Indiana

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Carmel, Ind.

by Danielle Everson April 29, 2015

CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.

April 29, 2015

Indiana Industrial Midwest

Stan Johnson Co. Arranges $20.5M Corporate Sale-Leaseback in Bluffton, Ind.

by Danielle Everson April 27, 2015

BLUFFTON, IND. — Stan Johnson Co. has arranged the $20.5 million sale-leaseback of an industrial facility in Bluffton. The property, which is leased to Alexin LLC, is located at 1390 South Adams St. Ken Hedrick, Jerry Hopkins, D. Andrew Ragsdale and Scott Briggs of Stan Johnson Co. represented the seller and the buyer in the corporate sale-leaseback transaction. The 90,108-square-foot facility was built in 2009. The location currently serves as Alexin’s headquarters and aluminum casting facility.

April 27, 2015

Hospitality Indiana Midwest

Hampton Inn & Suites Hotel Coming to Keystone at the Crossing

by Danielle Everson April 22, 2015

INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.

April 22, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.

April 10, 2015

Illinois Indiana Midwest Multifamily

Steadfast Apartment REIT Acquires Three Apartment Properties for $80.8M

by Danielle Everson April 7, 2015

FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.

April 7, 2015

Indiana Market Reports Midwest Midwest Market Reports Retail

Millennials Drive Shift to Experiential Shopping in Indianapolis Retail Market

by Danielle Everson March 18, 2015

The retail market as a whole is shifting to make shopping more experiential amid a recovering economy and the influence of millennials and their shopping demands and interests. Despite the buzz about the popularity of online shopping, less than 10 percent of all retail sales take place via the Internet. According to the International Council of Shopping Centers (ICSC), online retail sales in 2013 were nearly $263 billion, accounting for a mere 6 percent of total retail sales. In-store sales accounted for the remaining $4.3 trillion, according to the U.S. Commerce Department. It’s clear that while some consumers find online shopping convenient, the majority still prefer the shopping center experience. In particular, millennials, who are 74 million strong with a buying power of $174 billion, demand that experience. Last fall, Indianapolis-based Simon Property Group forecast that 89 percent of millennials would shop at a mall over the holidays. Surprisingly, millennials use technology to conduct research about products, but they generally prefer to visit stores to make purchases. Millennials will read product reviews online but they want to touch the merchandise, feel it, experience it and then tweet about it to friends. So, while the entire shopping process revolves around technology, …

March 18, 2015

Healthcare Indiana Midwest

Holladay Properties Arranges 16,280 SF Lease of Medical Office building in Dyer, Ind.

by Danielle Everson March 9, 2015

DYER, IND. — Holladay Properties has arranged a 16,280-square-foot lease of a medical office building in Dyer. Franciscan Alliance will occupy space within the Medical Pavilion South building located on the campus of Franciscan Saint Margaret Hospital. Holladay Properties provides leasing and property management services for Medical Pavilion South, a 63,486-square-foot, three-story medical office building. The Franciscan Alliance will open the Program of All-inclusive Care for the Elderly (PACE) Senior Health and Wellness facility on the third floor of the building. The facility provides primary care, diagnostics, physical therapy, occupational therapy, dietician, social worker, CNA, home health support, recreational services as well as access to specialists in cardiology, ophthalmology, dermatology, orthopaedics and geriatrics. The Franciscan Alliance currently operates a similar Senior Health and Wellness Center in Indianapolis. Michael O’Connor of Holladay Properties represented the building owner in the transaction. Holladay Properties also provides property management services for the project.

March 9, 2015

Indiana Industrial Midwest

Ozburn-Hessey Logistics Signs 450,000 SF Industrial Lease in Plainfield, Ind.

by Danielle Everson March 5, 2015

PLAINFIELD, IND. — Transpacific Development Co. (TDC) has executed a lease with Ozburn-Hessey Logistics (OHL) for 450,000 square feet of distribution space at 2450 Stanley Road in Plainfield. TDC acquired the newly-constructed building in 2013. The building features a 32-foot ceiling height, 40 dock doors in a cross-dock configuration, T-5 lighting and three entrances. With this transaction, OHL now leases three full buildings from TDC in the Plainfield submarket. Jeb Atkinson, Jess Andrews, Brian Camp and Doug McDowell of ProVenture represented OHL in the lease. Steve Schwegman of JLL assisted in the lease transaction. Michael Weishaar and Luke Wessel of DTZ represented the landlord.

March 5, 2015

Indiana Loans Midwest

Vista Capital Co. Structures $10.9M of Financing for Homewood Suites in Indianapolis

by Danielle Everson February 3, 2015

INDIANAPOLIS — Vista Capital Co. has structured $10.9 million of financing for the Keystone Homewood Suites located in Indianapolis. Vista was able to negotiate non-recourse, fixed-rate financing with pricing below 4.5 percent. The 10-year capital will be used, in part, to fund a large renovation project. The financing was awarded to an affiliate of a European-based investment bank. Homewood Suites is a 116 all-suite, upscale, extended-stay hotel situated on the north side of Indianapolis.

February 3, 2015

Indiana Market Reports Midwest Midwest Market Reports Multifamily Office

Resurgent Downtown Indianapolis Attracts Employers, Residents Alike

by Danielle Everson December 10, 2014

The nickname for Indianapolis, “Naptown,” is quickly fading in the rearview mirror as the city receives an increasing amount of recognition as one of the best places to live and work in America. Thanks to a unique combination of Hoosier hospitality, pro-business environment and amenities such as the Cultural Trail, Indianapolis has been named “One of the best new boom towns in the U.S.” by Forbes magazine and the “No. 3 Downtown in the U.S.” by Livability.com. With $1 billion in new projects on the horizon, it’s no surprise that downtown Indianapolis is making headlines. Indygo’s $37 million Downtown Transit Center, in close proximity to the Cultural Trail and Bike Hub, will serve pedestrians, cyclists and bus riders. A $26 million investment in a new Science and Engineering Lab at Indiana University-Purdue University Indianapolis will continue to encourage life sciences and technology careers. Plans also are in the works to revamp downtown’s iconic Monument Circle with space for events, an ice skating rink, sidewalk cafes and more. On the residential front, investments in excess of $400 million over the past five years have resulted in new housing for 4,000 additional residents. Downtown Residential Boom According to public/private partnership Downtown Indy, …

December 10, 2014

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