Indiana

Steadfast Acquires Apartment Property in Indianapolis for $44.6M

by Kristin Harlow December 22, 2017

INDIANAPOLIS — Steadfast Apartment REIT III Inc. (STAR III) has acquired Avery Point Apartments in Indianapolis for $44.6 million. Built in 1986, the 512-unit apartment property consists of 58 two-story buildings. The unit mix includes one- and two-bedroom apartments as well as two-bedroom townhomes averaging 900 square feet. Rents average $778 per month. The community is currently 94 percent occupied. Amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, dog park and covered parking. STAR III plans to renovate 75 percent of the units at the property with upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. STAR III also plans to upgrade common areas and amenities, including enhancements to landscaping, signage and the fitness center. The undisclosed seller previously renovated 25 percent of the units.

December 22, 2017

Affordable Housing Indiana Loans Midwest Multifamily

Pillar Originates $6M Fannie Mae Loan for Refinancing of Affordable Housing Property in Lafayette, Indiana

by Kristin Harlow December 21, 2017

LAFAYETTE, IND. — Pillar Financial, a division of SunTrust Bank, has originated a $6 million Fannie Mae loan for the refinancing of Lahr Apartments in Lafayette. Constructed in 1831, the historic property originally served as the Lahr Hotel before being transformed into affordable housing units in 1998. The property also features first-floor retail space. Joe Markech of Pillar originated the 10-year loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Mike Dury of PR Mortgage, a Pillar correspondent.

December 21, 2017

Indiana Midwest Net Lease Retail

Lamb Net Lease Negotiates Sale of Auto Shop in Kokomo, Indiana

by Kristin Harlow December 19, 2017

KOKOMO, IND. — Lamb Net Lease LLC has negotiated the sale of a 14,592-square-foot building net leased to Gerber Collision & Glass in Kokomo, 60 miles north of Indianapolis. The sales price was not disclosed. Gerber Collision & Glass is a wholly owned subsidiary of Boyd Group Income Fund. A Midwest-based REIT purchased the property, which is located at 418 Kentucky Drive. Mike Lamb of Lamb Net Lease negotiated the transaction between both parties. David Bickell of SVN represented the private equity seller.

December 19, 2017

Indiana Industrial Midwest

Earnest Machine Products Signs 55,800 SF Industrial Lease in Greenwood, Indiana

by Kristin Harlow December 18, 2017

GREENWOOD, IND. — Earnest Machine Products Co. has signed a 55,800-square-foot industrial lease at SouthPoint Business Park in Greenwood, about 15 miles south of Indianapolis. The bolts and fasteners manufacturer for the heavy equipment industry will occupy the space within Building A. Steve Beals and Richard King III of Lee & Associates represented the tenant in the lease transaction. Jason Speckman of Colliers International represented the landlord, Shear GW2 LLC.

December 18, 2017

Indiana Industrial Midwest

HSA Commercial Purchases 19-Acre Land Site in Suburban Indianapolis, Plans 262,758 SF Distribution Center

by Kristin Harlow December 12, 2017

PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.

December 12, 2017

Indiana Industrial Midwest

Cawley Chicago Brokers $16.9M Sale of Two Industrial Buildings in Indianapolis

by Kristin Harlow December 5, 2017

INDIANAPOLIS — Cawley Chicago has brokered the sale of two industrial buildings in Indianapolis for $16.9 million. The buildings, totaling 607,231 square feet, are located within the Shadeland I-70 Business Park near I-70 and I-495. The properties were 94 percent occupied by five tenants at the time of sale. The largest tenants, Pratt Visual Solutions and MicroMetl, occupy a combined 89 percent. David Conroy and Timothy Gallagher of Cawley Chicago brokered the transaction. Plymouth Industrial REIT purchased the buildings from First Highland Management & Development Corp. Inc. In completing the transaction and expanding its portfolio, Plymouth structured the acquisition as an UPREIT (umbrella partnership real estate investment trust), a vehicle that enables a company seeking to sell appreciated real estate to defer or completely avoid capital gains tax liability.

December 5, 2017

Healthcare Indiana Midwest

Everhealth Properties Acquires 60,000 SF Medical Office Building in Southeast Indiana

by Kristin Harlow November 17, 2017

NEW ALBANY, IND. — Everhealth Properties LP, a subsidiary of Everest Healthcare Properties LLC, has acquired New Albany Medical Center, a 60,000-square-foot medical office building in New Albany, roughly six miles west of Louisville. The Scottsdale, Ariz.-based company acquired the asset through its tax-deferred IRS Section 721 program. Other terms of the transaction were not disclosed. At the time of sale, New Albany Medical Center was 95 percent occupied, with a weighted average lease term of almost five-and-a-half years. The seller was not disclosed. The 721 program is designed to offer investors access to high-quality medical office real estate that has the potential for long-term capital appreciation.

November 17, 2017

Indiana Industrial Midwest

PCCP, Strategic Capital Partners to Develop Two Industrial Buildings Totaling 500,000 SF in Indianapolis

by Kristin Harlow November 13, 2017

INDIANAPOLIS — A joint venture between PCCP and Strategic Capital Partners LLC (SCP) is developing two industrial buildings at Metro Air Business Park in Indianapolis. Buildings Two and Six will total 500,000 square feet. The $27 million development is slated for completion in the second quarter of 2018. SCP began developing the business park in 2006. The property will total more than 1.2 million square feet upon completion. Current tenants include DJ Ortho, Rolls Royce, Fiserv Solutions, Expeditors International, TRICOR Braun and Hiab USA. SCP acquired the property, located less than one mile from the Indianapolis International Airport, from the Indianapolis Airport Authority.

November 13, 2017

Hospitality Indiana Loans Michigan Midwest

KeyBank Provides $69.9M CMBS Loan for Refinancing of Hotel Portfolio in Indiana and Michigan

by Kristin Harlow November 9, 2017

INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.

November 9, 2017

Healthcare Indiana Midwest

Franciscan Alliance Acquires 35,000 SF Former Hospital in Hobart, Indiana

by Kristin Harlow November 9, 2017

HOBART, IND. — Franciscan Alliance Inc. has acquired a 35,000-square-foot former hospital in Hobart, about 40 miles southeast of Chicago. The purchase price was not disclosed. Most recently known as Hind General Hospital, the single-story building has been vacant since 2014. The property is situated on 17 acres at the corner of 61st and Lake Park avenues. Michael Siwietz and Jeff Bennett of McColly Bennett and Steve Malley of Lee & Associates brokered the sale on behalf of ownership, Hanmi Bank. Ken Catellier of Tonn and Blank Construction Inc. represented Franciscan Alliance, which is a 14-hospital health system that includes clinics, home health services and doctors serving Indiana and Illinois.

November 9, 2017

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