Real Estate Weekly: News notes 02/09/21

Keywords Real Estate

These news notes appeared in IBJ’s Real Estate Weekly on Feb. 9, 2021:

Briefs:

— Ambrose Property Group has completed construction on a 206,000-square-foot industrial building in Monrovia, which Love’s Travel Stops plans to use as a distribution and tire retread center. Love’s thus becomes the first occupant of the 555-acre Westpoint Business Park at Interstate 70 and State Road 39. Work also has been completed on a 507,000-square-foot speculative warehouse in the park. Up to nine distribution buildings, totaling over 6 million square feet, are planned for the project.

— After months of looking for a buyer, local firm TWG Development has opted to hold on to The Whit apartment property in downtown Indianapolis. Earlier this month, the company secured an $83 million bridge loan to retain the property through CIM Group. TWG listed the 334-unit property at 307 N. Pennsylvania St. in August, with an asking price of $115 million to $120 million.

— Indianapolis-based industrial developer Scannell Properties has hired real estate and banking veteran Valerie Becker as director of the group’s capital team. Becker joins Scannell after four years as vice president and commercial real estate expert for The National Bank of Indianapolis. She has also worked for Indianapolis-based Simon Property Group, Fitch Ratings in Chicago and SunTrust Banks in Raleigh, N.C. In her new role, Becker will oversee debt and lender relationships and help structure investment and equity deals.

— Little Cairo Café has opened a second location, at 5164 N. College Ave. The restaurant opened Jan. 16 in a space formerly occupied by Taste Café, which closed in August 2019. The College Avenue location joins Little Cairo’s original location, which is at 20 W. Main St. in Carmel.

— Restore Hyper Wellness and Cryotherapy opens its first Indiana location this month at 2552 E. 146th St. in Carmel. The business, which offers cold-therapy treatments and intravenous therapies, will occupy a 2,100-square-foot spot in the Cool Creek Commons development. Based in Austin, Texas, Restore was launched in 2015 and now has 74 locations around the U.S.

Sales:

PFFO QOZB LLC bought a 12.85-acre site at 5101 W. 38th St. The seller, A.D.E. Inc., was represented by Jeff Merritt of Bradley Co./Resource Commercial Real Estate. The buyer was represented by Fabricio Perez of Perez Realty Group.

SZ Financial LLC bought a 2,990-square-foot retail site on 0.28 acres at 3915-3921 E. Washington St. The sellers, Mario Dominguez Sanchez and Joyce Dominguez, were represented by Jeff Merritt of Bradley Co./Resource Commercial Real Estate. The buyer represented itself.

Ridge Kent LLC bought the net-leased Burger King located at 9853 N. Michigan Road, Carmel. The seller, MVSA Investments LLC, was represented by Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group. The buyer also was represented by The Klink Group.

SARWAN LLC bought the net-leased Noodles & Company located at 190 S. Perry Road, Plainfield. The seller, LTMN Investments II LLC , was represented by Stephen Adams of Hokanson Cos. Inc. The buyer was represented by Jordan Klink of Marcus & Millichap’s The Klink Group.

Leases:

Midwest Brows and Beauty signed a 2,275-square-foot lease with Harbourtown Shoppes at 17901 River Road, Noblesville. The tenant represented itself, and Bill Ernst of Commercial Realty Group represented Harbourtown.

Weston’s Appliances leased 4,957 square feet at The Plaza @ Saxony MarketPlace, 14120 Brooks School Road, Noblesville. The landlord, MarketPlace Junior Anchors LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Spencer Gray of CBRE.

Condado Taco’s leased 3,525 square feet at The Patio at Saxony MarketPlace, 13578 Cabela Parkway, Noblesville.  The landlord, MarketPlace Junior Anchors LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Robyn Swihart of Echo Retail.

Goodenough LLC leased 600 square feet of office space at Executive North Office Park, 921 E. 86th St. The tenant was represented by Kevin O’Donnell of Newmark. The landlord, Holland Associates LP, was represented by Brian Bondus of ALO Property Group.

Live Optimally LLC leased 400 square feet of office space at Executive North Office Park, 931 E. 86th St. The landlord, Holland Associates LP, was represented by Brian Bondus of ALO Property Group. The tenant represented itself.

Loving Life Home Care LLC leased 331 square feet of office space at Executive North Office Park, 911 E. 86th St. The landlord, Holland Associates LP, was represented by Brian Bondus of ALO Property Group. The tenant represented itself.

Construction:

Capitol Construction completed a 3,800-square-foot office expansion for IKIO at 8470 Allison Pointe Blvd.

Capitol Construction completed a 3,400-square-foot retail build-out for Long’s Mattress at 6625 Whitestown Parkway, Zionsville.

Capitol Construction completed a 3,200-square-foot office build-out for HTS at 1500 American Way, Greenwood.

Capitol Construction completed a 2,700-square-foot office build-out for HC-1 at 6100 W. 96th St.

Capitol Construction completed a 1,920-square-foot office build-out for IVX Health at 9510 N. Meridian St.

Rates:

The average rate for 30-year mortgages was unchanged at 2.73% in the week ended Feb. 4, according to FreddieMac. The rate for 15-year mortgages rose from 2.20% to 2.21%.

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