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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThese news notes appeared in IBJ’s Real Estate Weekly on April 20, 2021:
Briefs:
— A portfolio of three Indianapolis apartment properties were sold for a total of $108.5 million in late March. The properties, which total 1,426 units, were sold by Georgia-based RADCO Companies. They include Ashford Meridian Hills, 2085 Waterford Place, 728 units; Creekside at Meridian Hills, 2100 Westlane Road, 478 units; and Ashford Georgetown, 5810 Sebring Drive, 220 units. The properties were acquired by New York City firm Aion Partners LLC, through a deal brokered by George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield’s Indianapolis multifamily office. The properties—all located in northwest Indianapolis—have been recently renovated. The portfolio sale is believed to be the largest so far of 2021.
— The new TWG Development LLC multifamily project on the south side of downtown has been given a name. The $58 million project at 915 S. Meridian St., featuring more than 250 units, will be called Rise on Meridian. The project is expected to largely be comprised of studios and single-bedroom units, but about 20% of its units will be two-bedrooms. TWG plans to seek tax-increment financing for the project but has not shared how much it plans to request. The development is expected to include a parking garage and various amenities. Work on the 312,000-square-foot, six-story Rise project is expected to break ground by mid-2021, although construction permits have already been filed with the city and state.
— Ambrose Property Group has broken ground on two industrial buildings in its Plainfield Logistics Park in the 8300 block of Camby Road. The structures are expected to be 203,000 and 474,000 square feet, with projected completion by the end of 2021. Both properties are being built on a speculative basis, with leasing through Cushman & Wakefield. The properties are part of Ambrose’s 80-acre logistics park, which will have up to four buildings totaling about 900,000 square feet.
— A hotel in Fishers recently completed a $3 million renovation and switch to the Best Western brand, with upgrades to its fitness center, outdoor pool and each of its 137 guest rooms. The hotel at 9790 North by Northeast Blvd., formerly a Baymont Inn & Suites, is owned by Deven Patel and features 126 regular rooms and 11 suites.
— Fountain Square beer-and-burger place Kuma’s Corner, 1127 Prospect St., will officially reopen on May 7, with a soft opening the day before. The establishment has been closed since the beginning of the pandemic, and it has been working on renovations during the down time. Information on hours, reservations, seating capacity and other details will be announced within the next few weeks, the business said. Chicago-based Kuma’s Corner has six locations: four in the Chicago area, plus one each in Indianapolis and Denver.
— Aveda Frederic’s Institute Indianapolis opens Wednesday at its new location, 2208 E. 116th St. in Carmel. It includes classroom space, a salon, spa areas and other spaces for students to gain hands-on training in hair care, skin care, nails and makeup. At 20,000 square feet, the new space is significantly larger than the facility’s previous location, which occupied 14,000 square feet at 6020 E. 82nd St. in Castleton.
— The breakfast/lunch/brunch chain Le Peep has opened a location at the Indiana Design Center, at 200 S. Rangeline Road in Carmel. The managing partner of the location is Ali Hessaraki. The restaurant is open from 8 a.m. to 2 p.m. Monday through Friday, and 8 a.m. to 2:30 p.m. Saturday and Sunday.
— Indianapolis-based Tinker Coffee Co. will have a grand opening Wednesday for its first storefront café—a space in the B Course at Indianapolis International Airport. Tinker Coffee sells its products wholesale and online and had planned to open an in-house café at its 16th Street roastery and headquarters before the pandemic hit. The airport opening is part of the airport’s ongoing “concessions refresh” program which has brought several new retail tenants to the site as retail leases expire.
Sales
116th & Olio Pavilion LLC bought a 10,595-square-foot retail center at 11630 Olio Rd, Fishers. The buyer was represented by Alexa Larson and Ralph Balber of ALO Property Group. The seller, Olio Pavilion LLC, was represented by Matt Gray and Kevin Broderick of CBRE.
LifeWay Apostolic Church purchased a 9,728-square-foot office building at 7754 Cobblestone Drive, Avon. The seller, the Sherriff of Hendricks County, was represented by Matt Doner of Bradley Company. The buyer was represented by Mark Coffey of Carpenter Realtors.
Leases
USA InterCargo LLC subleased 5,050 square feet of office space at Three Meridian Plaza, 10333 N. Meridian St., Carmel. The tenant, Smari LLC, was represented by Joshua Graham of Cushman & Wakefield. The subtenant was represented by Joshua D. Abrams, Mitch Doner, Sam Smith and Evan Kroot of Bradley Company.
Front Porch Real Estate represented 1,805 square feet at the Cloverleaf Building, 8355 Rockville Road. The landlord, Cloverleaf Property Group LLC, was represented by Mitch Doner and Joshua D. Abrams of Bradley Co. The tenant was represented by Jim Perry of Front Porch Real Estate.
Chicken Salad Chick leased a 2,800-squsre-foot freestanding retail building on 0.98 acres within Claybrooke Commons, 8651 Emerson Ave. The tenant was represented by Andrew Demaree and Jamison Downs of Veritas Realty. The landlord, Claybrooke Chick LLC, was represented by John Cunningham of Allen Commercial.
Misfit Barber Shop LLC leased 1,432 square feet at The Prestige Shoppes located at 966 S. State Road 135, Greenwood. The landlord, Prosperity Estates LLC, was represented by Jodi Milto of C21 Commercial. The tenant represented itself.
Allios Inc. leased 40,000 square feet of warehouse space at 3740 Hanna Circle. The landlord, Commercial Property Associates LLP, was represented by Grant Lindley and Luke Wessell of Cushman & Wakefield. The tenant was represented by Sam Smith, Evan Kroot, Joshua D. Abrams and Mitch Doner of Bradley Company.
Southeastern Aluminum Products LLC leased 44,000 square feet of flex space at 8219 Northwest Blvd. The landlord, NW3 BP Associates LLC, was represented by Chris Black of CBRE. The tenant was represented by Sam Smith, Evan Kroot, Joshua D. Abrams and Mitch Doner of Bradley Company.
Construction
Kort Builders completed a 5,800-square-foot office space for Pyatt Builders at 630 3rd Avenue SW, Carmel.
Kort Builders completed a 11,100-square-foot office space for Sikich at 8555 N. River Road.
Kort Builders completed a 3,000-square-foot wellness space for Massage Envy-Keystone at 8555 N. River Road.
Rates
The average rate for 30-year mortgages dropped from 3.13% to 3.04% in the week ended April 15, according to FreddieMac. The rate for 15-year mortgages fell from 2.42% 2.35%.
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