Thursday, January 23, 2025
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IndianaMarket ReportsMidwestMidwest Market ReportsMixed-Use

Mixed-Use Development Takes Center Stage in Downtown Indianapolis

by Kristin Harlow

By Stephen Daum, Colliers The eyes of the sporting world once again focus on downtown Indianapolis as it hosts the 2024 NBA All-Star Game at Gainbridge Fieldhouse in mid-February. It is anticipated that the game will have a $320 million economic impact to the city. Indianapolis was set to hold the 2021 NBA All-Star Game, but the COVID-19 shutdown forced a postponement until 2024.  Similarly, the pandemic also stunted development efforts in the central business district. But like the return of the All-Star Game, downtown development projects have rebounded, with an estimated $9 billion in projects set to be completed over the next few years.  In anticipation of hosting the All-Star Game, Pacers Sports & Entertainment finished an extensive $400 million remodel of Gainbridge Fieldhouse, including new seats, expanded social gathering areas, plus the new outdoor Bicentennial Unity Plaza — offering public basketball courts and an ice skating rink in the winter. Overlooking Bicentennial Plaza is Commission Row, a 30,000-square-foot mixed-use, multi-story development. Basketball isn’t the only sport driving downtown development. Indy Eleven, a United Soccer League (USL) franchise headed by local developer Ersal Ozdemir, has begun construction on its expansive Indy Eleven Park. This will be located just south …

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

StorSafe Acquires Self-Storage Facility in Cedar Lake, Indiana

by Kristin Harlow

CEDAR LAKE, IND. — StorSafe Self Storage has acquired a self-storage facility in Cedar Lake, a city in Northwest Indiana. The purchase price was undisclosed. StorSafe’s portfolio now encompasses 29 facilities totaling more than 1.7 million square feet across Florida, Illinois, Indiana, North Carolina, Ohio and Wisconsin. StorSafe is a subsidiary of Elmdale Partners. The Cedar Lake property will offer security, parking, climate-controlled units and varied storage sizes for both personal and business use.

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AcquisitionsIndianaIndustrialMidwest

DWG Capital Partners Acquires 65,256 SF Industrial Facility in South Bend Via Sale-Leaseback

by Kristin Harlow

SOUTH BEND, IND. — DWG Capital Partners has acquired a 65,256-square-foot industrial facility located at 301 E. Sample St. in South Bend. The sales price was undisclosed. The single-story property is situated on four acres and features a clear height of 24 feet, a drive-in door and two dock doors. Structured as a sale-leaseback, the transaction was completed with private equity firm JAL Equity, which simultaneously acquired the longtime tenant, Mossberg & Co. The tenant is a provider of technology-based print and marketing solutions. Bryan Huber and Michael Soleimani of SAB Capital represented the seller.

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AcquisitionsHealthcareIndianaMidwest

Colliers Brokers Sale of 58,158 SF Medical Office Portfolio in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Colliers has brokered the sale of The Green on Meridian, a two-building medical office portfolio totaling 58,158 square feet in the Indianapolis suburb of Carmel. The sales price was undisclosed. The three-story buildings are 25 percent occupied by 10 tenants. Alex Cantu, Alex Davenport and Bryce Wetzel of Colliers represented the seller, NAYA Investment & Management, an independent real estate firm specializing in the acquisition and management of office and residential properties across Indiana and Florida. A private investor was the buyer.

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AcquisitionsIndianaMidwestRetail

Big V Property Group, Equity Street Capital Acquire Merchants Square Shopping Center in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Big V Property Group and Equity Street Capital have acquired Merchants Square shopping center in the Indianapolis suburb of Carmel. The purchase price and seller were undisclosed. The open-air retail property totals 232,284 square feet. Tenants include Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco and Dollar Tree. Harvest Market will shadow anchor the property when it opens this fall.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Receives Approval to Move Forward with Next Two Phases of $750M Fishers District Near Indianapolis

by Kristin Harlow

FISHERS, IND. — Developer Thompson Thrift has received approval from the City of Fishers to begin work on the next two phases of the $750 million Fishers District mixed-use development. Located near I-69 and 116th Street, The Union will include 55,000 square feet of retail space, 60,000 square feet of Class A office space, a 150-room boutique hotel, a 250-unit multifamily community and 805 structured parking spaces. Thompson Thrift is currently in negotiations for the hotel and about 40 percent of the retail space. Infrastructure work will begin this year, with vertical construction slated to begin in early 2025. The Crossing at Fishers District will comprise 62 acres, the centerpiece of which will be the city-owned 7,500-seat event center that is currently under construction. The center is the future home of the Indy Fuel, the professional hockey minor league affiliate of the NHL’s Chicago Blackhawks. The surrounding mixed-use development will feature office, retail, restaurant, residential, hotel and entertainment components. The event center is slated for completion later this year. Chicken N Pickle, an indoor-outdoor entertainment concept with a restaurant and pickleball courts, has committed to space at The Crossing. Thompson Thrift first began work on Fishers District in 2015. Once …

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AcquisitionsIndianaIndustrialMidwest

TEI Acquires 55,000 SF Warehouse in Indianapolis for $3.3M

by Kristin Harlow

INDIANAPOLIS — Time Equities Inc. (TEI) has acquired a 55,000-square-foot warehouse in Indianapolis for $3.3 million. Located at 1840 Midwest Blvd., the property was developed in phases from 1995 until 2004. The building, which features a clear height of 30 feet, three loading docks and 21 drive-in doors, is situated about 11 miles from the Indianapolis International Airport and five miles from the Indianapolis Motor Speedway. Anchored by R&R Plumbing, an affiliate of Berkshire Hathaway, the property is 94 percent leased. Max Pastor and Brian Soto led the transaction on behalf of TEI. Brian Dell of Colliers represented the undisclosed seller, while Tony Hupp and Ryan Kelly of Colliers represented TEI. Hupp and Kelly will also handle leasing of the property on behalf of TEI.

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AcquisitionsIndianaIndustrialMidwest

Colliers Brokers Sale of 81,600 SF Industrial Building in South Bend, Indiana

by Kristin Harlow

SOUTH BEND, IND. — Colliers has brokered the sale of an 81,600-square-foot industrial building in South Bend for an undisclosed price. The property is located at 6851 Enterprise Drive. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A private investor was the buyer. JB Products Inc., a plumbing and heating equipment supplier, has fully occupied the building for nearly 25 years. The building serves as the company’s headquarters and distribution hub for its sales representatives across the country. The facility features 9,000 square feet of office space, a clear height of 24 feet, four dock doors and ample employee parking.

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IndianaIndustrialLeasing ActivityMidwest

Bintelli Signs 150,000 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow

JEFFERSONVILLE, IND. — Bintelli, a Charleston-based low speed vehicle manufacturing company, has signed a 150,000-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville, a city in southern Indiana along the Ohio River. Ashley Jackrel and Matt Ryder of Avison Young represented Bintelli. The duo provided consulting services, location strategy support, labor analytics, economic development incentives and supply chain and distribution planning. Dustin Coffman of PRG Commercial Property Advisors assisted with local site selection. Bintelli plans to invest more than $4 million into the Jeffersonville area and create approximately 67 new jobs with the expansion. The company manufactures golf carts, shuttles, vehicles, parts and accessories.

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AcquisitionsIndianaIndustrialMidwest

CBRE Brokers $24.5M Sale of Suburban Indianapolis Industrial Building

by Kristin Harlow

WHITESTOWN, IND. — CBRE has brokered the $24.5 million sale of Park 130 at Whitestown Building 2, a 356,900-square-foot industrial building in the Indianapolis suburb of Whitestown. The property at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is situated on nearly 22 acres within the larger Park 130 at Whitestown. The property features a clear height of 32 feet, 42 insulated dock doors and two drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE Investment Properties represented the private seller. A private, high-net-worth buyer purchased the asset at a cap rate of 5.6 percent.

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