SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.
INDIANAPOLIS — JVM Realty Corp. (JVM) has completed the renovation of the common areas at Circa Apartments, a 265-unit luxury apartment community that it owns in downtown Indianapolis. The new features at Circa include an expanded pet park, a new pet washing station, automated package room, upgraded fitness center and co-working lounge. The renovation also included a redesigned clubhouse and new furniture for the pool and resident lounge. Holt Construction was the contractor for the project and Laura Braucher of Studio 5 Interiors Inc. was the designer.
INDIANAPOLIS — Cushman & Wakefield has arranged the sale of The Coil Apartments in Indianapolis for an undisclosed price. The 151-unit apartment property, located at 6349 N. College Ave., includes a 33,500-square-foot retail space occupied by Fresh Thyme Farmers Market. Todd Stofflet, Jason Stevens and Susan Tjarksen of Cushman & Wakefield represented the sellers, Sheehan Cos. and Browning Investments. RDG Funds purchased the asset.
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.
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.
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.
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.
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.
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.
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 …