Real Estate Weekly: News Notes 01/12/20

These news notes appeared in Real Estate Weekly on Jan. 12, 2020:

— Creekside South Apartments, a 190-unit complex at 8055 Crossing Drive, was sold for about $16 million in December. The property was purchased by The Ardizzone Group, an Indianapolis-based firm, which plans to spend about $3 million to renovate the entire property. Unit renovations are expected to begin in February and conclude by the end of May, with exterior work expected to continue to mid-2021. Taylor Ardizzone, senior vice president, said he expects to see “substantial” rent growth from the renovations. The seller was Indianapolis-based Mark III Management.

— Hotel Tango Distillery will have a grand opening Thursday for its newest facility, a tasting room at 10615 Zionsville Road in Zionsville. The facility was originally to have opened in May but was delayed because of the pandemic. It joins Hotel Tango’s two other tasting rooms, at 702 Virginia Ave. in Fletcher Place and in Fort Wayne.

— I Heart Mac & Cheese opens its first Indianapolis location with a grand opening event on Wednesday at 910 W. 10th St. The franchisees are Matthew and Elizabeth Griffin, a husband-and-wife team who opened the area’s first I Heart Mac & Cheese in June at 637 E. Indiana 32 in Westfield. Based in Boca Raton, Florida, I Heart Mac & Cheese offers macaroni and cheese bowls with add-in options including meats and vegan Beyond Meat products, veggies and sauces.

— A Texas-style barbecue restaurant, 317 BBQ, opened Dec. 5 at 6320 Guilford Ave. in Broad Ripple. The 1,200-square-foot space was formerly occupied by BurgerFuel, which closed last year. 317 BBQ is owned by chef Josh Stoneking and a group of business partners. It’s affiliated with nearby restaurant 317 Burger.

— The new, $14.6 million TownePlace Suites by Marriott at Indianapolis International Airport will open Jan. 19. The 89-room hotel, located at 8850 Hatfield Drive, will be managed by Indianapolis-based General Hotels Corp. The property’s general manager is Mikaela Elzy and its director of sales is Ida Grady. Construction on the hotel started in October 2019 and was developed by Airport Suites Developers LLC, a firm owned by Dora and his family members, as well as other unidentified partners.

— In December, IBJ reported that Lafayette Square Mall was sold to local firm Perez Realty Group. We now know the firm paid about $20.6 million for the property, based on public property records. The company acquired the mall from New York City-based Ashkenazy Acquisition Corp.

Sales/acquisitions

SF 96th Street LLC bought a 16,800-square-foot retail building at 10600 E. 96th St., Fishers. The buyer was represented by Dylan Mallory of Hanley Investment Group. The seller, 10600 Property Group LLC, was represented by Matt Jackson and Bart Jackson of Jackson IG LLC.

Valadez RE LLC bought a 12,600-square-foot building at 233 E. 175th St., Westfield. The buyer was represented by Darrin Boyd and David Moore of Cushman & Wakefield. The seller, JCF Properties II LLC, was represented by Curt Whitesell of WKRP Indy Real Estate.

Leases/leasing contracts

Barrell Accessories and Supply Co., d/b/a BASCO, leased 40,000 square feet at 4316 W. Minnesota St., Suite C. The landlord, LIT Industrial Limited Partnership, was represented by Bryan Poynter and Fritz Kauffman of Cushman and Wakefield. The tenant represented itself.

Catalyst PDG Inc. renewed its lease for 25,580 square feet at 2920 Fortune Circle West Drive. The tenant was represented by Matt Jackson of Jackson IG. The landlord, Exeter 2920 Fortune LLC, was represented by Andy Brown of Exeter Property Group.

Dollar General renewed its lease for 7,000 square feet at August Plaza, 2800 Westlane Road. The landlord, Augusta Plaza Associates LP, was represented by Lisa Held of McCrea Property Group. The tenant represented itself.

Indianapolis Pediatric Dentistry LLC renewed and expanded its lease for 3,311 square feet at 8433 Harcourt Road. The tenant was represented by Matt Jackson of Jackson IG. The landlord, VTR Ascension SV LLC, was represented by Bruce Gordon and Kristin Hornberger of JLL.

The Healthy Food Cafe leased 2,590 square feet at Stop 11 Center, 1155 E. Stop 11 Road. The landlord, J&J Partners of Greenwood LLC, was represented by Liz Morken and Keith Fried of McCrea Property Group. The tenant represented itself.

Innovative Hearing Solutions of Indiana Inc. leased 1,600 square feet at Brook School Plaza, 12688 E. 116th St., Fishers. The landlord, Brookschool Plaza LLP, was represented by Jason Fried of McCrea Property Group. The tenant represented itself.

Tran Nail Salon & Spa leased 1,450 square feet at Greendale Shopping Center, 745 U.S. 31 North. The landlord, Greendale 14 LLC, was represented by Keith Fried of McCrea Property Group. The tenant represented itself.

Rita’s Frozen Ice leased 1,219 square feet at Sophia Square, 110 W. Main St., Suite 127, Carmel. The tenant was represented by Ian Laskowski of N3 Real Estate. The landlord, Carmel Lofts LLC, was represented by Gary Perel of ALO Property Group.

The Human Bean leased 811 square feet at 5405 N. Keystone Ave. The tenant was represented by Randy Zentz of Commercial Links LLC. The landlord, Levi Land LLC, was represented by Keith Fried and Liz Morken of McCrea Property Group.

Construction

Capitol Construction completed a 1,600-square-foot office build-out for The Joint at 1011 N. State Road 135, Greenwood.

Capitol Construction completed a 15,000-square-foot office remodel for Next Gear Capital at 11799 N. College Ave., Carmel.

Rates

The average rate for 30-year mortgages fell from 2.67% to 2.65% in the week ended Jan. 7, according to FreddieMac. The rate for 15-year mortgages dropped from 2.17% to 2.16%.

 

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