WEST LAFAYETTE, IND. — In a joint venture with T2 Capital Management, South Street Capital has acquired an 18,300-square-foot mixed-use building in West Lafayette. The purchase price was not disclosed. The three-story building is located at 100 Northwestern Ave. near Purdue University. Locally known as The Miller Building, the building consists of retail and office space as well as apartment units.
SOUTH BEND, IND. — RD Management LLC has sold a former Sears Essentials building located at 4640 S. Michigan St. in South Bend. A national retailer purchased the 112,900-square-foot property for an undisclosed price. The vacant building sits on 16 acres near U.S. Highway 31. A Ford dealership and Aldi supermarket are adjacent to the property, and Erskine Commons and Erskine Plaza centers are nearby. RD Management sold the asset as part of the company’s strategy to reposition its portfolio as a more diversified group of properties.
PLAINFIELD, IND. — HSA Commercial, in a joint venture partnership with Great Point Investors, has begun development of a 151,220-square-foot speculative industrial building in Plainfield, a southwest suburb of Indianapolis. Gateway Industrial IV is currently under construction, with delivery scheduled for this June. It will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park. The PrivateBank provided the project financing. HSA Commercial and Great Point Investors previously partnered on the development of Gateway Industrial III, an adjacent 220,000-square-foot building that was completed in 2015 and is now fully leased. When complete, Gateway Industrial IV will feature 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. The development is located just west of the Indianapolis International Airport and is designed to accommodate users as small as 25,000 square feet. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for Gateway Industrial IV. Fishers, Ind.-based Meyer Najem is the general contractor for the project. West Lafayette, Ind.-based KJG Architecture designed the building.
MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.
FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.
MUNSTER, IND. — Vista Capital Co. has arranged a $9.3 million loan for the refinancing of the Hampton Inn & Suites in Munster. Opened in 2004, the 91-room hotel is located 25 miles from Chicago. A European-based investment bank provided the 10-year loan. The borrower was not disclosed.
INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.
SOUTH BEND, IND. — Dougherty Mortgage LLC has arranged a $6.3 million Fannie Mae loan for the refinancing of Legacy Village at Notre Dame. The 14-unit student housing property is located in South Bend. The 12-year loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending. RWD Campus Developments LLC was the borrower.
INDIANAPOLIS — Electronics and home appliances retailer hhgregg’s Inc.’s decision last week to close 88 stores — or roughly 40 percent of its total outlets — and three distribution facilities over the next two months came in the wake of a rough financial stretch for the company. Net sales decreased 23.7 percent on a year-over-year basis during the company’s most recent fiscal quarter, which ended Dec. 31, 2016, and the gross operating margin declined 4.1 percent. The net loss for the quarter was roughly $58.3 million, despite the fact that this period encompassed the holidays. The company was recently delisted from the New York Stock Exchange for failing to meet minimum requirements. Most commonly, delisting occurs when a security trades below $1 per share for 30 consecutive business days; hhgregg had not closed at or above this level since Jan. 9 of this year As a supplier of consumer goods that span several different sectors, hhgregg has been hit equally hard by the rising popularity of e-commerce and competition from other multichannel retailers like Walmart and Home Depot, both of which have enjoyed upward-trending stock prices throughout the year’s early stages. Its electronics division, in particular, was hit hard by this …
GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
