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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

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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

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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



IDI Plans 460,000-Sq.-Ft. Development, Acquisitions at AmeriPlex Industrial Park

3 Jul 2013, 4:19 pm

by Adriana Pop, Associate Editor

Atlanta-based Industrial Developments International Inc. (IDI) is planning the construction of its second building at the AmeriPlex Business Park, a large distribution facility adjacent to the Indianapolis International Airport.

According to the Indianapolis Business Journal, the company has recently purchased 26 acres within the park, where it plans to develop the new 460,000-square-foot structure. Plans also call for the acquisition of two additional development sites, which would increase IDI’s presence at AmeriPlex to four industrial facilities. Cushman & Wakefield/Summit Realty Group is the listing agent for IDI’s space within the complex.

In March, the company completed the construction of IDI World Connect Building 1, a 794,608-square-foot speculative industrial building at 6161 Decatur Boulevard.

The LEED-certified project marked the first new inventory industrial development in the greater Indianapolis market since 2008, as well as the largest inventory building in Marion County, the company said in a news release.

IDI World Connect Building 1 was also the first to take advantage of the automatic 10-year real property tax abatement, established in 2009 by the City of Indianapolis for World Connect sites at AmeriPlex.

“You have to have a tax abatement to be competitive, or we wouldn’t be building,” Doug Armbruster, senior vice president and regional managing director of IDI told the newspaper. “It’s just that important.”

Developed by Holladay Properties, World Connect is an eight-building logistics and flex space spec project located on 200 acres on the southwest side of Indianapolis. Upon initial approval, the World Connect project estimated an increased tax base of approximately $84 million in assessed value over the 10-year period.

According to Chris Wilkes, senior vice president and partner of Holladay Properties, IDI is the only industrial developer up until now that has shown interest in building at World Connect within AmeriPlex.

Photo credits: http://www.loopnet.com



Insight Development Opens 155-unit Mixed-Income Apartment Community in Downtown Indianapolis

28 Jun 2013, 8:07 pm

by Adriana Pop, Associate Editor

Insight Development Corp., the development arm of the Indianapolis Housing Agency, has announced the official opening of 16 Park Apartments, an eco-friendly residential community located in the city’s downtown area.

The $34 million redevelopment project has turned the 35-year-old Caravelle Commons housing cooperative along 16th Street into 155 mixed-income residences.

The new community offers one- to four-bedroom apartments and townhomes within 11 buildings, as well as green features, such as green roofs, rain gardens, rain barrels, permeable pavers, low-flow plumbing fixtures, high efficiency light fixtures, furnaces and A/C units.

Last June, one of the project’s buildings was destroyed in a fire, while still under construction. The estimated damage amounted to $3.5 million, the Indianapolis Business Journal reports.

Financing for the 16 Park Apartments community resulted from a combination of private investment, federal funds and tax credits.

“Congratulations to all those who’ve been involved in the creation the 16 Park Apartments, another unique and successful project for the long-standing partnership between IHCDA and Insight Development,” said Lt. Governor Ellspermann, who chairs the Indiana Housing and Community Development Authority. “I commend the development team on their foresight to bring in private funds to ensure their vision became a reality: providing smartly designed, affordable housing options for the residents of Indianapolis.”

Insight Development is a nonprofit development company that seeks mixed-source financing to preserve, improve and reuse existing properties, transforming community liabilities into assets, while creating high-quality, affordable housing for low- and moderate-income families.

Since it was founded in 1999, Insight has contributed to the development of 462 affordable housing units, 14 market-rate units and 52 home ownership units. The company is currently involved in renovating 1,320 and creating 229 units of affordable and mixed-income housing.

“Insight Development is pioneering a new model of addressing neighborhood development and affordable housing,” says Insight President Bruce Baird. “Instead of solely relying on government money, Insight works with private financiers and other private-sector partners to produce high-quality residences, while also breathing life into our developing neighborhoods.”

Photo credits: www.indyhousing.org



HFF Arranges $24.3 million in Financing for 516-unit Multi-Family Property in Indianapolis

4 Jun 2013, 3:38 pm

by Adriana Pop, Associate Editor

HFF has provided $24.3 million in financing for Pickwick Farms Apartments, a 516-unit multi-housing community in Indianapolis.

HFF has secured the 10-year, 3.6 percent, fixed-rate loan on behalf of Pickwick Properties LLC. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.

Pickwick Farms is located on the northwest side of Indianapolis, near 86th Street and Interstate 465. Built in two phases from 1978 to 1980, and renovated in 2007, the community offers studio, one-, two- and three-bedroom apartments. Amenities include a movie theatre, racquetball court, indoor basketball court, playground, community room, fitness center, swimming pool and two tennis courts. At closing, the community’s occupancy rate was 96 percent.

“This property was especially attractive to lenders due to its experienced sponsorship, highly desirable infill location, heavily populated medical district and the fact it is located less than half of a mile south of Hamilton County, the fastest growing county in Indiana,” HFF managing director Jon Everson said in prepared remarks.

In other news, Legacy Urban LLC and Riley Area Development Corp. have completed the reconversion of a historic building into affordable housing. According to the Indianapolis Recorder, the property is located on Meridian Street in the Near Northside of Indianapolis.

Called 1733 Meridian Apartments, the three-story complex offers 24 one-bedroom apartments for downtown workers. Currently, 19 of the 24 residences have already been occupied. Amenities include sunlit living spaces, energy-efficient appliances, LEED-certified HVAC, secured access, laundry facilities, recycling, interior bike storage, covered outdoor picnic and grill area, as well as a community room, kitchenette and computer area.

The cost for redeveloping the once-abandoned 1919 structure amounted to $4.7 million. Funding has been provided from multiple sources, including the Department of Housing and Urban Development, Indiana Housing and Community Development Authority, City of Indianapolis, the Indianapolis Neighborhood Housing Partnership and Alliant Capital.

Photo credits: www.pickwickfarms-apartments.com



Pittman Partners Files Plans for $90M Mixed-Use Hub in Zionsville

24 May 2013, 9:52 pm

by Adriana Pop, Associate Editor

Pittman Partners LLC is planning a $90 million commercial and residential hub in Zionsville, the Indianapolis Business Journal reports.

Called The Farm at Zionsville, the mixed-use venture will be built on a 62-acre parcel of farmland located at the southwest corner of Michigan Road and Sycamore Street. The proposed development consists of 122,000 square feet of retail space anchored by a specialty grocery store, restaurants, offices, 400 multifamily residential units and six single-family estates.  Brent Davis of CSO Architects is in charge with the project’s design.

Developer Steve Pittman, whose family has owned the land for more than 30 years, told the newspaper that he and his brother, Chad, wanted to build something appealing to both retailers and residents.

“We want to create a place people want to come to,” he said. “Not just for dinner or shopping, but to hang out with the family.”

Zionsville’s Plan Commission is expected to review the developer’s proposal on June 17. If approved, the project will go before the Town Council for a final review.

It remains to be seen whether the housing units within The Farm at Zionsville will be rental, owner-occupied or both. According to Phoenix-based Applied Economics, the project is expected to be built within three to five years, support 480 jobs and 550 residents.

Photo credits: Pittman Partners LLC/CSO Architects

 



Whitsett Plans to Convert 190,000 SF Former Indianapolis Star HQ into Apartments

18 May 2013, 2:42 am

by Adriana Pop, Associate Editor

The Whitsett Group is planning to redevelop the Indianapolis Star’s downtown headquarters into apartments. According to the Indianapolis Business Journal, the company has recently acquired 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. Terms of the transaction were not disclosed.

Dubbed Pulliam Square, the mixed-use redevelopment project will bring 500 apartments contained in three buildings, along with a small retail component. Browning Day Mullins Dierdorf Architects is in charge with the plan’s preliminary design. Construction is expected to begin next summer, once the newspaper finalizes its move to a smaller location downtown.

Upon completion, Whitsett’s project will become one of the largest residential developments in downtown Indianapolis. According to Tikijian Associates, the 525-unit Riley Towers currently ranks as the area’s largest apartment complex, followed by Lockefield Gardens (493 units) and The Gardens on Canal Court (421 units).

In other news, the Indianapolis Business Journal reports that Eli Lilly and Co. has sold the Rolls-Royce Meridian Center in downtown Indianapolis to American Realty Capital for a reported $90 million. The complex had been on the market for about a year.

“The firm was interested in the property due to its long-term lease and high-quality tenant, and it’s in a central business location,” Lilly spokesman Ed Sagebiel told the newspaper.

Located on South Meridian Street, the building is fully occupied by aircraft engine maker Rolls Royce Corp. The company signed a long-term lease for the 405,000-square-foot property in March 2011 and invested about $20 million in renovations.

Formerly known as the Faris Campus, the Rolls-Royce Meridian Center offers more than 320,000 square feet of office space, a 48,000-square-foot fitness center, a cafeteria, a conference center and more than 2,000 parking spaces. In 2001, Lilly invested $58 million to develop the complex.

Photo credits: Browning Day Mullins Dierdorf Architects



Kite Realty Acquires Castleton Crossing in Indianapolis for $39M

10 May 2013, 7:13 pm

by Adriana Pop, Associate Editor

Kite Realty Group Trust Inc. has purchased the 280,000-square-foot Castleton Crossing retail center in Indianapolis for $39 million. According to property records, Texas-based American National Insurance Co. is the seller of the property.

The center is fully leased and includes TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival among its tenants. It is located at 5520 E. 82nd Street, near the intersection of I-465 and Allisonville Road and serves a 5-mile trade area with average household incomes of $87,600 and a population density of 168,400.

“Castleton Crossing is an excellent addition to our retail portfolio reflecting our continued success in acquiring high-quality shopping centers in off-market transactions. This property is located at one of the premier intersections in Indianapolis,” company Chairman and CEO John A. Kite said in a written statement.

In April, the Indianapolis-based real estate investment trust has also purchased the 224,000-square-foot Cool Springs Market in Franklin near Nashville for $37.5 million. The property is 95 percent occupied, with Dick’s Sporting Goods, Marshall’s and JoAnn Fabrics as anchor tenants.  

In regional news, the Indianapolis Business Journal reports that Investment Property Advisors of Valparaiso and the city of Muncie are planning to develop a $60 million mixed-use project near the Ball State University campus.

The development would replace the University Square building located in the Village commercial district. Plans call for 228 apartments, as well as commercial space and an approximately 340-space parking garage.

The project is currently being reviewed by the Muncie Redevelopment Commission. Construction on the parking facility could be completed by November, while the first residents are expected to move in by the fall of 2014.

Photo credits: kiterealty.com



Milhaus’s $26M Downtown Redevelopment Obtains Rezoning, Design Approvals

3 May 2013, 9:47 pm

by Adriana Pop, Associate Editor

Milhaus Development has received design and rezoning approvals from the Historic Preservation Commission to repurpose the former Mitchell & Scott industrial site in downtown Indianapolis into a five-building apartment complex.  

Located in the Chatham-Arch historic district, the $26 million project will bring a total of 236 apartments, including studio, one-, two- and three-bedroom units. Rents will range between $900 and $2,000 per month, Milhaus announced. 

Plans call for the construction of four new buildings, about four or five stories tall, and include the complete renovation of the historic two-story former office facility of Mitchel & Scott Machine Co. Approximately 7,000 square feet of first floor space could be developed as either residential or commercial.

Construction on the project is expected to begin this summer and be complete by next spring. Upon completion, the complex will offer residents an abundance of community space, an outdoor entertainment deck, a plaza, pool, an indoor bar, art gallery and lounge. 

“This new project reflects our company mission to rebuild neighborhoods and is an important link between Lockerbie and Chatham-Arch. It will bolster the local economy with additional shoppers, diners and ticket buyers,” said David Leazenby, principal of Milhaus Development.

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.

In downtown Indianapolis, Milhaus is also developing the mixed-use, multi-phase residential project known as “Artistry”. The company’s recently completed projects in the region include the Mozzo apartments in the heart of the city’s downtown, the Solana Apartments at the Crossing near Keystone at the Crossing, as well as the Penn Circle Apartments in Carmel.

Photo credits: http://www.milhausventures.com



Fishers Medical Office Building Wins BOMA’s TOBY Award

26 Apr 2013, 9:56 pm

by Adriana Pop, Associate Editor

The Building Owners and Managers Association (BOMA) has named the St. Vincent Medical Center Northeast, a medical office building in Fishers, the North Central Region winner of The Outstanding Building of the Year (TOBY) program.

Developed and managed by Duke Realty, the approximately 119,800-square-foot facility at 13914 Southeastern Parkway opened in 2008. The building is part of Ascension Health’s newly built St. Vincent Fishers Hospital.

“When St. Vincent Medical Center Northeast opened, it was the first freestanding emergency department in the state. We’re very proud that this successful facility is being replicated by other hospital systems in Indiana and throughout the United States,” said Ryan Rothacker, Duke Realty’s vice president of Asset Management & Customer Service.

Earlier this year, the facility won the local Indianapolis TOBY award, qualifying it to compete in the North Central Region program. Regional winners will now enter the final, international level of the competition. The finalist will be announced live at the TOBY banquet on June 25 during the BOMA International 2013 Every Building Conference & EXPO in San Diego.

In other news, during a meeting of the Broad Ripple Village Association, local developer Browning Investments has unveiled its plans for a proposed $18 million mixed-use apartment project on College Avenue north of Broad Ripple Avenue in Indianapolis.

According to Indystar.com, the five-story building will be anchored by a 35,000-square-foot ground floor specialty grocer. Plans also call for 80 to 88 apartments and a 275-space parking garage.

The developer and its partner Sheehan Construction will now need to rezone a portion of the site to allow for retail. They may also apply for tax increment financing, the newspaper reports.

 “This would be a good location for a specialty-type grocer because of the abundance of nearby housing and upscale incomes”, said Jamie Browning, vice president of real estate development for Browning.

Photo credits: http://www.northwestradiology.com



Hertz Investment Acquires 650,000 SF Office Property in Indianapolis

22 Apr 2013, 4:42 pm

by Adriana Pop, Associate Editor

Hertz Investment Group of Santa Monica has closed on the purchase of the 650,000-square-foot Capital Center Office Tower Complex in Indianapolis.The seller was Invesco Real Estate, which was represented by the local office of CBRE.

According to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.

Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.  

Connected by a lobby atrium, the buildings are 78 percent leased to tenants including Cummins, the Associated Press, BKD CPAs & Advisors, Fifth Third Bank, Burgess and Niple, HCC Medical Insurance Services, RCR Technology and The Huntington National Bank. The property’s net operating income is $4.5 million, the newspaper reports.  

“We are delighted to take on the Capital Center towers, with an extraordinary existing roster of national and regional leaders who need to be here, at the very epicenter of Indianapolis. The project has high quality amenities – on site and nearby – which are simply not matched in the City of Indianapolis,” Gary Horwitz, president of Hertz Investment Group said in a prepared statement.

In other news, the Indianapolis Business Journal reports that two local developers are repurposing the former Litho Press building into 111 apartment units.The 105-year-old historic property is located on North Capitol Avenue in downtown Indianapolis.

The Whitsett Group and Ambrose Property Group are behind the $16 million redevelopment project known as 800 North Capitol Apartments. About forty percent of the units will be affordable.

Upon completion towards the end of the year, the new complex will include an interior courtyard and rooftop pool. Local architecture firm DkGr Architects is the designer of the project.

According to George Tikijian of brokerage firm Tikijian Associates, the downtown apartment market has very good absorption. Currently at 96 percent, the area’s occupancy level is expected to remain strong this year, even as new units are being delivered.

Photo credits: http://www.hertzgroup.com/capitalcenter.html



Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis

12 Apr 2013, 8:10 pm

by Adriana Pop, Associate Editor

Construction has begun on the $30 million Ironworks at Keystone apartment and retail development in suburban Indianapolis.

Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000-square-feet-restaurant could soon become the property’s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.

Plans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.

“This is a great day for Hendricks Commercial Properties,” Hendricks President Rob Gerbitz said in a statement. “We are excited to build our first development in Indianapolis, and we’ve assembled a team of exceptional local companies to ensure this project is a success.”

The company’s local partners include Shiel Sexton (construction), Sitehawk Retail Real Estate (commercial leasing), Buckingham Companies (residential leasing and management), Wooden & McLaughlin LLP (legal), Civil and Environmental Consultants, Inc. (environmental and engineering), and EUA (architect).

Hendricks purchased the 6.4-acre development site in 2012 from Jacksonville, Fla.-based Everbank. Jordan Klink, an investment specialist with the local office of Marcus & Millichap told the newspaper that Ironworks could be fully leased by the time of its opening next year.

In other news, leading owner, operator and developer of industrial real estate Prologis Inc. has signed a build-to-suit agreement with Subaru of America for a new 715,000-square-foot distribution center. The facility will be located in the Northwest Indianapolis submarket at Prologis Park Lebanon.

“The record low supply of large industrial facilities continues to drive build-to-suit solutions in many markets around the country, including Indianapolis. With occupancies rising for the past two years, Indianapolis remains a compelling regional market,” said Jim McGill, senior vice president, Prologis.

Within the Indianapolis market, Prologis owns and manages approximately 5.1 million square feet of logistics and distribution space.

Photo credits: Hendricks Commercial Properties



Eli Lilly Plans $180M Expansion of Insulin Cartridge Plant in Indianapolis

5 Apr 2013, 9:51 pm

by Adriana Pop, Associate Editor

Locally based pharmaceutical giant Eli Lilly and Co. is considering an additional $180 million investment in its Indianapolis-based insulin manufacturing operations.

Plans call for an 84,000-square-foot expansion of the company’s $140 million plant currently under construction in the southwest area of downtown Indianapolis. The new facility will increase the company’s insulin-active-ingredient manufacturing capacity and create a second insulin-cartridge-filling line. The production area is expected to become operational in March 2014, while construction on the insulin-cartridge-filling line would be complete by 2016.

Once it becomes fully operational, the new plant would employ about 175 full-time, high- skill workers. Lilly has also announced it would spend about $80 million on several ancillary projects in the city, including a product-inspection center.

“Lilly could have made this investment anywhere in the world, but the fact that it continues to expand in Indianapolis is a testament to the great business climate and workforce in our city,” said Mayor Greg Ballard. “I want to underscore that despite challenging economic times, in the past six months, Lilly has announced proposed plans to invest more than a quarter of a billion dollars in our city and create jobs for many highly skilled people. This is great news for Indianapolis.”

In multifamily development news, Pedcor Investments is planning a $13.1 million affordable housing complex for seniors on the west side of Indianapolis. According to the Indianapolis Business Journal, the project has recently been awarded $1.2 million in federal tax credits.

Called The Retreat on Washington, the new development will be located on the site of the former Central State Hospital campus, along West Washington Street. The project will consist of a three-story building with one- and two-bedroom units. The one-bedroom apartments are expected to rent from $300 to $625, while rents for the two-bedroom homes will range from $350 to $725. Construction could begin in August or September and last until next fall.

In December, Pedcor completed another affordable housing development at the 150-acre site of the former psychiatric hospital which closed in 1994. The $20 million Steeples on Washington complex offers 144 apartments to residents earning 60 percent or less of the area’s median income. The seven-building project has received $2 million in federal tax credits, the newspaper reports.

Photo credits: lilly.com/news/media-center