By Chris Bruzas, Berkadia After a particularly challenging and unpredictable 2024, marked by continued interest rate volatility and a persistent bid-ask spread differential that contributed to low transaction volume, the Indianapolis apartment market is showing promising signs of stabilization as we move into 2025. Yardi Matrix data highlights Indianapolis’ resilience, posting 2.7 percent year-over-year rent growth in November. This performance is especially noteworthy as it surpasses several popular Sun Belt markets, which have experienced declines, dipping into negative territory. The outlook for 2025 appears more balanced, with new supply moderating to approximately 3,500 units from 2024’s record-breaking 6,500+ deliveries. This timing aligns well with the market’s strong population growth, as Indianapolis expects to welcome 22,200 new residents in 2025, significantly exceeding the historical average of 12,800 annual net movers. Key factors of the population’s growth are due to the presence of reputable universities and colleges, such as Indiana University-Purdue University Indianapolis (IUPUI). Compared with other major metropolitan areas, Indianapolis offers a relatively low cost of living, making it an attractive destination for those looking to maximize their quality of life without the high expenses associated with larger cities. The region’s economic fundamentals remain strong, anchored by transformative projects including Eli …
BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.
COLUMBUS, OHIO — Sansone Group, in partnership with Clous Road Partners, has secured an 18.6-acre site in Columbus for the development of a 212,000-square-foot cold storage facility. Located on Groveport Road in the northern Rickenbacker submarket, the site is less than five miles from Rickenbacker International Airport and offers direct access to distribution routes, including I-270, I-70 and I-71. The project will feature temperature settings ranging from 40 to minus 20 degrees Fahrenheit and 50-foot clear freezer heights. Construction is expected to begin this summer. Sansone Group has partnered with JLL and CBRE to market the property. The project team includes Kadean Construction and Hercules Construction Management.
MOUNT PLEASANT, WIS. — Cushman & Wakefield | Boerke has arranged the sale of 18.1 acres of land in Mount Pleasant, a southern suburb of Milwaukee. The site, located near I-94, will be developed into a 280-unit garden-style apartment community. The buyer, Continental Properties, plans to break ground immediately. The seller was undisclosed.
PORTAGE, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shoppes at Romence Village in Portage, just south of Kalamazoo. The sales price was undisclosed. The 62,079-square-foot retail center was 96 percent leased at the time of sale to tenants such as AAA, Great Clips, Michigan Secretary of State, Jet’s Pizza, Once Upon a Child and Clothes Mentor. Ben Wineman, Daniel Stern and Brad Lefkowitz of Mid-America represented the seller, Bloomfield Hills, Mich.-based Bleznak Real Estate Investment Group. New York-based Time Equities Inc. was the buyer.
GRANDVILLE, MICH. — Poag Development Group and Studio C have unveiled plans for a $5 million renovation of Celebration Cinema at RiverTown Crossings in Grandville. Plans call for luxury heated recliners from Irwin Seating, a Michigan-based seating manufacturer; a new façade; a C PREMIUM auditorium featuring Dolby Atmos sound and 4K laser projection; and a significant expansion to Celebration Cinema’s food-and-beverage operations, including the addition of a full bar and new menu items. Renovations for the C PREMIUM auditorium is expected to be completed in May, with the other auditoriums and full transition to recliner seating set for this summer. RiverTown Crossings recently received improvements such as landscaping to the outer portion of the mall, a repaired merry-go-round and significant upgrades to the parking lot. Poag’s greater redevelopment plan is to evolve the mall into a mixed-use lifestyle center. Studio C is a local owner and operator of entertainment destinations, including Celebration Cinema.
CHICAGO — Tishman Speyer has inked a 240,000-square-foot office lease renewal with BP at CME Center in Chicago’s West Loop. Global energy leader BP will maintain the same footprint it currently occupies on the entire seventh through 10th floors of 10, 20 and 30 South Wacker Drive. A tenant at the property since 2009, BP’s lease renewal will keep its Chicago office at the campus through at least 2032. CME Center consists of two 40-story office towers, which are connected by a 10-story center structure. Completed in phases during the 1980s, the 2.3 million-square-foot property holds the distinction of being Chicago’s first all-concrete skyscraper. Working with Chicago-based architect Krueck Sexton Partners, Tishman Speyer recently completed a reimagining of CME Center’s lobby, façade and entrances, and expanded the amenity offerings. Tenants and their guests now have access to ZO Clubhouse, an amenity center with a lounge, library, bar area, huddle and wellness rooms, a boardroom and conference room. There is also a 19,500-square-foot fitness facility. Tenants at CME Center include Chicago Mercantile Exchange, Wells Fargo, Reed Smith and RSM. Ellen May represented Tishman Speyer on an internal basis. Matt Carolan, Andy Strand and Kevin Morgan of JLL represented BP.
COLUMBUS, OHIO — American Commercial Realty (ACR) has purchased seven retail centers in Columbus totaling approximately 215,000 square feet. There are five centers on and near the “Main Street” corridor east of downtown and two properties along the Dublin-Granville corridor in the city’s northeast side. The assets include Village Centre, Beechcroft Centre, Main Hamilton Center, 5156 E Main St Centre, Wyandotte Centre and McNaughten Center. ACR also unveiled that Marx Bagels, a kosher bagel bakery from Cincinnati with roots in the Columbus market, will be taking over the space at McNaughten Center long occupied by Block’s Bagels. Palm Beach Gardens, Fla.-based ACR owns and operates more than 2.5 million square feet of commercial properties in addition to a multifamily portfolio. The portfolio marks the company’s first Columbus acquisition.
NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — BWE has arranged $39 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul. The properties total 529 units, with 100 percent of the units reserved for tenants earning up to 60 percent of the area median income. Victor Agusta Jr. of BWE originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit that builds affordable housing. The communities include Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul.
FISHERS, IND. — Bradford Allen has acquired the SpringHill Suites Indianapolis Fishers hotel, a 130-room select-service hotel located adjacent to the new Cadillac Formula 1 headquarters, which is being developed by Bradford Allen. The purchase price was undisclosed. Located near I-69 in the Indianapolis North Loop submarket, the hotel is less than three miles from the new Fishers Event Center and within 20 miles of the Indianapolis Motor Speedway. Opened in 2007 and renovated in 2016, the property features an indoor pool, meeting room, convenience store, fitness center, laundry room, complimentary breakfast buffet and complimentary onsite parking. Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 rooms.