Real Estate Weekly—Sept. 10, 2024

The following items appeared in the Sept. 10, 2024, edition of IBJ’s Real Estate Weekly e-newsletter.

Notes:

— Indianapolis-based Gray Capital has acquired the 384-unit Solana at the Crossing apartment property on the north side of Indianapolis for $68.3 million. The acquisition, which closed earlier this month, is the company’s eleventh investment in central Indiana since 2015 and its second acquisition this year, after it bought the 444-unit River Club Apartments in April. Gray plans to invest an undisclosed amount in Solana to upgrade the property’s kitchen, plumbing and lighting, fence in yards on some units, implement smart home technology across all of the units and repaint the property’s exterior. Gray also plans to install several electric vehicle chargers and create new spaces along the White River, adjacent to the property. The firm has $800 million in assets, having completed more than $2 billion in transactions since its founding. Dane Wilson and Steve LaMotte with the Indianapolis office of Maryland-based brokerage Walker and Dunlop were the brokers on the deal.

— A longtime Indianapolis homebuilding executive has been chosen to oversee one of central Indiana’s largest firms as the company’s division president. Keith Lash, formerly vice president of land acquisition and development for Miami-based firm Lennar Homes, was named division president for the local branch of Kentucky-based Drees Homes. Drees has developed 14 communities across the Indianapolis, most of smattered across the northern suburbs. Lash in his role at Lennar helped acquired land to develop dozens of communities across Indiana, including the high-end Village of WestClay. Lash succeeds Randy McNutt, who is retiring.

Sales

CRBeck LLC acquired 5.05 acres at 91 Linville Way, Franklin. The seller, ORITB Investments LLC, was represented by Mike Horrigan and Sam Karozos with Bradley Company. The buyer represented itself.

Christian Brothers Automative Corp. purchased 4.13 acres at 2563 N. State Road 267, Brownsburg. The seller, Gemini 267 LLC, was represented by Keith Fried of McCrea Property Group. The buyer represented itself.

Leases

7-Brew leased 800 square feet at Stanfield Crossing, 6853 U.S. Highway 36, Avon. The landlord, Stanfield Crossing LLC, was represented by Keith Fried of McCrea Property Group. The tenant was represented by Anthony Marsiglio with Re/Max Centerstone.

Papa Murphy’s renewed its lease for 1,500 square feet at East Thompson Shopping Center, 5347 Thompson Road. The landlord, East Thompson Holdings, was represented by Keith Fried of McCrea Property Group. The tenant represented itself.

Papa Murphy’s renewed its lease for 1,500 square feet at East Thompson Shopping Center, 5347 E. Thompson Road. The landlord, East Thompson Holdings LLC, was represented by Keith Fried of McCrea Property Group. The tenant represented itself.

Power Up Supplements and Smoothie LLC leased 1,512 square feet at Eagle Creek Shops, 6985 W. 38^th St. The Landlord, Ossip Real Estate, was represented by Liz Morken of McCrea Property Group. The tenant represented itself.

Lulu’s Electric Cafe renewed its lease for 1,606 square feet at North Willow Mall, 2292 W. 86^th St. The landlord, Township 86 Development Co. L.P., was represented by Keith Fried of McCrea Property Group. The tenant represented itself.

Rosa’s All Day Café leased 2,200 square feet at Augusta Plaza, 2732 Westlane Road. The landlord, Augusta Plaza Associates L.P., was represented by Liz Morken of McCrea Property Group. The tenant represented itself.

Construction

Kort Builders completed an 1,100-square-foot remodel for Delta Gamma at Butler University, located at 737 West Hampton Dr.

Kort Builders completed a 1,200-square-foot remodel for Alpha Phi at Butler University, located at 824 West Hampton Dr.

Stenz executed a 1,600-square-foot renovation for Affinity Corp. at 650 E. Carmel Drive, Carmel.

Stenz executed a 12,000-square-foot exterior and interior renovation for Citizens State Bank at 29 S. Pendleton Ave., Pendleton.

Kort Builders completed a 67,266-square-foot office buildout for Carrington Mortgage at 2100 E. 191^st St., Westfield.

Rates

The average rate for 30-year mortgages were unchanged at 6.35% in the week ended Sept. 5, according to FreddieMac. The rate for 15-year mortgages dropped from 5.51% to 5.47%.