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Hat World to Invest $21.77M in Major HQ, Distribution Expansion in Indiana

27 Jan 2014, 11:20 pm







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by Adriana Pop, Associate Editor

Hat World Inc. has announced it would invest $21.77 million in the expansion of its headquarters and distribution operations in central Indiana and create up to 758 jobs by 2025.

As part of its expansion, the Indianapolis-based company will build and equip a new 150,000-square-foot headquarters office at Creekside Corporate Park in Zionsville.

According to the Indianapolis Business Journal, the development is slated to rise on 15.6 acres of land that the Zionsville Redevelopment Commission has agreed to sell to Hat World for $577,200. The transaction is expected to close in May.

Hat World also plans to lease more than 600,000 square feet of additional warehouse space in Indianapolis. The company currently operates out of 225,000 square feet of leased space in Park 100 and another 285,000 square feet of leased space on 76th street on the northwest side of the city.

Hat World will relocate its headquarter operations to Zionsville and fill approximately 300 new administrative, finance, human resources and business development positions in late 2015 or early 2016. The company will also hire new manufacturing, distribution and warehouse associates in Indianapolis in the third quarter of this year.

If it meets its job creation plans, Hat World will receive up to $3.4 million in conditional tax credits and up to $300,000 in training grants from the Indiana Economic Development Corp. The city of Indianapolis is also supporting the expansion at the request of Develop Indy, a business unit of the Indy Chamber, while the town of Zionsville is considering additional tax abatement and incentives.

Hat World, which does business as Lids Sports Group, manufactures hats and other sports apparel and operates more than 1,000 retail stores under the brands of LIDS, Locker Room by LIDS, LIDS Clubhouse and LIDS Team Sports.

The company opened its first store in Lafayette in 1995 and currently employs more than 1,000 associates in Indiana and more than 9,000 retail associates across the United States, Canada and Puerto Rico. In 2004, it was acquired by Nashville, Tenn.-based Genesco Inc.

“Hat World has seen tremendous growth in the past decade and I’m happy to see them continue to grow here in Indy,” Indianapolis Mayor Greg Ballard said in a news release. “As the company continues to grow, the expansion of their manufacturing and distribution operations in Indy shows a confidence in our workforce and our central location to support their ever-growing production needs.”

Photo credits: LIDS Sports Group



Starwood to Open Landmark Canterbury Hotel Downtown as Le Méridien Indianapolis

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by Adriana Pop, Associate Editor

Starwood Hotels & Resorts has announced that the iconic Canterbury Hotel in the heart of downtown Indianapolis will reopen under the company’s Le Meridien brand in November.

Owned by Rockbridge and managed by Azul Hospitality, the 12-story property is currently undergoing a $9.5 million renovation.

Upon completion, Le Méridien Indianapolis will offer 100 modern guest rooms, local cuisine in a re-designed restaurant and lounge, an expanded fitness center and more than 1,750 square feet of upgraded meeting and event space.

The hotel is located within walking distance of the Indiana Convention Center, Indiana Statehouse and the offices of numerous corporations including Eli Lilly, Brightpoint and Wellpoint. A private entrance will directly connect the hotel to the Circle Centre Mall, where guests can access the city’s climate-controlled, indoor Skywalk system.

 “Le Méridien Indianapolis will bring a renewed energy to this historic landmark building, offering travelers a modern hotel experience in the heart of the city’s vibrant downtown,” said Allison Reid, senior vice president of North America Development, Starwood Hotels & Resorts Worldwide Inc. “We are proud to expand our relationship with both Rockbridge and Azul Hospitality as we prepare to introduce this contemporary lifestyle brand to Indianapolis.”

Starwood Hotels & Resorts Worldwide Inc. acquired the Paris-born Le Méridien brand in November 2005. Currently represented by nearly 100 properties in more than 40 countries, the brand unlocks destinations for guests through arts, culture and cuisine. More than 80 of its properties are located in Europe, Africa, the Middle East and Asia-Pacific.

Recently opened Le Méridien hotels are located in Bali, Atlanta, Dallas, Istanbul, Oran (Algeria), Arlington (Virginia, USA), and Coimbatore (India).

In the next 12 months, new such properties are slated to welcome their first guests in Chicago, Zhengzhou (China), Mahabaleshwar (India), Ho Chi Minh City (Vietnam), Cairo (Egypt), Qingdao (China), Dhaka (Bangladesh), Tampa (Florida) and Columbus (Ohio).

Photo credits: www.canterburyhotel.com



Edward Rose Plans $80M Mixed-Use Development in Carmel

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by Adriana Pop, Associate Editor

A large-scale mixed-use complex could soon rise on one of the last remaining undeveloped sites in Carmel’s Old Meridian district.

According to the Indianapolis Business Journal, a plan commission committee is currently reviewing the $80 million project proposed by Edward Rose Properties Inc. Plans call for 400 apartments, a four-story parking garage, above-ground-floor retail space, 65 single-family town homes, a senior-living community (with independent living, assisted living and memory care units) and a 100-plus-room boutique hotel.

Known as “The District”, the project will cover an approximately 30-acre parcel southwest of a roundabout at Main and Old Meridian streets.

To the west, the new development will neighbor Rose’s existing residential community, the 325-unit Alexandria Apartments (pictured). It will be also near Keystone Realty Group’s planned Sophia Pointe residential complex, which will offer 200 apartments.

Other residential developments planned for the area include a 280-unit apartment complex on Carmel Drive and the 235-unit Highpointe on Meridian project on the west side of U.S. 31 at Main Street.

“You really can’t go wrong there,” George Tikijian of local apartment brokerage Tikijian Associates, told the newspaper.

Demand for apartments remains strong in Carmel, which has experienced a vacancy rate of around 5 percent in 2013.

Established in 1921, Edward Rose Properties has developed single-family homes until 1965, when it shifted its focus towards multi-family construction. To date, the company has built over 65,000 apartment units in 13 states.

Besides the Alexandria complex in Carmel, Edward Rose operates five other communities in Indiana, including the Bavarian Village, Latitudes, Scarborough Lake and Sundance Apartments, all of which are located in Indianapolis, and the Polo Run Apartments in Greenwood. The company is also building the 180-unit Bella Vista project in Fishers.

Photo credits: Edward Rose Properties



Pedcor to Expand Massive City Center Mixed-Use Development in Carmel

23 Dec 2013, 10:07 pm







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by Adriana Pop, Associate Editor

Developer Pedcor Cos. is planning to invest between $80 million and $100 million in the expansion of its major commercial and residential Carmel City Center development.

According to the Indianapolis Business Journal, the addition will bring four mixed-use buildings, a parking garage with ground-floor commercial space, as well as an expansion of the Pedcor Square office complex.

A pair of four-story structures known as The Baldwin and The Chambers will rise south of Carmel City Center. The new development will feature office and commercial space on the first two floors, while the upper floors will include residential units.

Plans also call for The Holland, a five-story building along the east side of the Monon Trail, with first-floor commercial and four floors of residential or office space; The Wren Towers, a six- or seven-story commercial and residential building just west of The Baldwin and City Center; a four- or five-level parking structure with 650 spaces; and a two-story office building known as Five Pedcor Square.

Bruce Cordingley, Pedcor’s president and CEO told the newspaper that the timing and financing of the new developments would be determined after discussing the project with the Carmel City Council and city development groups early next year.

In August 2010, Pedcor completed the first phase of the Carmel City Center development, which brought 106 apartments to the market, along with 62,000 square feet of commercial space.

Another addition to the complex is currently under construction. Called The Nash, a three-story mixed-use building rising on the west side of Rangeline Road will feature 31 one-, two- and three-bedroom apartments, 8,000 square feet of street level commercial space, as well as 42 underground parking spaces. Pedcor’s investment in this phase of the project amounts to approximately $10 million.

Photo credits: Pedcor Cos.



Summit Realty to Manage Leasing of 673,000 SF BMO Plaza in Downtown Indianapolis

9 Dec 2013, 11:10 pm







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By Adriana Pop, Associate Editor

True North Management Group LLC has selected Cushman & Wakefield/Summit Realty Group to handle marketing and leasing activities for the 673,000-square-foot BMO Plaza office building in downtown Indianapolis.

According to the Indianapolis Business Journal, the 28-story, multi-tenant property at 135 North Pennsylvania is 57 percent occupied. BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services are among the building’s tenants. Amenities include on-site banking, dining and structured parking.

The tower’s currently vacant top six floors totaling nearly 106,000 square feet are considered to be the largest block of contiguous space available in the city’s downtown office market.

Summit’s leasing team of Bill Ehret and Nancy Gibbs took over agency services for the property last month.

“We are excited to work closely with such a strong ownership group. We are charged to make sure prospective tenants understand the value of this outstanding asset located in the heart of downtown Indy,” Bill Ehret, SIOR, Partner and Co-Founder of Summit said in a news release.

In other news, the Indianapolis Business Journal reports that StreetLinks Lender Solutions is planning to relocate its 200 employees from the current headquarters on the south side of Indianapolis to downtown.

The company will occupy 25,000 square feet on the ground floor of Milhaus Development’s $30 million mixed-use Artistry project currently under construction at 451 E. Market Street. The relocation is scheduled to occur next spring.

The first phase of Artistry will bring 258 apartments and up to 68,000 square feet of commercial space. A second phase of the project encompassing two new mixed-use buildings with 242 apartments and around 20,000 square feet of commercial space is expected to break ground in May 2014.

“Indianapolis has always been our home. However, this is the first time we’ve been able to seriously consider the downtown market,” StreetLinks President Tom Hurst told the newspaper in a written statement. “A traditional downtown high-rise just doesn’t fit who we are as a company. Artistry offered the unique feel and cultural vibe we were looking for, along with fantastic proximity to downtown residential options and entertainment.”

Photo credits: Summit Realty Group



HFF Markets Indianapolis Multi-Housing Communities on Behalf of Milhaus

5 Dec 2013, 3:54 pm








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by Adriana Pop, Associate Editor

Milhaus Ventures has retained HFF to market for sale two of its newly constructed multi-family communities, the 384-unit Solana Apartments at the Crossing in Indianapolis and the 193-unit Penn Circle Apartments in Carmel.

The properties are being marketed without an asking price and can be purchased individually or as a portfolio on an “all cash” basis, HFF said in a news release.

Located at 7745 Solana Drive, about 10 miles north of the city’s downtown, Solana Apartments at the Crossing will be delivered in two phases. The first 336 units are scheduled for completion in December 2013 and the remaining 48 units will be ready for occupancy by April 2014.  

Spreading across 55.5 acres, the property offers a 26-acre lake, as well as direct access to the White River. The apartments range in size between 536 square feet for a studio to 3,058 square feet for a three-bedroom. Amenities include a resort-style swimming pool, private cabanas, a clubhouse, a state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area.

Penn Circle Apartments is located at 12415 North Pennsylvania Street in Carmel, approximately 14 miles north of downtown Indianapolis. Completed this year, the property is already 96 percent leased. It offers a mix of one- and two-bedroom units with an average size of 920 square feet. Residents have access to a resort-style swimming pool, 24-hour fitness center, a clubhouse, outdoor kitchen with fireplace, gaming area, business center and complimentary bike rentals for use on the nearby Monon Greenway bike path.

Associate Director Wick Kirby along with Executive Managing Director Matthew Lawton, Associate Director Ken Martin and Senior Managing Director Dave Keller are part of the HFF investment sales team representing Milhaus Ventures.

The company’s other recent projects in Indianapolis include Artistry, a mixed-use, multi-phase development connecting downtown and the Cole Noble District, the Circa Apartments at the former Mitchell & Scott industrial site, as well as the Mozzo apartments located in the city’s Italian neighborhood of Holy Rosary.

Photo credits: www.milhaus.com



Milhaus Plans Second Phase of Artistry Apartment Development in Downtown Indianapolis

26 Nov 2013, 10:37 pm







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by Adriana Pop, Associate Editor

Milhaus Development is seeking city approval to begin construction on the second phase of its Artistry apartment project in downtown Indianapolis.

According to the Indianapolis Business Journal, the company plans to invest $32 million in the expansion, which calls for two new mixed-use buildings totaling 242 apartments and around 20,000 square feet of commercial space. Milhaus expects to break ground on the project in the spring of 2014 and deliver the first units by mid-2015. The complex will be built by Milhaus Construction LLC and managed by Milhaus Management, LLC.

Dubbed Mentor and Muse, the structures are slated to rise on the west side of the existing five-story building currently under construction at 451 East Market Street.

Entailing an investment of $30 million, the first phase of the Artistry project will result from the redevelopment of the former Bank One Operations Center. Upon completion by next spring, the complex will feature 258 apartments and up to 68,000 square feet of first-floor commercial space. Amenities will include two interior courtyards, an open pool and recreation deck on the third floor, as well as concierge services. Monthly rents are expected to range from $800 to $1,800.   

At full build-out, the Artistry will feature a total of 500 new apartments.   

Designed by CSO Architects Inc., the development will be LEED-certified, bringing its residents cost savings through the use of environmentally sensitive features, including energy-efficient systems, appliances and materials.

In other news, Inside Indiana Business reports that the Indy Chamber has recognized Buckingham Cos.’ high-profile CityWay development in downtown Indianapolis with the highest honor at the annual Monumental Awards.

The project, which features apartments, a hotel and about 25,000 square feet of retail, has also won in the Architecture/Interior Design/Landscape Architecture, Construction and Public Art categories.

“CityWay is a bold project that encompasses many aspects of design including architecture, landscape architecture, construction and public art. The overall broad spectrum of disciplines the project covers is what led to the monumental jurors’ decision,” Michael Huber, president and CEO of the Indy Chamber, said in a news release.

Photo credits: www.milhaus.com



Pangea Achieves 90% Occupancy in Record Time for Two Turn Around Properties

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by Adriana Pop, Associate Editor

Pangea Properties, a private real estate investment trust based in Chicago, has announced that, after having made significant property improvements, it has achieved 90 percent occupancy for two of its recently acquired Indianapolis communities. The company purchased both 109-unit Pangea Courts and 120-unit Pangea Riverside in 2012.

Upon acquisition last May, Pangea Courts at 4417 Linwood Court was only 15 percent leased, while Pangea Riverside at 2638 Cold Spring Manor Drive had an occupancy rate of 31 percent shortly after being purchased in September.

Over the course of a year, Pangea completed the full rehabilitation of the complexes, which offer residents a variety of amenities at affordable rates.  

Upgrades for Pangea Riverside included a new parking lot, an improved pool area, a new laundry room, major construction updates to each individual unit’s deck, as well as new windows. The renovation of Pangea Courts brought updated kitchens, baths and common areas, new windows, parking lot enhancements, an improved roof and laundry facility, as well as a new leasing office.

“These are two huge accomplishments for our Indianapolis communities. Taking nearly vacant communities and turning them into an appealing, affordable and livable property in a short amount of time is no easy task,” says Pangea COO & Co-Founder Steve Joung. “With building improvements, both functionally and aesthetically, our rehabilitations aren’t quick fixes, but focus on longevity contribute to our goal of making Pangea’s communities ideal places to live.”

With a focus upon the distressed residential multi-family real estate market, Pangea Properties serves as both property owner and building manager, utilizing a call center to support the high bar for service and scalability. The company was founded in 2008 and has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore.

Including the completed Pangea Courts and Pangea Riverside complexes, the REIT owns nine communities in Indianapolis totaling 2,700 units.  

In 2013, the company debuted at number 42 overall on the annual Inc. 500 list, ranking first overall for the Chicago market and second for the entire real estate industry.  

Photo credits: Pangea Properties



Westin Hotel in Downtown Undergoes $14M Renovation

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by Adriana Pop, Associate Editor

The four-star Westin Hotel in downtown Indianapolis is about to embark upon a $14 million refurbishment project. According to the Indianapolis Business Journal, the overhaul, which will include the property’s 13 floors and 573 guest rooms, will start this month and be complete by February.  

The property will stay open during the renovation, which will be performed in phases by closing three floors at a time.

The Westin Hotel first opened in 1989. Its public meeting spaces were upgraded in 2008, while its lobby and common areas were improved in 2011.

“This has all been part of a cycle to keep this facility completely updated,” Westin general manager Dale McCarty told the newspaper. “In the last five years, we’ve spent $25 million in renovations, and it’s all been self-funded.”

In March, Westin officials are planning to celebrate the re-opening of the hotel by inviting some of the regular corporate clients and convention planners. Room rates are expected to remain at their current level.

In multi-family transaction news, HFF has closed the sale of, and arranged acquisition financing for, a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie.  

Peak Property Group LLC acquired the assets from Klingbeil Capital Management for $15.8 million. HFF marketed the portfolio on behalf of the seller and assisted the buyer with acquisition financing through Jefferies LoanCore. Managing director Brian Kelly led the investment sales team, while the debt placement team was led by associate director Ken Martin.

“The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” Martin said in a news release.

The portfolio consists of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. Amenities include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.  

Photo credits: www.westinindianapolis.com



Zeller Realty Plans Sale of Large Office Complex in Carmel

25 Oct 2013, 10:31 pm







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by Adriana Pop, Associate Editor

Chicago-based Zeller Realty Group is planning to divest the iconic Meridian Mark Plaza office complex along the North Meridian Street corridor in Carmel. The Indianapolis Business Journal reports that the company has hired the local office of CBRE to advise it on the sale.

According to the firm’s office broker Dan Richardson, the timing for this type of transaction is excellent.

“Interest rates remain historically low and lenders have a big appetite to invest in high-quality real estate,” he told the newspaper.

CBRE data indicates that Carmel’s improving Class A vacancy rate along the corridor, currently at 12.3 percent, is expected to reach single digits by the end of the year.  

Zeller purchased the Meridian Mark I and II buildings, which total 385,000 square feet, in 2001 and made significant improvements to the properties, including the addition of a fitness center, new lobbies, food service, roofs and mechanical systems. Brokers estimate that the properties, which were developed by Browning Investments in the 1980s, could sell for as much as $57 million.  

According to the most recent IBJ statistics, rents at the Meridian Mark Plaza complex range from $18.50 to $20.25 per square foot. Cisco, Edward Rose & Sons, Liberty Mutual and Oxford Financial are among the buildings’ tenants.

In multi-family development news, Herman & Kittle Properties Inc. is planning the construction of a 260-unit apartment complex on the southwest side of Indianapolis. According to the Indianapolis Business Journal, the $16.2 million project would consist of 29 residential buildings, a clubhouse, covered parking and a swimming pool.

The developer is seeking a three-year tax abatement, equivalent to approximately $452,000 in property taxes, which would help offset the $600,000 cost of roadway improvements at the Mann and West Mills intersection. Upon completion, the new development is expected to add $11.4 million in assessed value to the tax base.

 Photo credits: www.zellerrealty.com



Deylen Realty to Develop $10M Apartment Community on Virginia Avenue in Indianapolis

11 Oct 2013, 10:33 pm







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by Adriana Pop, Associate Editor

Local developer Deylen Realty is planning the construction of a new apartment complex in the city’s Fountain Square neighborhood southeast of downtown. According to the Indianapolis Business Journal, the $10 million project at 501 Virginia Avenue will replace a warehouse with 68 market-rate apartments, 9,900 square feet of retail space and a 104-space parking garage with 76 underground spaces. The facility is currently occupied by Impact Group Inc.

Deylen expects to break ground on the project at the beginning of 2014 and deliver the first homes by the spring of 2015. Rents will range between $850 for a studio and $2,000 for a luxury two-bedroom unit with a skyline view.

Blackline Studio is the architect of the new five-story building, which will be located between Milhaus Development’s Mozzo apartments and the Villagio condos in Fletcher Place.

Deylen Realty is also the developer of the The Hinge (pictured), a $7.5 million apartment and retail complex at 719 Virginia Avenue, just a few blocks south of the site of the new development. The mixed-use building, also designed by Blackline Studio, opened in August 2012. The property offers 56 market-rate apartments, 12,000 square feet of commercial space, and a 57-space parking garage.

In regional news, the Indianapolis Business Journal reports that Chicago-based HSA Commercial Inc. has partnered with Boston-based Great Point Investors LLC to develop a 220,000-square-foot speculative warehouse on a 13-acre site southwest of the Indianapolis International Airport in Plainfield. Construction on the new building at Gateway Business Park is expected to begin this month.

Chicago-based The PrivateBank is providing financing for the new development. Fishers, Ind.-based Meyer Najem will serve as the project’s general contractor, and JRA Architects is the designer of the project.

“There has been a lot of positive leasing activity with third-party logistics tenants in Indianapolis throughout the past couple years particularly in the Plainfield submarket,” Robert Smietana, vice chairman and CEO of HSA Commercial said in a news release.

The Indianapolis industrial market has seen the greatest amount of speculative development in the Midwest in recent years, according to a recent survey by Jones Lang LaSalle. HSA’s project is the third of its kind in the area this year.

Photo credits: www.deylen.com



RockBridge Capital to Renovate Iconic Canterbury Hotel in Indianapolis for $9.5M

7 Oct 2013, 9:13 pm







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by Adriana Pop, Associate Editor

Columbus, Ohio-based RockBridge Capital LLC is planning to close the historic 99-room Canterbury Hotel in downtown Indianapolis for a nine-month renovation and reopen the property under Starwood’s luxurious Le Meridien brand.  

According to the Indianapolis Business Journal, the company will invest about $9.5 million in the renovation project. Slated to begin in early 2014, the makeover will include a new design of the guest rooms, improved elevators and mechanical systems, as well as the complete reconfiguration of the first and second floors. Upon completion of the refurbishments, the 12-story property will be affiliated with Starwood Hotels & Resorts and reopen under a new name and brand: Le Meridien Indianapolis Canterbury Hotel.

RockBridge acquired the 4-star Canterbury hotel in June from local businessman Turner Woodard. In recent years, the property has faced serious competition from other downtown high-end hotels, especially since the opening of the $100 million Conrad Indianapolis or the $450 million JW Marriott complex.

“You’ve had so many hotels open downtown with great quality offerings, and the Canterbury just couldn’t compete,” Ted Stimson, vice president of RockBridge, told the newspaper. “This is what we do. We find undercapitalized hotels and fix them.”

Rockbridge is an integrated hotel investment firm that has executed on over 300 hotel investments in the U.S. over the past two decades. Since 1992, Rockbridge’s team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of Rockbridge have formed and managed 10 hospitality-focused investment funds with predominantly institutional investors.

In other news, Inside Indiana reports that architecture and interior design firm arcDESIGN has acquired the historic 12,000-square-foot building at 201 N. Delaware Street in downtown Indianapolis. The 20-person firm currently located at 8 W. Louisiana Street plans to expand its operations and occupy two levels of its new three-story building by February 2014, once the renovation of the property is complete. Barcelona Tapas will continue to occupy the building’s first level.

Photo credits: www.canterburyhotel.com



Developers Plan $10.7M Affordable Senior Housing Project in Indianapolis

27 Sep 2013, 9:56 pm







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by Adriana Pop, Associate Editor

Local low-income housing developer BWI Development & Management Inc. has partnered with the non-profit Local Initiatives Support Corporation to develop an affordable housing project for seniors in Indianapolis.

The Indianapolis Business Journal reports that the $10.7 million project consists of two four-story structures located at the southwest and northwest corners of 30th and Clifton streets. Since the buildings are across the street from one another, the developers have decided to connect the facilities through a skywalk. According to BWI President Gary Hobbs, this particular architectural feature would be the first of its kind in the city for such a project.

Designed by The Architecture Studio Inc., the complex known as Clifton Square will offer 57 one- and two-bedroom units, as well as a 6,500-square-foot health and wellness center on the ground floor. Monthly rents will range between $266 and $543 for a one bedroom and between $319 and $630 for a two bedroom, depending upon income.

BWI expects to close on the purchase of the two vacant buildings in November and complete the project by December 2014.

“We feel that this project will be a major catalyst for continued development in that particular area,” Hobbs told the newspaper.

The Clifton Square development will receive $1 million in federal tax credits administrated by the Indiana Housing and Community Development Authority. The project was one of only two in the city to benefit from credits this year.

According to LISC Executive Director Bill Taft, the area where the new complex will be located would benefit from the new investment after having experienced a lot of foreclosure and vacancy.

“There’s no place near this site that has had this scale of investment in a long time, so I think it will make a big difference,” he said.

Photo credits: DJDavis92 via Wikimedia Commons



Drugstore to Anchor Retail Component at Pulliam Square in Downtown Indianapolis

16 Sep 2013, 7:26 pm







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by Adriana Pop, Associate Editor

TWG Development LLC, formerly known as The Whitsett Group, is planning to open a drugstore at Pulliam Square, the mixed-use redevelopment of the former Indianapolis Star headquarters in downtown Indianapolis. According to the Indianapolis Business Journal, the developer has asked the city for a variance that would allow for a drugstore drive-through at the site. A decision is expected by October.

Besides the ground-level retail component, TWG’s mixed-use project will include 500 apartments in three buildings. Two of the structures already exist, while the third will be developed at the corner of Delaware and New York streets. Construction is expected to begin in November, the newspaper reports.

In May, TWG purchased the 190,000-square-foot property at 307 N. Pennsylvania Street and its 500-space parking garage from Star’s parent company, Virginia-based Gannett Co. Upon completion, the Pulliam Square project is set to become one of the largest residential developments in downtown Indianapolis.

In regional news, News and Tribune reports that New Hope Services Inc. has acquired the 45-unit Duck Creek Apartment complex in Elwood.

Developed in 2002, the property is a multifamily Section 42 affordable housing community with two-, three- and four-bedroom apartments. The complex is located three miles away from the Forest Glen Senior Apartments, also owned by New Hope Services.

“We are very pleased to be able to include Duck Creek in our affordable housing program,” James A. Bosley, president and CEO of New Hope Services Inc., said in a news release: “Having both senior and multifamily properties in Elwood gives us the opportunity for improved efficiencies in management and maintenance, a broader continuum of affordable housing, and a greater investment in the community of Elwood.”

With its latest addition, the non-profit company has about 275 units of affordable housing located in the Clark, Floyd, Harrison, Scott, Jefferson and Washington counties.

Photo credits: Browning Day Mullins Dierdorf Architects



Transpacific Development Purchases 1.1M-Sq.-Ft. Distribution Center at AmeriPlex

6 Sep 2013, 11:41 pm







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by Adriana Pop, Associate Editor

Transpacific Development Co. of Torrance, Calif. has recently purchased a 1.1-million-square-foot distribution center at the AmeriPlex Business Park. According to the Indianapolis Business Journal, the seller of the property at 9101 Orly Road was Metro Holdings One LLC of Columbus, Ohio.

The acquisition of the center, which is completely occupied, includes 68 acres of land in Marion and Hendricks counties.

TDC has been an active investor in the Indianapolis area since 2005. The company now owns nine distribution buildings totaling more than 4.6 million square feet.

“Central Indiana is TDC’s largest market, and our portfolio here is currently 97.4 percent leased. … We like the southwest Indianapolis distribution market due to its proximity to Indianapolis International Airport and accessibility to Interstates 70, 74 and 465. We think that it is one of the best distribution locations in the U.S.,” Thomas Irish, president of TDC, said in a news release.

In regional news, the Indianapolis Business Journal reports that Industrial Income Trust of Denver has paid $15.75 million to acquire a 450,000-square-foot distribution center in Greenwood (pictured). The seller of the property at 700 Commerce Parkway was CAM 7000 Gateway LLC, an affiliate of Cohen Asset Management Inc. of Los Angeles.

Known as the Precedent South Business Center, the distribution center spreads across 23 acres of land and is completely occupied by Celadon Group Inc. and Genco Marketplace Inc.   

“The Indianapolis market has one of the lowest vacancy rates in the United States which has sparked an influx of institutional interest in this Midwest market. The existence of aggressive capital coupled with the lack of potential investment opportunities has resulted in cap rate compression for the Greenwood submarket which was evident in the volume of bidders for this two tenant Class A asset,” Jason Haas, COO for Cohen Asset Management, said in a news release.

Photo credits: www.loopnet.com



Browning Investments Obtain Preliminary Approval for $25M Mixed-Use Project Over Community Objections

23 Aug 2013, 9:41 pm







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by Adriana Pop, Associate Editor

A proposed $25 million residential and retail project in Broad Ripple has received its first approval from the Metropolitan Development Commission. According to the Indianapolis Business Journal, a final decision regarding the rezoning of the 2-acre property northeast of the intersection of College Avenue and the Central Canal is expected on Sept. 4.

Local developer Browning Investments’ plans for the site include a 104-unit apartment building and a 33,500-square-foot Whole Foods grocery store. Plans also call for a four-story parking garage with 340 spaces.

During the hearing, about three dozen business owners and residents from the area have shown their opposition to the project, which is deemed too large for the low-rise neighborhood.

 Browning Investments principal Jamie Browning on the other hand was pleased with the outcome.

“The project will have a positive impact on Broad Ripple, and hopefully the process will move forward,” he told the newspaper.

In other news, the Indianapolis Business Journal reports that a group of Meyer-Najem investors have partnered with the non-profit Irvington Development Organization to build an $11 million apartment and medical office project in the city’s Irvington historic district.

The residential component includes the 50-unit Irvington Lofts apartment building currently under construction at the site of the former Indy East Motel at 5855 E. Washington Street.

Financed through the sale of state-issued tax credits from the Indiana Housing and Community Development Authority, the complex is expected to welcome its first residents as soon as this fall. Amenities include a green roof, a community garden, plenty of meeting space and a courtyard.

The developers have also begun work on the reconversion of an adjacent 50-year-old structure into a 5,900-square-foot medical facility that will be occupied by Franciscan St. Francis Health. Construction is expected to be complete by next spring.

Photo credits: Browning Investments



Milhaus Breaks Ground on $26M Redevelopment in Historic District

7 Aug 2013, 10:03 pm







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by Adriana Pop, Associate Editor

Construction on the $26 million Circa Apartments at the former Mitchell & Scott industrial site in downtown Indianapolis is currently under way.

According to Inside Indiana Business, Milhaus Development has recently purchased the Chatham-Arch historic district property on College Avenue, where the new residential complex is slated to rise.

Plans call for a mix of 235 studio, one-, two- and three-bedroom apartments in five buildings, while approximately 7,000 square feet of first floor space could be developed as either residential or commercial. The first units are expected to welcome their first tenants in May 2014.

Amenities will include an abundance of community space, as well as an outdoor entertainment deck and pool, an indoor bar, wellness studio, art gallery, lounge and parking. Rents are expected to range between $800 and $2,000 per month.

For the project’s design, Milhaus has partnered with Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Milhaus Construction LLC is in charge of construction, while The Gene B. Glick Co. will handle leasing. The development is being financed through a construction loan from Regions Bank.

The Circa Apartments is the fifth project for Milhaus in the last three years.

The company’s other residential developments in Indianapolis include the Mozzo apartments, the Solana Apartments at the Crossing near Keystone at the Crossing, as well as Artistry, a mixed use, multi-phase development connecting downtown and the Cole Noble District. In Carmel, Milhaus has developed the Penn Circle Apartments, for which leasing is currently under way.

 Photo credits: Milhaus Development



Radco Cos. Acquires Receiver-Managed Property for $16.5M

30 Jul 2013, 9:58 pm







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by Adriana Pop, Associate Editor

The RADCO Companies has announced the acquisition of the Lakewood Lodge multifamily community in northern Indianapolis. The Atlanta-based company purchased the 454-unit property from its lender, the Lehman estate for $16.5 million.

RADCO is now planning to rebrand the 35-acre asset as Ashford at Keystone and perform a series of improvements, which will include the interior and exterior of the buildings, as well as the community’s landscaping, management and amenities.

“Ashford at Keystone is an attractive and exceptionally well-located property,” Norman J. Radow, the company’s founder and CEO, said in a news release. “It has a strong value-added component, and has been lender-owned and receiver-managed for some time, thus representing a strong mark-to-market opportunity.”

Located just minutes away from Broad Ripple Village or Keystone at the Crossing, the city’s most prestigious retail and office district, the community offers spacious one –  , two – and  three-bedroom apartments. Amenities include an Olympic size swimming pool, a fitness center, clubhouse, tennis court and playground.   

The acquisition of Lakewood Lodge marks the company’s third residential purchase in the Midwest within the past 90 days. In March, RADCO acquired the Brittany Court property in Geneva, Ill. which it rebranded Ashford at Geneva and later in June, the firm acquired the Covington Court community in St. Charles, Ill. which it rebranded Ashford St. Charles.

“We believe in the Midwest, and we are very familiar with the market. In Indianapolis in particular, we are seeing strong employment growth, and we are buying the property at an attractive going-in basis. We expect to acquire additional properties in the Midwest over the coming months,” Radow added.

The RADCO Companies is a national real estate development company with extensive experience in managing and repositioning well over $4 billion of distressed real estate. Since it was founded in 1994, the company has reached a portfolio of more than 3,700 multi-family units. Its trademarked slogan is “Building Better Living”.

Photo credits: PRNewswire



Flaherty & Collins to Develop $81M Apartment Project on Market Square Arena Site

19 Jul 2013, 10:03 pm







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by Adriana Pop, Associate Editor

City officials have chosen Flaherty & Collins’ proposal to redevelop the former site of the Market Square Arena in downtown Indianapolis.

According to the Indianapolis Business Journal, the $81 million project calls for a 28-story skyscraper featuring 300 luxury apartments, 500 parking spaces and 43,600 square feet of ground-floor retail space. Amenities include a rooftop pool and a green sky window on the tower roof, while the new homes will offer residents panoramic views of the city through floor-to-ceiling windows. Rents are expected to range between $1,300 and $2,400 per month.

The new development will be financed through a combination of public and private funds. Construction is slated to begin next spring and be complete by the end of 2015. Dallas-based RTKL is the architect of the project.

In April, the city has received bids to redevelop the site from five other teams, including Keystone Group and Cleveland-based Forest City Enterprises Inc.; Buckingham and Kite Realty Group; Browning Investments and The Whitsett Group; Milhaus Development and REI Real Estate Services LLC; and Barrett & Stokely Inc. and Ryan Companies U.S. Inc.

The initiative marks the city’s third attempt to repurpose the site. In 2004, a group of investors called Market Square Partners proposed a $140 million project that would have brought more than 400 condominiums, 175,000 square feet of retail and 700 parking spaces. Two years later however, the project crumbled after the developers could not to sell enough condos to meet financing requirements. In 2007, the city was presented with another two development proposals. As recession hit, both projects eventually fell through.

Photo credits: Flaherty & Collins Properties



Big Red Liquors Plans New 33,000-Sq.-Ft. HQ in Indianapolis

9 Jul 2013, 9:36 pm

by Adriana Pop, Associate Editor

Bloomington-based Big Red Liquors is planning to turn a vacant 33,000-square-foot building on the south side of Indianapolis into the company’s new headquarters.

According to the Indianapolis Business Journal, Big Red Liquors has recently acquired the facility at 5439 S. East St. from United Leasing Inc. of Evansville. Michael Sloan, a real estate broker at The Broadbent Group, represented the seller in the transaction.

Big Red Liquors CEO Don Rix told the newspaper that the company intends to make a significant investment into the redevelopment of its new property. By Labor Day, the building is expected to house up to 40 employees currently working from the Bloomington and Indianapolis locations. Renovation plans may also include a warehouse and possibly a retail liquor store.

In March, Big Red expanded to Indianapolis by purchasing the assets of United Package Liquors Inc. The company also signed long-term leases for the chain’s 24 local stores with Indianapolis-based LOR Corp., the real estate development firm that owned the assets.

In regional news, The Cellular Connection of Marion will soon open a new corporate office at 525 Congressional Blvd. in Carmel.

 The Indianapolis Business Journal reports that the company has invested approximately $5 million in the acquisition and renovation of the 47,000-square-foot building and plans to hire 145 employees over the next three years. The facility is expected to be ready for occupancy by August.

“I think it was time to broaden our base of eligible employees,” said Scott Moorehead, CEO of parent firm Moorehead Communications Inc. “We were out of space here [in Marion], and we have been hiring people left and right.

Last year, the Indiana Economic Development Corp. approved $1.2 million in conditional tax credits for the company’s job-creation plans, along with $200,000 in training grants.

Photo credits: www.loopnet.com