Real Estate Weekly: Oct. 8, 2024

The following information was published in IBJ’s Real Estate Weekly e-newsletter on Oct. 8, 2024.

Sales

FHB 3 LLC purchased a 1,116-square-foot retail building on 0.12 acres of land at 635 Kessler Blvd. East Drive. The buyer was represented by John Holloway and Jamison Downs of Veritas Realty. The seller, James M. Koby, was represented by Mike Clements of C21 Commercial Scheetz.

FHB 3 LLC purchased a 1,736-square-foot retail building on 0.41 acres of land at 5898 N. College Ave. The buyer was represented by John Holloway and Jamison Downs of Veritas Realty. The seller, Donald L. Nygaard, was represented by Mike Clements of C21 Commercial Scheetz.

RPM Pizza Midwest II LLC purchased a 4,368-square-foot multitenant retail building on 0.45 acres at 4981 W. Smith Valley Road, Greenwood. The buyer was represented by Jon Bannister and Amy Tharp of Veritas Realty. The seller, Bourbon Buddies LLC, was represented by Ray Stuck of HomeXpert Realtors.

RRE 6350 N Shadeland LLC purchased a 7,972-square-foot, two-tenant office at 6350 N. Shadeland Ave. The buyer was represented by Forest Bender of Marcus & Millichap. The seller, Limar Properties LLC, was represented by Gus Poulos, Joseph DiSalvo and Alex Nulf of Marcus & Millichap.

Onicx Management Group purchased a 25,543-square-foot freestanding medical office building at 3743 Landmark Drive, Lafayette. The seller, Landmark Properties, was represented by Cooper Laikin and Evan Kroot of BrightPoint Real Estate and Conor Daly of BluePrint Healthcare Real Estate Advisors. The buyer represented itself.

Leases

Santa’s Pit Stop Christmas Shoppes LLP leased 1,015 square feet of retail space within Wilshaw Apartments at 1525 Main St. The landlord, Wilshaw LLC, was represented by Paul Rogozinski and Amy Tharp of Veritas Realty. The tenant represented itself.

The Cellular Connection leased 2,169 square feet of retail space within South Grove Landing Shoppes at 2991 Fulmer Drive, Bargersville. The tenant was represented by John Holloway and Jamison Downs of Veritas Realty. The landlord, Ohio Properties LLC, was represented by Jeff Marchio of Tharp Realty.

Bradley Phifer Dog Training LLC leased 2,400-square-feet of retail space within Glendale Shoppes at 2122 E. 62nd St. The landlord, Glendale Partners Inc, was represented by Paul Rogozinski of Veritas Realty. The tenant was represented by Stacia Yeager of Insite Commercial Real Estate.

OM CS Kentucky-Indy Wings leased 2,940 square feet of retail space within Marwood Plaza at 3381 Kentucky Ave.. The landlord, Core Marwood Plaza LLC, was represented by Paul Rogozinski and John Holloway of Veritas Realty. The tenant was represented by Dugan Thompson and Stephen Daum of Colliers.

City Way Animal Clinics Inc leased 4,350 square feet of retail space within Irvington Shops at 5535 E. Washington St. The landlord, Polgas LLC, was represented by Paul Rogozinski of Veritas Realty. The tenant represented itself.

Construction

Capitol Construction completed a 1,560-square-foot studio buildout for Pure Barre at 8487 Union Chapel Road.

Capitol Construction completed a 6,900-square-foot office buildout for Brown and Brown Insurance at 11711 N. Meridian St., Carmel.

Capitol Construction completed an 11,000-square-foot office buildout for Royal United Mortgage at 10194 Crosspoint Blvd.

Capitol Construction completed a 19,850-square-foot office buildout for IEA Energy Services at 10401 N. Meridian St.

Rates

The average rate for 30-year mortgages rose from 6.08% to 6.12% in the week ended Oct. 3, according to FreddieMac. The rate for 15-year mortgages rose from 5.16% to 5.25%.

Briefs

— Indianapolis firm TWG Development LLC won approval of its revised plan for the redevelopment of Old City Hall last week, through a 6-1 vote from the Indianapolis Historic Preservation Commission. (Commissioner Anson Keller voted against the plans.) The project, which is a partnership between TWG, Atlanta architectural firm Smallwood and Indianapolis firm Studio Axis, will include a 29-story tower with apartments, condominiums and a hotel. It also will repurpose Old City Hall into retail space, a restaurant and an art gallery. The IHPC vote was integral to moving the $264 million project forward. It is slated to complete construction by the end of 2027.

— A groundbreaking for the $200 million industrial and retail development County Line Commerce, at County Line Road and Arlington Avenue, is set to occur Oct. 18. The event will mark the ceremonial start of construction for the 1.9 million-square-foot project from Gershman Partners and Citimark, which will encompass 170 acres and consist of five buildings, ranging from 100,000 square feet to nearly 575,000 square feet. One building, a 324,000-square-foot structure, has already been leased. The project will also include two retail outlots and a hotel site. The project will be a mix of speculative and build-to-suit developments.

—The town of Speedway and Fishers development firm T&H Investments held a ribbon-cutting ceremony last week for the $13.5 million Founders Square Senior Apartments, a three-story, 60-unit property near Crawfordsville and High School Roads, just east of Interstate 465. The project, which broke ground in 2022, is expected to serve adults 55 and older through a 73,000-square-foot building that offers a community lounge, fitness center and technology room. The community also includes a small retail space on the ground floor and a surface parking lot. Founders Square now features an Aldi grocery store, a Hampton Inn hotel and conference center and a Crew Carwash facility. Speedway has invested $5 million in site infrastructure since the development was first announced in partnership with Rebar Development in 2018.

— McCordsville has opened its first downtown apartment property, McCord Square, following a nearly two-year construction period. The project, a partnership between the town, Rebar Development and Pride Investment Partners, is part of a 48-acre, ground-up development of a new downtown for McCordsville that will include restaurants and retail, office space, entertainment and housing.