Real Estate Weekly: News notes, 04/27/21

These news notes appeared in IBJ’s Real Estate Weekly on April 27, 2021:

Briefs

— Chipotle Mexican Grill opened a new location Wednesday at 4645 S. Emerson Ave. that features the chain’s first drive-thru in Indianapolis. The feature, which Chipotle calls a “Chipotlane,” allows customers to pick up their online orders without leaving their cars. The site was formerly occupied by KeyBank, which closed that branch in 2019.

— A new decorate-it-yourself cupcake and cake business, Cake Bake Kreations, is now open at Greenwood Park Mall. The locally owned shop provides cupcakes, frosting, toppings and tools for customers. It also offers party and event packages and a limited selection of custom items including decorated cupcakes, cakes, cake pops, cakesicles and sugar cookies. Shirley Folks established the business in July and opened at Greenwood Park Mall in March.

— Indianapolis commercial development firm Buckingham Cos. has hired Katie Vrabel as its director of sustainability. Vrabel has over 15 years of experience working on sustainability and energy-related projects, including in the real estate sector. She joins Buckingham after nearly three years at San Francisco-based firm Waypoint Energy. Her addition comes as Buckingham looks to strengthen its “commitment to energy leadership” in development projects and within the company. Her role includes overseeing sustainability initiatives and working with in-house real estate development teams.

— Local custom homebuilder Christopher Scott Homes is relocating its offices to the Indiana Design Center in Carmel. The 4,800-square-foot office and showroom will feature space for the company as well as its AR Homes division, which focuses on more budget-friendly and streamlined design options for clients. Christopher Scott Homes was started in 2002 by Chris Carnell and Scott Bates, and its offices are currently located at Carmel City Center. “The space at the IDC perfectly fits our expanding company and gives us great proximity to the showroom and designer relationships we have in the center,” said Bates in a statement. Indiana Design Center is managed by Pedcor.

— New City Development Partners earlier this month acquired the 190,000-square-foot Class-A office building at 2955 N. Meridian St. The off-market property was sold for an undisclosed amount and sits cater-corner to The Children’s Museum of Indianapolis. Its tenants include MD Wise Inc. and United Way of Central Indiana. The acquisition is the third for the young company, which is owned by Isaac Bamgbose, previously with Hendricks Commercial Properties and Ambrose Property Group. He said the investment-focused purchase was a bet on the long-term stability of high-end office space in the Midtown and downtown market. “Long term, this is a building that has been maintained really well and it has all the right amenities—it checks all these investment boxes,” he said. “Lay on top of that the opportunity (for it) to really be something that you know fits within the ethos of New City Development, and it’s a no-brainer.”

— Bradley Co. has hired Pat Huffine as a broker in its Indianapolis office. Huffine joins Bradley from ADP LLC, where he was a small business consultant for a little over a year. He has a bachelor’s degree in business administration from Nova Southeastern University in Florida.

Sales

HJH Indy 1 LLC purchased an 87,165-square-foot office building at 6612 E. 75^th St. The buyer was represented by Cory Harkleroad of Keller Williams Signature Partners. The Seller, Alidade Heritage I LLC, was represented by Joseph DiSalvo and Alexander Nulf of Marcus & Millichap.

Leases

Greenleaf Juice leased 988 square feet at Nora Plaza, 1250 E. 86th St. The Landlord, PK Nora Partners LLC, was represented by Jason Fried of McCrea Property Group. The tenant was represented by Shannon Hunt of Veritas Realty.

Banfield Pet Hospital leased 3,448 square feet at Willow Lake West, 2902 W. 86th St. The landlord, FW-IN Willow Lake West LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Andrew Clifford of 7D Commercial Real Estate.

Parks Place Pub leased 3,824 square feet at The Depot at Nickelplate, 8594 E. 116th St., Fishers. The landlord, Fishers Owners FC LLC, was represented by Keith Fried and Jason Fried of McCrea Property Group. The tenant was represented by Blair Austin of Jones Lang LaSalle Brokerage Inc.

Team Rehabilitation renewed their lease for 4,225 square feet at Yates Center, 1992 E. Stop 13 Road. The landlord, Joseph Ocala LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Tim O’Brien of Cresa.

Prestige Bilingual Beauty Institute leased 5,000 square feet at Clearwater Springs Shopping Center, 5151 E. 82nd St. The landlord, PK Clearwater Springs LLC, was represented by Jason Fried of McCrea Property Group. The tenant was represented by Fabiola Veguilla with C-21 Rasmussen Co. Inc.

Construction

Capitol Construction completed an 8,000-square-foot office buildout for Sogeti at 8395 Keystone Crossing.

Rates

The average rate for 30-year mortgages dropped from 3.04% to 2.97% in the week ended April 22, according to FreddieMac. The rate for 15-year mortgages fell from 2.35 to 2.29%.