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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 June 6, 2021:
Briefs:
— Day and Night Cereal Bar has closed after a brief run at Greenwood Park Mall. The establishment, which opened in February in a space formerly occupied by Johnny Rockets, built its menu around sugary cereals served with other ingredients in bowls, shakes and waffles. The local store was affiliated with Los Angeles-based Day and Night, which launched as a food truck in that city last summer. On June 1, the Greenwood location posted on its Instagram page that it was closing indefinitely.
— A magazine store and neighborhood mart called Dear Mom will have its grand opening Wednesday at 2121 E. 10th St. The store will sell magazines as well as the handmade magazines known as “zines,” plus pantry staples, grocery items, drinks and snacks.
— Clothing manufacturer Deckers Brands has signed a lease to occupy a 507,600-square-foot speculative distribution center in Hendricks County. The facility was completed last year by Ambrose Property Group at the firm’s 555-acre Westpoint Business Park in Monrovia, located at Interstate 70 and State Road 39. Decker is working with Ambrose to help the building achieve LEED—Leadership in Energy Environmental Design—Silver certification. The building is one of up to 10 that are expected to be developed at the business park, and Decker’s move follows an announcement in 2020 that Love’s Truck Solutions would operate a distribution facility there. Ambrose plans to break ground on a third building—a 646,000-square-foot speculative warehouse—later this month, with construction expected to be finished by early 2022.
— The North Meridian Shops retail strip center was sold in May for $2.9 million to a Pennsylvania-based company BA Properties I LLC. The 17,100-square-foot property at 3787 N. Meridian St. counts a T-Mobile, HangTime men’s clothing, China King II and Big City Grill & Lemonade among its tenants. It was previously owned by J&R Enterprises of Indianapolis II LLC. The deal was brokered by Marcus & Millichap’s The Klink Group and members of the company’s Philadelphia office.
— A $21 million loan was closed last month for the “reimagining” of Indianapolis apartment property Williamsburg North, at 4430 Brookline Court. Asia Capital Real Estate, a private equity firm, inked a three-year term with owner David Shemano to help finance the upgrades—although details of the planned improvements to the property were not shared.
Sales:
Red Buffalo LLC purchased the 2,144-square-foot freestanding Starbucks located at 5050 Cambridge Way, Plainfield. The buyer was represented by Bud Green of Bud Green & Associates LLC/Remax Centerstone. The seller, 267 Partners LLC, was represented by Jacque Haynes of Midland Atlantic Properties.
Purple Line Holdings I LLC purchased 2.38 acres at 5405 N. Post Road. The seller, Reza Danesh, was represented by Patrick Boyle of Midland Atlantic Properties. The buyer was represented by John Snell of Snell Real Estate Evaluation Co. Inc.
Riteway Automotive purchased the former automotive dealership located at 3800 S. East St. The buyer was represented by Andrew Clifford of 7D Commercial. The seller, Hubler Realty Co., was represented by Tracey Holtzman of Midland Atlantic Properties.
Asphalt Materials, Inc purchased 20.48 acres at 5121 W. 86th St. The seller, Marathon Petroleum Company LP, was represented by Steve Schaub of Avison Young. The buyer represented itself.
Point 70 Logistics Venture LLC bought 80.5 acres of land at 6905 W. 300N in Greenfield. The seller, Borgman/Spell Farm LLC, was represented by Michael Horrigan of Bradley Co. The buyer was represented by Luke Wessel of Cushman & Wakefield.
Leases
Ruff n’ Roll leased 900 square feet at Fishers Landing, 7261 Fishers Landing Drive, Fishers. The landlord, Fishers Landing LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The tenant was represented by Danny Maish of US Real Estate Experts.
PYNK Lounge signed a new lease for 900 square feet of space in the neighborhood center located at 9862 E. 21st St. The tenant and landlord, Indy Management Group Inc., were both represented by Cindy Hoskinson of Lee & Associates-Indianapolis Inc.
Kustom Kingz signed a new lease for 1,200 square feet of space in the Sherman Commons neighborhood center located at 3709 E. Washington St. The tenant and landlord, Indy Management Group Inc., were both represented by Cindy Hoskinson of Lee & Associates-Indianapolis Inc.
Chavas Mexican Grill leased 1,248 square feet at Pyramid North Shoppes, located at 3905 W. 96th St. The landlord, Pyramid North LLC, was represented by Shawn Heffern of Midland Atlantic Properties, and the tenant represented itself.
Foot & Ankle Specialists of Indiana LLC leased 1,433 at Melody Plaza, 1769 Melody Lane, Greenfield. The tenant was represented by Tim O’Brien and Leslie Tesky of CRESA. The landlord, TL Holdings LLC, was represented by Jacque Haynes of Midland Atlantic Properties.
The Pub at Anson leased 1,543 square feet at Marketplace at Anson, 6585 Whitestown Parkway, Zionsville. The landlord, MAP Whitestown LLC, was represented by Jeff Hubley and Tracey Holtzman of Midland Atlantic Properties. The tenant represented itself.
Supercuts renewed its lease for 1,599 square feet at West Carmel Marketplace, 9893 N. Michigan Road, Carmel. The landlord, CRI West Carmel LLC, was represented by Jacque Haynes of Midland Atlantic Properties, and the tenant represented itself.
New Pal Energy leased 1,650 square feet at Gem Towne Shopping Center, 56 W. Main St., New Palestine. The Landlord, J2 Ventures LLC, was represented by Tracey Holtzman of Midland Atlantic Properties, and the tenant represented itself.
Bounce Back Physical Therapy LLC leased 2,083 square feet at 757 E. 86th St. The landlord, RHM Properties LLC, was represented by George Sechrist of ALO Property Group. The tenant was represented by Alexa Larson of ALO Property Group.
Drapery Street leased 2,200 square feet at 9700 Lakeshore Drive. The landlord, KMW Investments, was represented by Tracey Holtzman of Midland Atlantic Properties. The tenant, C+S Design Services LLC (dba Drapery Street), was represented by Jenna Barnett of Newmark Knight Frank.
Hyperbaric Therapy Clinic of Indiana LLC leased 2,792 square feet at 14555 Hazel Dell Parkway Carmel. The landlord, Plum Creek Partners LLC, was represented by Tom Osborne of Bradley Company. The tenant was represented by George Sechrist and Alexa Larson of ALO Property Group.
Clean Eatz leased 2,800 square feet at Centre North, located at 8510 E. 96th St., Fishers. The landlord, Centre North Shops LLC, was represented by Shawn Heffern of Midland Atlantic Properties and the tenant was represented by Dean Almas of CBRE Inc.
Bicycle in Motion leased 3,077 square feet at Parkside Retail, 9526 E. 126th St., Fishers. The landlord, Pendleton/Parkside LLC, was represented by Shawn Heffern of Midland Atlantic Properties, and the tenant, Cadence + Coffee LLC, represented itself.
Midwest Associates of Indianapolis LLC leased 6,000 square feet at 1445 Brookville Parkway. The tenant, Midwest Associates of Indianapolis, was represented by Jacque Haynes of Midland Atlantic Properties. The landlord, Atlas TX Midwest LLC, was represented by Brian Buschuk with Jones Lang LaSalle.
Construction
Kort Builders completed a 1,900-square-foot retail space for Corporate Indy/Sneaker Shop, 245 S. McCrea St.
Kort Builders completed a 6,263-square-foot office space for Principal Financial Group, 8910 Perdue Road.
Kort Builders completed a 20,518-square-foot office space for Vyne Dental, 6510 Telecom Drive.
Rates
The average rate for 30-year mortgages rose from 2.95% to 2.99% in the week ended June 3, according to FreddieMac. The rate for 15-year mortgages held steady at 2.27%.
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