spreads Into the Suburbs of Indianapolis

by Kristin Harlow March 15, 2018

If you happen to read or listen to Freddie Mac officials, the key economic factor driving housing demand is the labor market. In 2017, the Indiana Economic Development Corp. (IEDC) secured 293 commitments from companies across the country to locate or grow in Indiana. Collectively, this will make for more than $7 billion in new investments and 30,158 new jobs in the coming years, marking the highest annual commitment in IEDC history. Companies currently expanding and adding thousands of jobs throughout the region have been contributing greatly to the growth of the multihousing market in central Indiana. More than 2,380 market-rate apartment units were completed in 2017. Construction doesn’t appear to be slowing down either, as over 2,200 units were under construction at the beginning of 2018. Apartment deliveries soar Central Indiana has experienced a marked increase in overall multifamily deliveries. Between 2014 and 2017, developers delivered approximately 15,000 new units, compared with 13,500 units over the previous 14 years combined. A large majority of the projects are greater than 100 units, particularly the market-rate developments. Lately, most of these projects have contained pockets of amenities or are located near amenities. Downtown Indianapolis was home to one of the more …

March 15, 2018

Indiana Industrial Market Reports Midwest Midwest Market Reports

Driven by E-Commerce, Indy’s Industrial Bulk Market Continues Growth Spurt

by Kristin Harlow March 15, 2018

In 2017, newly signed bulk space deals in the greater Indianapolis industrial market totaled 10.2 million square feet. Of that total, over 50 percent had some affiliation with e-commerce. With 26 new buildings and another 5.7 million square feet under construction, the Indianapolis industrial market will clearly become increasingly linked to the performance of e-commerce as the total share of online retail sales remains in a significant growth mode. Projections by Cushman & Wakefield show that by 2020 nearly 12 percent of all retail sales will be associated with e-commerce — three times what it was 10 years ago. Stronger growth will be driven by the onset of e-grocery and e-pharma. Additionally, e-commerce will continue to be a driving force in these industrial deals because the online industry is getting better at what it does. Coming off the strongest holiday season since the Great Recession, companies are now focused on the cost of package returns and are re-examining the value of brick-and-mortar stores. When it comes to package returns, not only is the processing time significantly slower, but it is six times costlier to return a package using regular shipping methods. Returning items to physical store locations is the cheapest …

March 15, 2018

Acquisitions Indiana Midwest Retail

SWG | Capital Acquires 194,081 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow March 13, 2018

TERRE HAUTE, IND. — SWG | Capital has acquired Wabash Valley Plaza in the western Indiana city of Terre Haute. The purchase price and seller were not disclosed. Kroger, Hobby Lobby and Big Lots anchor the 194,081-square-foot shopping center, which is located at 4650-4700 S. U.S. Highway 41. Terre Haute is home to Indiana State University.

March 13, 2018

Indiana Midwest Office

Black Salmon, Redico Acquire 444,644 SF Office Building in Indianapolis for $70M

by Kristin Harlow March 9, 2018

INDIANAPOLIS — In partnership with privately held Redico, Black Salmon has acquired Bank of Montreal (BMO) Plaza in Indianapolis for $70 million. The 444,644-square-foot, Class A office building is located between Monument Circle and Mass Avenue at 135 N. Pennsylvania St. Tenants include BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. The property underwent a $6 million renovation in 2016 and 2017, but Black Salmon plans to make additional upgrades to the common areas. Black Salmon is a new business line of TSG Group, a real estate development and investment company based in South Florida.

March 9, 2018

Indiana Midwest Office

M & J Wilkow Acquires 240,312 SF Office Property in Suburban Indianapolis

by Kristin Harlow March 7, 2018

CARMEL, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has acquired Meridian Plaza in the Indianapolis suburb of Carmel. The purchase price was not disclosed. The property consists of two Class A office buildings totaling 240,312 square feet. Constructed in 1987 and renovated in 2016, the property features amenities such as a fitness center, conference center, tenant lounge and outdoor patio space. An occupancy rate was not disclosed, but the buildings are home to 39 tenants. M & J Wilkow plans to make additional improvements to the property.

March 7, 2018

Indiana Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 10,320 SF Industrial Building in Indianapolis

by Kristin Harlow February 27, 2018

INDIANAPOLIS — Lee & Associates has brokered the sale of a 10,320-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 5311 Commerce Circle. Cindy Hoskinson of Lee & Associates represented the seller, Eiker Investments LLC. George Dury of Dury Investment Group represented the undisclosed buyer.

February 27, 2018

Indiana Midwest Multifamily

Marcus & Millichap Brokers $1.5M Sale of Apartment Building in Hobart, Indiana

by Kristin Harlow February 21, 2018

HOBART, IND. — Marcus & Millichap has brokered the sale of Lakeview Apartments in Hobart, a city in northwestern Indiana, for $1.5 million. The 28-unit apartment building is located at 136 Main St. in the Lakefront district. The property is within a recently approved redevelopment of approximately 750 feet of shoreline. Plans call for new boat launches for kayaks and canoes. The property features a mix of studio, one- and two-bedroom units. Scott Harris of Marcus & Millichap brokered the sale on behalf of the seller, a partnership. He also secured and represented the buyer, a limited liability company.

February 21, 2018

Indiana Lee & Associates Midwest Office

Lee & Associates Negotiates Sale of 30,375 SF Office Building in Indianapolis

by Kristin Harlow February 15, 2018

INDIANAPOLIS — Lee & Associates has negotiated the sale of a 30,375-square-foot office building in Indianapolis for an undisclosed price. The property is located at 3530 S. Keystone Ave. Teresa Harwood and Matt Broderick of Lee & Associates represented the seller, Keystone Business Property LLC. Alex Cantu and Alex Davenport of Colliers International represented the undisclosed buyer.

February 15, 2018

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