Indiana

Colliers Arranges Sale of 700,981 SF Industrial Portfolio in Indianapolis

by Kristin Harlow December 22, 2016

INDIANAPOLIS — Colliers International has arranged the sale of the 700,981-square-foot Crosslake Industrial Portfolio in Indianapolis. Partially developed by Duke Realty, the portfolio includes 14 light industrial/flex assets in the Park 100 area. Colliers marketed the property on behalf of Crosslake Partners, a Chicago-based real estate investment group. Nevada-based Shear Property Group purchased the portfolio. Alex Cantu and Jason Speckman of Colliers Indianapolis led the transaction along with Steven Disse and Jeff Devine of the Colliers Chicago office.

December 22, 2016

Affordable Housing Indiana Loans Multifamily Texas

KeyBank Provides $43.2M in Financing for Four-Property Affordable Housing Portfolio

by Amy Works December 20, 2016

SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.

December 20, 2016

Indiana Midwest

Engineering Facility Solutions Completes HVAC Work at Jonathan Byrd’s Fieldhouse in Westfield, Indiana

by Kristin Harlow December 15, 2016

WESTFIELD, IND. — Engineering Facility Solutions (EFS) has completed work on the new $8.1 million Jonathan Byrd’s Fieldhouse at Grand Park in Westfield, about 20 miles north of Indianapolis. The 88,000-square-foot indoor sports facility is located at the Grand Park Sports Complex. EFS was the engineer of record and installing contractor for the design/build HVAC project. EFS designed and installed rooftop heating and cooling units to serve eight basketball and volleyball courts, mezzanine viewing area, a restaurant with full kitchen, administrative offices and concession area. EFS also installed gas piping, kitchen hood and kitchen ductwork, a make-up air system and controls. Lauth Construction was the general contractor.

December 15, 2016

Indiana Market Reports Midwest Midwest Market Reports Office

Investment by Salesforce.com in Indianapolis Office Tower Creates Ripple Effect

by Jeff Shaw December 8, 2016

Downtown Indianapolis is already feeling the impact of Salesforce.com Inc.’s recent decision to lease more than 220,000 square feet for a new regional headquarters in the state’s tallest office building, located at 111 Monument Circle. The firm’s $40 million investment over 10 years includes expansion plans for its regional headquarters as well as changing the name of the 48-story office tower from Chase Tower to Salesforce Tower Indianapolis. This will be one of only four towers in the world that bear the Salesforce name — the others are located in New York, London and San Francisco. Salesforce.com, a publicly traded company (NYSE: CRM), is a business software provider best known for applications that help salespeople track customer contacts and marketers plan campaigns, according to The Wall Street Journal. The San Francisco-based tech company currently has 1,400 employees in Indianapolis and plans to hire 800 new employees over the next five years. The company is expected to move into the tower in early 2017. The firm currently leases space in three other buildings downtown. This speaks volumes about Indianapolis’ efforts to become the Midwest hub for technology. While Salesforce is one of Indianapolis’ largest technology employers, nearly 100 tech companies are …

December 8, 2016

Indiana Industrial Loans Midwest Office

Calmwater Capital Provides $44M Bridge Loan for 993,017 SF Industrial and Medical Office Building in Munster, Indiana

by Kristin Harlow November 30, 2016

MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.

November 30, 2016

Indiana Midwest Retail

The Boulder Group Arranges $9M Sale of Property Net Leased to Best Buy in South Bend

by Kristin Harlow November 29, 2016

SOUTH BEND, IND. — The Boulder Group has arranged the sale of a single-tenant property net leased to Best Buy in South Bend for $9 million. The 50,000-square-foot building is located at 6502 Grape Road near the University of Notre Dame. There are approximately seven years remaining on the Best Buy lease, which began in March 2003 and expires in March 2023. The absolute triple net lease features a 3 percent rental escalation in the primary term and in each of the four five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest real estate investment company. The buyer was a West Coast-based real estate investment company.

November 29, 2016

Indiana Midwest Retail

Cooper Group Negotiates $3.7M Sale of 26,450 SF Shopping Center in Angola, Indiana

by Kristin Harlow November 23, 2016

ANGOLA, IND. — The Cooper Commercial Investment Group has arranged the sale of Tri-State Commons in Angola, approximately 40 miles north of Fort Wayne, in extreme northeast Indiana, for $3.7 million. The 26,450-square-foot retail center is 100 percent occupied by tenants such as Dollar Tree, Great Clips and Maurice’s. Dan Cooper of Cooper Group represented the seller, a private investor from Indiana.

November 23, 2016

Indiana Midwest Retail

Adler Realty Acquires 87,083 SF Shopping Center in Muncie, Indiana for $9.9M

by Kristin Harlow November 17, 2016

MUNCIE, IND. — Adler Realty Investments Inc. has purchased Marsh Plaza in Muncie, about 50 miles northeast of Indianapolis, for $9.9 million. The 87,083-square-foot retail center is located at the intersection of McGalliard Road and Wheeling Avenue near Ball State University. The center is 100 percent occupied and is anchored by a Marsh Supermarket. Michael Adler represented Adler Realty in the transaction. McWheel Properties LLC was the seller.

November 17, 2016

Indiana Industrial Midwest

General Mills Sells 455,000 SF Manufacturing Facility in Indiana to Investor Group

by Kristin Harlow November 16, 2016

NEW ALBANY, IND. — General Mills has sold a 455,000-square-foot manufacturing plant in New Albany, just across the state border from Louisville, Ky., to a joint venture of New Mill Capital Holdings and Tiger Capital Group. The sales price was not disclosed. The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for manufacturing uses. Located at 707 Pillsbury Lane, the plant sits on approximately 34.5 acres. The building has numerous loading docks and access points and can be adapted for a single occupant or multiple tenants. Jeff Counsell of Global Food Properties represented General Mills in the transaction and will continue to represent the new owners.

November 16, 2016

Indiana Michigan Midwest Restaurant Retail Wisconsin

FCPT Acquires 16 KFC Restaurant Properties for $21.1M

by Kristin Harlow November 14, 2016

INDIANA, MICHIGAN AND WISCONSIN — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties net leased to KFC in Indiana, Michigan and Wisconsin for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms. Seven of the properties are under a master lease and nine properties are under individual leases. FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031 exchange sale of a property in Florida occupied by Bahama Breeze.

November 14, 2016

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