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.
CARMEL, IND. — CBRE has arranged a $50 million loan for the construction of KAR Auction Services Inc.’s new global headquarters in Carmel. Plans call for a 250,000-square-foot office building on a 13-acre site. The property is slated to open in August 2019. Nearly 1,600 of KAR’s 17,400 employees are based in Indiana. The new location will provide space for an additional 400 jobs. Michael Sherman, Irene Lu, Jason Brown and Dan Gable of CBRE arranged the loan. BBVA/Compass Bank provided the loan. The development team includes U.S. Realty Advisors, Ginovus LLC, Ice Miller, PURE Development and RATIO Architects.
BLOOMINGTON, IND. — Pillar Financial has provided a $14.1 million Fannie Mae loan for the refinancing of Urban Station in Bloomington. The permanent financing will replace a construction loan. The 53-unit student housing property opened in August 2017. The four-story property was developed on the original site of The Chocolate Moose, an ice cream parlor dating back to 1933. The Chocolate Moose now occupies all of the property’s first-floor retail space. Joe Markech of Pillar originated the 12-year loan, which features a 30-year amortization schedule. Mike Dury of PR Mortgage & Investments arranged the loan. The borrower is a Bloomington-based developer and manger of student housing and multifamily properties throughout Indiana.
COLUMBIA CITY, MONTICELLO AND WABASH, IND. — Regency Properties has acquired three shopping centers in northern Indiana for an undisclosed price. The acquisition will add a combined 253,267 square feet to the company’s portfolio of properties. The 123,340-square-foot Columbia Square Shopping Center is located at 621 Countryside Drive in Columbia City. Anchored by Kroger, additional tenants at the property include Family Dollar, Goody’s, Rent-A-Center and Tires Plus. In Monticello, the 107,164-square-foot Monticello Marketplace is located at 900 N. Main St. Tenants include Kroger, Label Shopper, Pizza Hut, Ace Hardware and Anytime Fitness. Wabash Crossing East Shopping Center is a 22,763-square-foot center located at 1611 N. Cass St. in Wabash. Positioned by Highway 24, this center features Wabash County Hospital among other tenants.
ANDERSON, IND. — CBRE has arranged $15.5 million in financing for a three-property multifamily portfolio located in Anderson, about 40 miles northwest of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the 10-year loans through Starwood Mortgage Capital. James Management Group was the borrower. Brown and Gable arranged a $6.8 million loan for the refinancing of Villages on Madison. The 214-unit property is located at 4325 S. Madison Ave. The team also arranged a $7.2 million loan for the acquisition of the 212-unit Cross Lakes and a $1.4 million loan for the acquisition of the 72-unit Giant Oaks.
FISHERS, IND. — Sun King Brewery has unveiled plans for the development of a new specialty production craft brewery and taproom at The Yard at Fishers District in Fishers, a northern suburb of Indianapolis. The 13,000-square-foot brewery is slated to open in late spring 2019. Sun King will focus on developing handcrafted, specialty beers that continue to experiment with different ingredients, styles and methods at the new brewery. The new location will be capable of producing approximately 5,000 barrels of beer per year. Customers will be able to purchase carryout beer and taste samples at the two-level brewery, which will also feature a 3,000-square-foot rooftop patio. Thompson Thrift Retail Group is the developer and landowner of The Yard at Fishers District.
LA PORTE, IND. — Huff, Niehaus & Associates Inc. has brokered the sale of the Best Western Plus hotel in La Porte, about 30 miles west of South Bend, for $4.5 million. The 142-room hotel also features a conference center. GDR Hospitality LLC has operated the hotel for over 10 years. The buyer, BRK Colorado Inc., intends to retain the Best Western Plus franchise and make renovations to the property. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction.
INDIANAPOLIS — Hillwood has purchased a four-property industrial portfolio in Indianapolis that contains a total of 1.1 million square feet. The purchase price was not disclosed. The Class A portfolio contains the 448,305-square-foot Airwest 12 and the 476,225-square-foot Airwest 14 at 2301 and 2201 Reeves Road (respectively) in Plainfield, as well as the Company Drive Commerce Center in Indianapolis. The Company Drive Commerce Center comprises two buildings featuring 60,480 square feet and 100,800 square feet. “We are proud to expand our footprint in the thriving Indianapolis market,” says Tom Fishman, executive vice president of acquisitions and dispositions for Hillwood. “These acquisitions are consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets.” The Airwest properties were built in 2015. They contain modern, flow-through cross dock designs with 36-foot clear heights, deep truck courts and car and trailer parking. Airwest 12 and 14 are situated off Interstate 70, providing access to interstates 465, 65 and 74 in the southwest industrial submarket. These routes access Chicago, Columbus, Cincinnati, Louisville and St. Louis. They also position the Airwest properties within a single day’s drive to more than half of the U.S. and Canadian population. The Company …
INDIANAPOLIS — A partnership between two investment firms, Indianapolis-based Strategic Capital Partners (SCP) and Philadelphia-based Rubenstein Partners LP, has acquired The Precedent Office Park, a 1.1 million-square-foot, Class A office complex in Indianapolis, for $132.7 million. Chicago-based LaSalle Investment Management was the seller. The property is situated on 184 acres at the intersection of Keystone Avenue and East 96th Street, just off Interstate 465 on the city’s north side. It consists of 19 buildings positioned around a 38-acre central lake. The campus is also located near a shopping and dining destination, The Fashion Mall at Keystone. Current amenities include a 6,000-square-foot fitness center, daycare center, bike-sharing program and micro-market vending options in select buildings. The buyers will implement a capital improvement program focused on enhancing the on-site amenities and upgrading the building systems. The improvements will aim to bolster the lake’s role in the amenity package by improving the landscaping and walking paths around it. Other amenity upgrades will include the renovation of the fitness center and the development of a new tenant lounge and cafeteria. “The Precedent’s location and proximity to the Fashion Mall at Keystone and other amenities is why many great local and national companies have chosen …
INDIANAPOLIS — Milhaus has sold a 1,803-unit multifamily portfolio that spans four states for $320.5 million. Four separate buyers acquired the assets. The nine properties included in Milhaus’s Urban Core Portfolio are the 354-unit Highland Row in Memphis, Tenn.; the 131-unit Gantry in Cincinnati; the 329-unit Lift in Oklahoma City; and the 258-unit Artistry, 54-unit Mosaic, 265-unit Circa, 65-unit Mozzo, 105-unit Maxwell, and 242-unit Mentor & Muse in Indianapolis. “The portfolio consists of small and large assets in four distinct metros, but the common theme … is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” says Steve LaMotte Jr. who, along with CBRE’s Central Midwest Multifamily team, represented developer Milhaus in this disposition. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets was duly noted by the market.” Indianapolis-based Milhaus developed, built and operates the majority of the portfolio. The firm focuses on Class A, urban multifamily buildings in growing secondary markets in the eastern half of the U.S. Indiana-based Gene B. Glick Co. was the seller of one of the assets, which Milhaus only operated. Five assets were recapitalized by …