WEST LAFAYETTE, IND. — Aries/Conlon Capital has arranged a $7.2 million loan for the refinancing of Four Points by Sheraton in West Lafayette, about 65 miles northwest of Indianapolis. The 171-room hotel is located at 600 Cumberland Ave. near Purdue University. Rushi Shah of Aries/Conlon Capital arranged the CMBS loan, which features a 10-year term and a 25-year amortization schedule. Pandey Hotel Corp. was the borrower.
INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.
PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.
FREMONT, IND. — Mumford Co. has arranged the sale of a 64-room Comfort Inn located in Fremont, about 50 miles north of Fort Wayne. The sales price was not disclosed. The three-story hotel is located at 251 W. State Road. Amenities include a swimming pool and game room. George Arvanitis of Mumford Co. represented the seller, STD Inc. Andrew Smith of Mumford Co. procured the buyer, a Michigan-based hotel owner.
INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.
KENDALLVILLE AND ANGOLA, IND. — The Boulder Group has negotiated the sale of two single-tenant properties net leased to Jiffy Lube in Indiana for $2.4 million. The properties are located at 317 W. North St. in Kendallville and 640 N. Wayne St. in Angola. The two locations were recently renovated with additional drive-in bays. There are more than 15 years remaining on both Jiffy Lube leases, which expire in December 2032. A private investment group was the buyer and a global real estate fund was the seller. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the sales transaction.
SOUTH BEND, IND. — CBRE Hotels has arranged the sale of the DoubleTree by Hilton Hotel South Bend for an undisclosed price. The 291-room hotel is located at 123 N. Dr. Martin Luther King Blvd. in South Bend. In 2013, the hotel changed brands from a Marriott to a DoubleTree and underwent a comprehensive renovation. The property is connected to the Century Center Convention Complex. Nate Sahn and Drew Noecker of CBRE Hotels represented the seller, Jenna Hotel Investments LLC. United Capital Corp. purchased the property.
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.
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.
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.
