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.
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.
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.
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.
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.
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.
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.
KENDALLVILLE, IND. — The Woda Group Inc. has opened Atz Place in Kendallville in northeastern Indiana. The 38-unit affordable seniors housing property features 24 one-bedroom units and 14 two-bedroom units. Amenities include a lobby, community room, grandchild room, fitness room and laundry. Funding for Atz Place, built on the site of the former Atz Ice Cream Shoppe at 301 E. Wayne St., was made possible through federal housing tax credits allocated by the Indiana Housing Community and Development Authority. R4 Capital invested in the housing tax credits, while Huntington Bank provided the construction loan. Preferred Building Supply LLC provided a construction donation for the project.
LAFAYETTE, IND. — DoubleTree by Hilton Lafayette East has opened in Lafayette, 63 miles northwest of Indianapolis. The 128-room hotel is located at 155 Progress Drive off I-65. Dora Hotel Co. LLC will own and operate the property in partnership with local developer Roy Meeks. Amenities include an indoor pool, business center, outdoor courtyard with fire pit, fitness center and 3,000 square feet of meeting space. Executive Chef Raul Roges heads the on-site Made Market restaurant and lounge as well as the banquet department.
DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …