Indiana

Flaherty & Collins to Develop 200-Unit Multifamily Project in LaPorte, Indiana

by Kristin Harlow July 30, 2018

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.

July 30, 2018

Acquisitions Indiana Midwest Office

Joint Venture Acquires 50,000 SF Office Building in Indianapolis

by Kristin Harlow July 26, 2018

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.

July 26, 2018

Indiana Industrial Leasing Activity Midwest

Cushman & Wakefield Negotiates 282,550 SF Industrial Lease Renewal for Essex in Fort Wayne, Indiana

by Kristin Harlow July 13, 2018

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.

July 13, 2018

Indiana Industrial Leasing Activity Midwest

HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis

by Kristin Harlow July 2, 2018

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.

July 2, 2018

Acquisitions Healthcare Indiana Midwest

MedEquities Acquires Rehabilitation Hospital in New Albany, Indiana for $23.4M

by Kristin Harlow June 29, 2018

NEW ALBANY, IND. — MedEquities Realty Trust Inc. (NYSE: MRT) has acquired Southern Indiana Rehabilitation Hospital in New Albany near Louisville for $23.4 million. The company also executed a 15-year lease with Vibra Rehabilitation Hospital of Southern Indiana LLC for the 60-bed inpatient rehabilitation facility (IRF). Vibra will convert the 26 beds currently in use as skilled nursing in order to operate the entire 64,380-square-foot facility as an IRF, which is the original design of the facility. The seller was not disclosed.

June 29, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $5M Sale of 12,408 SF Retail Property in Warsaw, Indiana

by Kristin Harlow June 29, 2018

WARSAW, IND. — The Cooper Commercial Investment Group has arranged the $5 million sale of Lake City Plaza in Warsaw, about 40 miles west of Fort Wayne. The 12,408-square-foot retail property is fully leased. Tenants include Starbucks, Verizon Wireless, Moe’s Southwest Grill and McAlister’s, all of which are on 10-year leases. The new property is located directly in front of a Meijer superstore. Dan Cooper of Cooper Group represented the seller, an Indiana-based private investor. An Ohio-based group purchased the asset.

June 29, 2018

Acquisitions Hospitality Indiana Midwest

HREC Arranges Sale of Comfort Suites in Fort Wayne, Indiana for $7.1M

by Kristin Harlow June 19, 2018

FORT WAYNE, IND. — HREC Investment Advisors has arranged the sale of the 127-room Comfort Suites in Fort Wayne for $7.1 million. The limited-service hotel is located at 5775 Coventry Lane. Tom Sommer, Zane Varvel and James Robinson of HREC represented the seller, Condor Hospitality Trust (NYSE American: CDOR). Akram Namou of Fort Wayne Hotel Group purchased the asset. He owns three other full-service and extended-stay hotels in the Fort Wayne market.

June 19, 2018

Acquisitions Indiana Industrial Midwest

Sazerac Purchases Former General Mills Plant in New Albany, Indiana

by Kristin Harlow June 18, 2018

NEW ALBANY, IND. — The Sazerac Company has purchased the former General Mills Pillsbury plant in New Albany near Louisville. The seller was a joint venture between New Mill Capital Holdings LLC and Tiger Group. Sazerac, a distilling company, intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities. Sazerac plans to invest $66 million and eventually create more than 100 jobs. The facility, located at 707 Pillsbury Lane, closed in 2016. Sazerac anticipates starting operations as early as this November.

June 18, 2018

Development Indiana Midwest Multifamily

Flaherty & Collins to Develop $30M Luxury Apartment Property in Lawrenceburg, Indiana

by Kristin Harlow June 7, 2018

LAWRENCEBURG, IND. — The Lawrenceburg City Council has approved a planned apartment development by Flaherty & Collins Properties. The $30 million project will feature 150 luxury apartment units near the west end of High Street in downtown Lawrenceburg, which is located about 30 miles west of Cincinnati. The project will include one- and two-bedroom units. Completion is slated for 2021, but a groundbreaking date has not been set. The city is expected to contribute $15 million to the project, according to local newspaper Dearborn County Register, but other financing is not yet in place.

June 7, 2018

Acquisitions Indiana Midwest Multifamily

Essex Brokers $2.6M Sale of Apartment Property in Valparaiso, Indiana

by Kristin Harlow June 7, 2018

VALPARAISO, IND. — Essex Realty Group Inc. has brokered the $2.6 million sale of Mayfield Apartments in the northwest Indianapolis suburb of Valparaiso. The 52-unit garden apartment complex features 13 buildings with four units each. The property is located at 156-364 Mayfield Ave. Brian Kochendorfer, Brian Karmowski and Troy Beebe of Essex brokered the transaction. Both the buyer and seller are real estate corporations with multiple properties under ownership.

June 7, 2018

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