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.
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 …
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.
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.
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.
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.
RICHMOND, IND. — Marcus & Millichap has arranged the $1.7 million sale of a 9,785-square-foot retail center in Richmond, a city in eastern Indiana. UPS and Hoppe Jewelers are tenants at the property, which is located at 3643 National Road East. The building was constructed in 2003 and renovated in 2019 and 2020. Damien Yoder and Madison Harman of Marcus & Millichap’s The Yoder-Harman Group represented the seller, a private investor. During negotiations, a tenant vacated, so the duo helped the seller create a new three-year master lease for the vacancy. They also advised the seller on how to maximize the property’s value by structuring a new five-year lease for Hoppe Jewelers to commence at the close of the sale. Buyer information was not provided.
GREENWOOD, IND. — Marcus & Millichap has brokered the sale of Yorktowne Farms Apartments, a 264-unit multifamily property in the Indianapolis suburb of Greenwood. Built in 1982, the community features amenities such as a pool, playground, laundry facilities, and basketball and tennis courts. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were undisclosed.
CROWN POINT, IND. — Greystone has provided a $40.3 million Freddie Mac loan for the refinancing of Hidden Creek Apartments in Crown Point, a city in Northwest Indiana. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 10-year term and a fixed interest rate. Originally constructed in 1976, the 432-unit property features one- and two-bedroom units spread across 12 buildings. Amenities include a pool, fitness room, playground, disc golf course and clubhouse. The borrower, Bayshore Properties, purchased the community in 2021 with bridge financing and completed $725,000 in capital improvements to more than 25 percent of the units as well as exterior renovations totaling $659,000.
BLOOMINGTON, IND. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.
