INDIANA AND OHIO — NorthMarq Capital has arranged a $7 million loan for the refinancing of Creekstone retail portfolio, a collection of retail properties totaling 50,000 square feet in Indiana and Ohio. The properties include: 1310, 1665 and 1675 N. National Road in Columbus, Ind.; 909 DuPont Road in Fort Wayne, Ind.; and 4425 Feedwire Road in Centerville, Ohio. Noah Juran of NorthMarq arranged the 15-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
BROWNSBURG, IND. — Flaherty & Collins Properties has broken ground on The Arbuckle, a $40 million luxury apartment property in Brownsburg, about 17 miles west of Indianapolis. The property, located at 300 N. Green St., will consist of 208 luxury market-rate apartment units. Floor plans will comprise studio, one- and two-bedroom units. Among the nearly 7,000 square feet of amenities will be a courtyard, saltwater pool, coffee lounge, conference room, pet wash, study lounge and fitness center. Flaherty & Collins Construction is the general contractor. The project team also consists of CSO Architects, ecological engineering and design firm Williams Creek, and consulting engineering firm Lynch Harrison & Brumleve Inc. Busey Bank provided construction financing. The 391,502-square-foot project is slated for completion in spring 2019.
INDIANAPOLIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired two Class B industrial properties in Indianapolis for $16.9 million. Located in Shadeland I-70 Business Park near I-70 and I-495, the portfolio consists of a 562,497-square-foot building and a 44,374-square-foot building. The properties are 94 percent leased to five tenants including Pratt Visual Solutions and MicroMetl. Boston-based Plymouth currently owns and manages 20 properties spanning approximately 5 million square feet of space in six states.
INDIANAPOLIS — Alidade Capital WCP VII LLC, a wholly owned subsidiary of Alidade Capital Fund IV LP, has acquired Woodland Corporate Park VII in Indianapolis for an undisclosed price. The 118,954-square-foot office building is visible from I-465. The acquisition represents Michigan-based Alidade Capital’s second transaction in Indianapolis and brings the real estate private equity fund manager’s total portfolio in the area to approximately 292,000 square feet. Following the sale, Alidade Capital awarded John Vandenbark and Nick Svarczkopf of CBRE with the listing assignment for the property. Dan Richardson of CBRE represented the seller, Duke Construction Limited Partnership, in the transaction.
INDIANAPOLIS — Covenant Capital Group LLC has acquired Columns of Castleton in Indianapolis for $30.2 million. The 398-unit multifamily property is located at 7615 Ivywood Drive. Covenant plans to invest over $4.7 million to modernize the property. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy-efficient appliances and LED lighting. The purchase price amounts to $76,005 per unit.
INDIANA — Four Corners Property Trust (NYSE: FCPT) has acquired two properties in Indiana that are net leased to K-MAC Enterprises LLC for $3.4 million. The seller was not disclosed. The properties are occupied under individual triple-net leases with new 20-year terms negotiated by FCPT prior to closing. FCPT plans to remodel both properties in the next four years, which will include the transformation from a KFC/Taco Bell restaurant to a Taco Bell exclusively at one of the properties. K-MAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast.
BROWNSBURG AND INDIANAPOLIS, IND. — KeyBank Real Estate Capital has arranged $33.6 million in Freddie Mac financing for the acquisition of two multifamily properties in Indiana. KeyBank arranged a $22.5 million loan for LaCabreah Apartments located in Brownsburg, about 20 miles northwest of Indianapolis. Built in 2016, the Class A property consists of 240 units. KeyBank also arranged an $11.1 million loan for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. Constructed on two separate parcels between 2013 and 2015, the property consists of 176 units. Hayley Suminski of KeyBank arranged the 10-year loans, which feature 30-year amortization schedules.
INDIANAPOLIS, PORTAGE AND SOUTH BEND, IND. — NorthPoint Capital Funding Inc. has arranged a $65.5 million loan for the refinancing of a 15-property industrial portfolio in Indiana and Tennessee. The assets are located in Indianapolis, Portage and South Bend, Indiana, as well as Nashville. A mix of 36 tenants specializing in manufacturing or warehouse and distribution occupy the properties. The 10-year loan enabled the borrower, Holladay Properties, to retire multiple bank loans while forming a new entity that can be used to guarantee the financing of future development projects. AIG provided the loan.
BLOOMINGTON, IND. — A joint venture between CA Student Living and Regency Consolidated Residential has broken ground on Evolve Bloomington, a 751-bed mixed-use property located across from Indiana University’s Memorial Stadium in Bloomington. When complete, the development will feature seven buildings. A five-story main building will include 183 units and an expansive outdoor courtyard with 2,800 square feet of street-level retail. Other portions of the property will consist of a second five-story building with 72 units wrapped around a shared parking deck; a three-story building with eight units and 5,000 square feet of retail; and four three-story buildings with three to five units per building. The property will offer a mix of studio, one-, two-, three- and four-bedroom fully furnished units and 16 townhome residences. Community amenities will include an outdoor pool, hot tub and cabana; a jumbotron for sporting events and movie nights; grilling and fire pit areas; an indoor basketball court; coffee bar; game room; study lounge; fitness room; yoga studio; dog run; and spa with sauna. Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor. Pre-leasing for the community is set to begin this fall, with delivery slated for …
INDIANAPOLIS — Alpha Partners has acquired Meridian Marketplace in the Greenwood submarket of Indianapolis. The purchase price was not disclosed. The 41,445-square-foot shopping center is located at 8923 S. Meridian St. Crystal Kennard and Scot Courtney of Lee & Associates will oversee leasing of the center, which has 10,815 square feet available for immediate lease. The seller was not disclosed.