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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 Feb. 2, 2021:
Briefs:
— Columbus, Ohio-based Condado Tacos plans to open its third Indianapolis-area location this summer at 12545 Old Meridian St. in Carmel. The restaurant will take the space formerly occupied by Indianapolis-based chain Stacked Pickle, which closed all of its locations last year. Condado opened its first Indianapolis location in July 2018 in Broad Ripple. It also has a location in the Penrose on Mass mixed-use development at 500 Massachusetts Ave.
— PPG Paints has closed four Indianapolis-area stores as part of the company’s pivot toward a new regional service center model. The stores, all of which closed late last year, include one in Carmel, at 148 W. Carmel Drive; and three in Indianapolis, at 10009 E. Washington St., 952 N. Delaware St. and 2311 E. 53rd St. PPG also converted its 6951 E. 30th St. location into a regional service center, doubling the size of that location. The regional service center will serve 12 remaining PPG stores in Indianapolis, Carmel, Fishers, Geist, Avon, Westfield, Muncie, Lafayette, Fort Wayne and Terre Haute.
— St’Artup317, a pop-up initiative designed to activate unused retail spaces, is now accepting applications for participation in its next season this May. The program, now in its fourth year, recruits artists, brands and businesses who are interested in operating a 30-day pop-up store or a window display in selected first-floor commercial spaces. Participants must apply by Feb. 8 and pay a $200 refundable program fee if accepted into the program. To apply, visit www.startup317.com.
— Local commercial broker Gordon Hendry is striking out on his own, with a new real estate brokerage and development firm called HRE Advisors. Hendry, who previously worked for the Indianapolis office of Los Angeles-based CBRE for 10 years, said his firm will offer leasing, purchase and sales, consulting, development and investment services. “HRE Advisors will bring the highest level of service to our clients without the conflicts or other issues you often see at a large firm,” he said. Hendry also has served as the CEO of the Indy Partnership and as the director of economic development for Indianapolis Mayor Bart Peterson.
— Indianapolis-based multi-family developer Milhaus has hired Tim Johnson as its new vice president of development for the southeastern United States. Johnson, who will focus on projects in Florida and nearby states, has 20 years of experience in real estate. He comes to Milhaus from Strategic Property Partners in Tampa, Florida, a $3 billion mixed-use development company for which he was chief financial officer.
— Ricky Hatfield has been tabbed as the executive chef for the Bottleworks Hotel, a 139-room boutique hotel in the Bottleworks District that opened late last year. Hatfield was brought on by management firm Geronimo Hospitality Group after serving as executive chef at Michigan-based Ellison Brewing Co.’s Indianapolis brewery. He also has worked at Skyline Club in OneAmerica Tower, CharBlue Steak & Seafood and Peterson’s.
— A north-side medical office building partially occupied by Community Health Network has been sold to an out-of-state realty firm. San Diego-based Second Moon LLC acquired the 13,300-square-foot building at 8435 Clearvista Place in January for $2.3 million. The building, previously owned by Northeast Endocrinology Investments LLC, is shared by Community Physician Network’s Diabetes and Endocrinology office and New Beginnings IVF. Cushman & Wakefield brokers Gino Lollio, Scott Niedergang, Jon Owens and Kyle Seychel represented Northeast in the sale.
Sales:
SG Churchman LLC bought a two-building, 52,336-square-foot temperature-controlled bio farm and pack warehouse facility at 2301 Churchman Ave. The seller, Patterson Holdings, was represented by Alex Cantu and Alex Davenport of Colliers Indianapolis. The buyer represented itself.
Bond Street Advisors Group LLC bought the 12,000-square-foot retail center Villages at Anson III, located at 6842-6820 Whitestown Parkway, Zionsville. The seller, Villages at Anson III LLC, was represented by Tyler Underwood and David Nash at Revel and Underwood Inc. The buyer represented itself.
Bond Street Advisors Group LLC bought the 11,060-square-foot retail center Villages at Anson IV, located at 6420-6483 Whitestown Parkway, Whitestown. The seller, Villages at Anson IV LLC, was represented by Tyler Underwood and David Nash at Revel and Underwood Inc. The buyer represented itself.
Leases:
Innovative Health Solutions Inc. leased 981 square feet at SePRO Tower, 11550 N. Meridian St., Carmel. The tenant was represented by Tammy Faulk of JLL. The landlord, SePRO Development Company II LLC, was represented by Bill Ehret of Avison Young.
McCordsville Community Church leased 4,665 square feet at McCordsville Corner Shoppes II. The landlord, McCordsville Corner Shoppes II LLC, was represented by David Nash and Tyler Underwood of Revel and Underwood Inc. The tenant represented itself.
La Loma Market leased 3,000 square feet at New Augusta Shoppes, 7125 Georgetown Road. The landlord, New Augusta Shoppes LLC, was represented by Jason Fried of McCrea Property Group. The tenant represented itself.
116th Street Dentistry renewed its lease for 2,880 square feet at 116th Street Center, 820 E. 116th St., Carmel. The landlord, TSP 116 Street LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Billy Lewis of Crown Tenant Advisors.
You Nail & Space LLC leased 2,000 square feet at Union Chapel Storage. The landlord, Union Chapel Storage LLC, was represented by Tyler Underwood and David Nash of Revel and Underwood Inc. The tenant was represented by Jay Zhou at MYL Realty LLC.
Two Sweet 2 LLC (Nothin Bundt Cake) leased 1,800 square feet at Villages at Anson IV. The landlord, Villages at Anson IV LLC, was represented by Tyler Underwood and David Nash of Revel and Underwood Inc. The tenant was represented by Mark Stanislawski of The Retail Strategy Real Estate Group.
Visionelle Eyecare LLC renewed its lease of 1,750 square feet at Villages at Anson. The landlord, Barr Properties Master LLC, was represented by David Nash and Tyler Underwood of Revel and Underwood Inc. The tenant was represented by Bobby Lind of Carr Realty.
Bronze Bay Corp. leased 1,600 square feet at McCordsville Corner Shoppes II. The landlord, McCordsville Corner Shoppes II LLC, was represented by David Nash and Tyler Underwood of Revel and Underwood Inc. The tenant represented itself.
Milestone Contractors LP leased 1,600 square feet at McCordsville Corner Shoppes II. The landlord, McCordsville Corner Shoppes II LLC, was represented by David Nash and Tyler Underwood at Revel and Underwood Inc. The tenant represented itself.
Jasmine Thai renewed its lease for 1,500 square feet at River Ridge Crossing, 4705 E. 96th St. The Landlord, TCP River Ridge Crossing LLC, was represented by Maureen Kauffman of McCrea Property Group. The tenant represented itself.
Construction
Charles C. Brandt Construction Co. completed a 5,000-square-foot commercial office/clinic renovation for the Indianapolis Veterans Affairs Center at its 6330 W. 71st St. location.
Rates:
The average rate for 30-year mortgages dipped from 2.77% to 2.73% in the week ended Jan. 28, according to FreddieMac. The rate for 15-year mortgages dropped from 2.21% to 2.20%.
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