Indiana

Meridian Begins Construction of Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow September 26, 2018

PLAINFIELD, IND. — Meridian Design Build has begun construction on a 262,758-square-foot speculative industrial building on behalf of HSA Commercial Real Estate in Plainfield, a suburb of Indianapolis. The new facility will be located on a 19.3-acre site at 845 Airtech Parkway. The building will feature a clear height of 32 feet, 30 loading docks, four drive-in doors and parking for 185 cars and 70 trailers. Cornerstone Architects is the architect while Innovative Engineering & Consulting is providing civil engineering services. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

September 26, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $3M Sale of Retail Center Near Indianapolis

by Kristin Harlow September 25, 2018

SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.

September 25, 2018

Acquisitions Indiana Michigan Midwest Retail

NAI Wisinski Brokers Sale of Four Shopping Centers in Michigan, Indiana for $28.5M

by Kristin Harlow September 14, 2018

MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.

September 14, 2018

Acquisitions Indiana Midwest Office

Holladay Properties Sells 28,674 SF Office Building in South Bend, Indiana

by Kristin Harlow September 5, 2018

SOUTH BEND, IND. — Holladay Properties has sold Colfax Place in downtown South Bend for $1 million. Colfax Place Offices LLC was the buyer. The seven-story, 28,674-square-foot office building is located at 220 W. Colfax Ave. The building is currently 81 percent occupied by tenants such as Michiana Health Information Network, The American National Red Cross, Christopher B. Burke Engineering Ltd. and Vanguard Eldercare Medical Group. Indiana & Michigan Power constructed the building in the 1920s and Holladay has owned the property since 1988. Cressy Commercial Real Estate brokered the transaction.

September 5, 2018

Acquisitions Indiana Industrial Midwest

Colliers Negotiates $6.6M Sale of 166,119 SF Industrial Portfolio in Indianapolis

by Kristin Harlow August 29, 2018

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.

August 29, 2018

Indiana Loans Midwest Multifamily

SunTrust Originates $4.2M Fannie Mae Loan for Refinancing of Multifamily Property in Indianapolis

by Kristin Harlow August 28, 2018

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.

August 28, 2018

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 401,223 SF Industrial Portfolio in Indianapolis

by Kristin Harlow August 20, 2018

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.

August 20, 2018

Acquisitions Indiana Midwest Retail

Quantum Brokers $1.9M Sale of Retail Building in Indianapolis

by Kristin Harlow August 15, 2018

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.

August 15, 2018

Indiana Loans Midwest Mixed-Use Top Stories

Flaherty & Collins Receives $104M Loan for New Mixed-Use Tower in Indianapolis

by John Nelson August 14, 2018

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 …

August 14, 2018

Acquisitions Indiana Midwest Retail

Mid-America Brokers $23M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow August 13, 2018

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.

August 13, 2018

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