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AcquisitionsIndianaIndustrialMidwest

Marcus & Millichap Brokers $28M Sale of Carmel Tech Center in Metro Indianapolis

by Kristin Harlow

CARMEL, IND. — Marcus & Millichap has brokered the $28 million sale of Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in the Indianapolis suburb of Carmel. The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock St., a 74,074-square-foot building completed in 1988 and renovated in 2016; and 12202-12292 Hancock St., a 76,552-square-foot asset constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store and T2 Systems.  Julia Evinger of Marcus & Millichap represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.

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AcquisitionsMidwestOhioRetail

Next Realty Sells 67,000 SF Neighborhood Retail Center in Cincinnati

by Kristin Harlow

CINCINNATI — An affiliate of Next Realty LLC has sold Kings Automall Shopping Center in Cincinnati for an undisclosed price. The asset was part of Next Realty Fund IX LP. The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor, which is home to 14 auto dealerships representing 18 vehicle brands. Next Realty acquired the property in July 2021 and implemented a business plan focused on strengthening tenant retention and improving occupancy. During the time of ownership, Next Realty leased all vacancies and executed several lease extensions. Most recently, LensCrafters, a tenant at the center since 1997, completed a long-term lease renewal. The leasing activity resulted in a 25 percent increase in the property’s net operating income. The buyer was able to assume the in-place financing, which offered more favorable terms than currently available options.

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AcquisitionsMidwestNorth DakotaRetail

Blue West Capital Arranges $6.1M Sale of Planet Fitness-Occupied Retail Property in Fargo

by Kristin Harlow

FARGO, N.D. — Blue West Capital has arranged the sale of a single-tenant retail property net leased to Planet Fitness in Fargo for $6.1 million. The cap rate of 6.68 percent represented the lowest cap rate recorded for a Planet Fitness facility nationally since 2023, according to CoStar. Carly Gallagher Kelly of Blue West represented the undisclosed seller. The all-cash buyer was a national real estate investment trust. The newly constructed, flagship location is operated by one of Planet Fitness’s largest franchisees, with 119 locations across 10 states. There are more than 2,600 Planet Fitness locations nationwide.

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AcquisitionsMidwestOfficeOhio

TEI, RHM Capital Acquire Office Building in Metro Cleveland for $3.5M

by Kristin Harlow

MAYFIELD HEIGHTS, OHIO — Time Equities Inc. (TEI) and RHM Capital have acquired 6055 Parkland Boulevard, a 104,221-square-foot office building in the eastern Cleveland suburb of Mayfield Heights, for $3.5 million. The partnership plans to begin immediate renovations to the lobby and common areas and enhance the building’s existing amenities. The property features 35,000-square-foot floorplates, underground parking and direct visibility to I-271. CBRE represented the seller, Progressive Insurance. Jonathan Dulberg and Keaton Baum represented TEI on an internal basis, and Preston Hoge represented RHM internally.

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IllinoisLoansMidwestMultifamily

Lument Provides $90.6M in Loans for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow

CHICAGO — Lument has provided $90.6 million in Fannie Mae DUS loans for the refinancing of four multifamily communities totaling 654 units in Chicago. The loans replace existing life company debt for the borrower, BJB Properties, a Chicago-based operator. Evan Hom of Lument originated the loans, which feature fixed interest rates, seven-year terms and 35-year amortizations. In addition to providing permanent financing, the loans provide cash-out proceeds for the borrower. According to Lument, 96 percent of the portfolio is housing that is accessible and affordable. The assets are all located in the Lakeview neighborhood and include 424 W. Diversey, 451 Wrightwood, 443 Wrightwood and 517 Oakdale. All of the properties were built in the late 1920s.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 429,623 SF Industrial Development in North Aurora, Illinois

by Kristin Harlow

NORTH AURORA, ILL. — Colliers has brokered the sale of Park 88 Logistics Center, a two-building industrial development totaling 429,623 square feet in North Aurora. Completed in 2024, the fully leased property is home to three tenants with a weighted lease term of 6.3 years. Park 88 Logistics Center is situated near the full four-way interchange at I-88 and Route 31. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, TradeLane. Ares Management was the buyer.

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AcquisitionsIndianaMidwestOffice

Keystone Group Acquires 120 Monument Circle Office Building in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Keystone Group has acquired 120 Monument Circle, the former headquarters of Elevance Health (previously Anthem) in Indianapolis. Keystone has recently acquired and redeveloped more than 1 million square feet of vacant office buildings within one city block marking over $250 million in investment into luxury mixed-use, residential, retail and hospitality developments in downtown Indianapolis. The Indianapolis-based development company will transform 120 Monument Circle, which is currently vacant and is the most expansive property on Monument Circle. Redevelopment plans are still in the early stages and call for rooftop views, outdoor amenities, parking and maximized retail and restaurant spaces. Keystone will work with the community, including civic, nonprofit, higher education institutions and anchor corporations based in downtown Indianapolis as well as city and state leaders.

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DevelopmentKansasMidwestMultifamily

Hunt Midwest, LANE4 Open 228-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Hunt Midwest and LANE4 Property Group have opened The Hudson, a 228-unit luxury apartment complex adjacent to the University of Kansas Health System campus in Kansas City. The developers partnered with KU Endowment to build the project. The Hudson’s name is a homage to the Rosedale neighborhood’s history, where Rainbow Boulevard was once known as Hudson Road until it was renamed in 1919 to honor WWI veterans. The Hudson project team included Security Bank as lender, BRR Architecture as architect, Cerris as general contractor and Olsson as civil engineer.

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IndustrialLeasing ActivityMidwestOhio

Piping Rock Signs 408,767 SF Industrial Lease at Turnpike Commerce Center in Northeast Ohio

by Kristin Harlow

SHALERSVILLE, OHIO — Piping Rock, a global vitamin and supplement manufacturer, has signed a 408,767-square-foot industrial lease at Turnpike Commerce Center in Shalersville near Cleveland. The lease represents 40 percent of the 1 million-square-foot building’s space. Geis Cos. and Stonemont Financial Group own the newly constructed, Class A facility, which anchors a 470-acre industrial park. Joe Messina and David Stecker of JLL represented ownership in the lease. Fred Herrera and Fred Ragsdale of CBRE represented the tenant. Turnpike Commerce Center features a clear height of 40 feet, cross-dock configuration, 330 trailer spaces, 179 dock positions, 60-foot speed bays and 3,253 square feet of office space. The facility is located less than one mile from the Ohio Turnpike (I-80).

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Greenway Vista pool
DevelopmentMidwestMultifamilyOhio

Vista Residential Breaks Ground on 312-Unit Multifamily Development in Columbus, Ohio

by Abby Cox

COLUMBUS, OHIO — Vista Residential Partners has broken ground on Greenway Vista, a 312-unit multifamily development in Columbus. Situated near Rickenbacker Airport and Anduril’s planned mega-facility, Greenway Vista will offer a mix of one- and two-bedroom apartments averaging approximately 840 square feet in size. Parse Capital and Old National Bank provided financing for Greenway Vista. Designed by Columbus-based ArchAll Architects, the garden-style apartment community will feature a 6,500-square-foot clubhouse with fitness and business centers, resort-style swimming pool with cabanas and grilling area, a large central green area with a gameday pavilion and outdoor grill station, community garden and a pet park. The 25-acre community will also have direct access to Blacklick Greenway Trail, a 12-mile trail that runs between Reynoldsburg and Groveport on the southeastern edge of Columbus.

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