Indiana

Marcus & Millichap Arranges Sale of Self-Storage Portfolio in Elkhart, Indiana

by Kristin Harlow June 21, 2017

ELKHART, IND. — Marcus & Millichap has arranged the sale of the Iron Gate Self-Storage Portfolio in Elkhart, 15 miles east of South Bend. The sales price was not disclosed. The six-property, 289,302-square-foot portfolio was 70 percent occupied at the time of sale. The facilities are located on a total of 37 acres. The properties include County Road 113 Self-Storage; County Road 9 Self-Storage; Johnson Street Self-Storage; Middleton Run Road Self-Storage; Bloomingdale Drive Self-Storage; and State Road 13 Self-Storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.

June 21, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $6.6M Loan for Refinancing of Apartment Property in Indianapolis

by Kristin Harlow June 21, 2017

INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.

June 21, 2017

Indiana Industrial Midwest

Rj BOLL Negotiates 120,200 SF Industrial Lease in Indianapolis

by Kristin Harlow June 13, 2017

INDIANAPOLIS — Rj BOLL Realty has negotiated a 120,200-square-foot industrial lease at The Logan Building in Indianapolis. Commercial Works Inc. has leased the entire building, located at 5150 Decatur Blvd. Ray C. Boll and Jeffrey A. Boll of Rj BOLL represented Commercial Works in the lease transaction. Brian Buschuk and Brian Seitz of JLL represented the landlord, Meritex Logan LLC. Rj BOLL and JLL also arranged the sale of Commercial Works’ previous location at 255 S. Post Road in Indianapolis. Jenson Industries purchased the 55,043-square-foot building for $1.9 million.

June 13, 2017

Indiana Midwest Multifamily Seniors Housing

$40M Clarendale Seniors Housing Community Opens in Schererville, Indiana

by Kristin Harlow June 12, 2017

SCHERERVILLE, IND. — Clarendale of Schererville has opened in Schererville, about 38 miles south of Chicago. The 177-unit seniors housing community is located at 7770 Burr St. The $40 million development is the third Clarendale property from developer-builder Ryan Cos. Situated on nine acres, the three-story community is comprised of 85 independent living residences, 38 assisted living residences and 54 memory care residences. The residences range from 300 square feet to 1,300 square feet. Amenities include a movie theater, crafts room, bistro, pub and billiards room, library, multipurpose room and fitness center. Des Moines, Iowa-based Life Care Services will manage the community.

June 12, 2017

Indiana Loans Midwest Minnesota Multifamily Ohio

Meridian Capital Arranges $57.5M Refinancing for 15-Property Multifamily Portfolio Across Five States

by Kristin Harlow June 9, 2017

INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.

June 9, 2017

Indiana Midwest Office

CBRE Arranges Sale of 243,271 SF Office Property in Carmel, Indiana

by Kristin Harlow June 7, 2017

CARMEL, IND. — CBRE has arranged the sale of One & Two Penn Mark office buildings in Carmel, about 20 miles north of Indianapolis. The sales price was not disclosed. Together, the two office buildings combine for 13 floors and 243,271 square feet of Class A office space. Amenities include an exercise facility, tenant lounge, conference center and an outdoor amenity area with shaded seating. Dan Richardson of CBRE represented the seller, TNHYIF REIV Sierra LLC. Omaha-based Metonic Real Estate Solutions was the buyer.

June 7, 2017

Indiana Industrial Midwest

GLC to Develop 100,000 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow June 6, 2017

NOBLESVILLE, IND. — Great Lakes Capital (GLC) is developing Indiana Technical Center, a 100,000-square-foot industrial building in Noblesville, about 25 miles north of Indianapolis. The build-to-suit facility will be leased to BorgWarner, a manufacturer of technology solutions for combustion, hybrid and electronic vehicles. The facility will help BorgWarner consolidate its two existing locations in Anderson and Pendleton. Construction will begin this month with completion slated for April 2018. The Hagerman Group will serve as general contractor, while MSKTD & Associates Inc. will serve as architect and engineer.

June 6, 2017

Indiana Michigan Midwest Restaurant Retail

Englewood Construction Completes Three Restaurant Projects in Indiana and Michigan

by Kristin Harlow June 5, 2017

FORT WAYNE AND MERRILLVILLE, IND. — Englewood Construction has completed the ground-up construction of three new restaurants: a BJ’s Restaurant and Brewhouse in Fort Wayne, Ind., an Outback Steakhouse in Merrillville, Ind. and an Eddie V’s in Troy, Mich. The 7,525-square-foot BJ’s Restaurant and Brewhouse is located next to Glenbrook Square Mall along Coliseum Boulevard in Fort Wayne. BJ’s, a pizza and burger restaurant, was designed by Dublin, Ohio-based WD Partners. Englewood completed a 6,494-square-foot Outback Steakhouse at 1590 E. Lincoln Highway in Merrillville for Bloomin’ Brands. The company chose to move from a nearby location. The Roberts Group was the project architect. North of Detroit, Englewood completed construction of a 9,698-square-foot Eddie V’s restaurant in Troy. Scheduled to open in June, it is the 16th Eddie V’s location for Orlando, Fla.-based Darden Restaurants Inc. Located at 2100 W. Big Beaver Road, the restaurant will feature seafood, cocktails and live music from jazz musicians. Designers of Progressive Architecture was the project architect.

June 5, 2017

Healthcare Indiana Loans Midwest

KeyBank Provides $15.3M Refinancing for Skilled Nursing Portfolio in Indiana

by Kristin Harlow May 25, 2017

NOBLESVILLE AND LAFAYETTE, IND. — KeyBank Real Estate Capital has provided $15.3 million in loans for the refinancing of a two-property skilled nursing portfolio in Indiana. KeyBank provided a $9.6 million loan for Trilogy-Prairie Lakes Health Campus located in Noblesville, about 25 miles north of Indianapolis. Built in 2010, the 132-bed facility consists of 49 skilled nursing units, 33 assisted living units and 29 memory care units. KeyBank provided a $5.7 million loan for Trilogy-St. Mary Healthcare Center located in Lafayette, about 60 miles northwest of Indianapolis. The 71-bed facility was built in 1969 and renovated in 2010. John Randolph and Laura Conway of KeyBank Healthcare Group arranged the loans through the FHA 232/223(f) mortgage insurance program. Both loans include 35-year amortization schedules.

May 25, 2017

Indiana Market Reports Midwest Midwest Market Reports Office

Tech Jobs, Population Surge Give Indianapolis Office Market a Big Lift

by Kristin Harlow May 18, 2017

No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …

May 18, 2017

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