Indianapolis
Prologis Inks Deal with Subaru for 715 KSF near Indy
Prologis Inc. has signed a build-to-suit agreement with Subaru of America for a 715,000-square-foot distribution center in the Indianapolis area.
Eli Lilly Plans $180M Expansion of Insulin Cartridge Plant in Indianapolis
Locally based pharmaceutical giant Eli Lilly and Co. is considering an additional $180 million investment in its Indianapolis-based insulin manufacturing operations.
Plans call for an 84,000-square-foot expansion of the company’s $140 million plant currently under construction in the southwest area of downtown Indianapolis. The new facility will increase the company’s insulin-active-ingredient manufacturing capacity and create a second insulin-cartridge-filling line. The production area is expected to become operational in March 2014, while construction on the insulin-cartridge-filling line would be complete by 2016.
Vista Capital Arranges $7.7M CMBS Loan for Extended-Stay Property in Indianapolis
Vista Capital Company has negotiated and closed $7.7 million of financing for the five-story Staybridge Suites hotel in downtown Indianapolis. The 10-year CMBS loan was provided by a European-based group of investors who were attracted by the market and by the strong performance of the asset.
The extended-stay, InterContinental-branded hotel was built in 2000 by its current owner. The property offers 146 rooms, along with a variety of amenities, including a business center, a fitness center and an indoor pool.
Mayor Greg Ballard Plans Redevelopment of Former Market Square Arena Site
The City of Indianapolis is ready to take another shot at redeveloping the former site of Market Square Arena (MSA), which it segmented into parking lots.
During his annual State of the City speech, Mayor Greg Ballard has announced that his administration is now seeking plans and proposals to repurpose the northern half of the former MSA site into something better than surface parking.
Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
Developers Selected to Build $22.9M Office Facility at IUPUI Campus
In a public-private development deal, REI Real Estate Services and its partner, Vermillion Enterprises LLC of Chicago, have been selected to build a 100,000-square-foot office facility on the IUPUI campus. According to the Indianapolis Business Journal, the proposed five-story building would house the university’s School of Philanthropy, as well as the offices of Chancellor Charles R. Bantz.
The IU Trustees have received a total of 18 development proposals for the $22.9 million project. Pending a final approval from the Commission for Higher Education and the State Budget Committee, construction could begin this summer and be complete next year.
Milhaus Redevelops Former Bank One Center into Apt., Office Space
Milhaus Development is currently redeveloping the former Bank One Operations Center in downtown Indianapolis into a five-story mixed-use structure with 258 apartments and up to 68,000 square feet of commercial space. Inside Indiana Business reports that the estimated price tag of the reconversion plan is around $30 million.
Located at 451 East Market Street, the “Artistry” project is centered on the arts theme, reflecting the neighborhood’s history of craft and skill. Marketing and experience-design firm Q7 Associates will brand and market the residences, while the Gene B. Glick Company will provide property management services.
Luxury Hotel in Downtown Indianapolis Open for Business
A new four-star hotel has recently opened in the heart of downtown Indianapolis, as part of the CityWay development.
Called The Alexander, in honor of Alexander Ralston, the engineer and architect who in 1820 led the creation of the city’s plan, the property offers 157 guest rooms with stunning views of the city, along with 52 extended stay suites. Amenities include a fitness center, multiple restaurants and meeting rooms totaling 16,500 square feet of indoor and outdoor event space.
The new hotel has been developed by Indianapolis-based Buckingham Companies and designed by the Gensler architecture firm. Dolce Hotels and Resorts of Rockleigh, N.J. is managing the property.
Flock Real Estate to Spend $1M Renovating Historic Apartment Buildings in Indianapolis
Two Old Northside apartment buildings at the northeast corner of 13th and Alabama streets in Indianapolis are about to get a $1 million makeover. Built in the late 1800s, the three-story properties comprise approximately 20,000 square feet of living space. The Indianapolis Business Journal reports that locally based Flock Real Estate Group will apply for historic tax credits to finance the renovation project. Upon completion, the buildings will offer 12 one-bedroom units, three two-bedroom units and three three-bedroom units, with refurbished hardwood floors, high ceilings, new windows, track lighting and new kitchens with stainless appliances. Rents for the 18 market-rate units will range between $750 and $1,600 per month.
Duke Realty Divests Six-Building Office Portfolio in Indianapolis
A joint venture between Middleton Partners and Romanek Properties has acquired the six-building Hillsdale Technecenter in suburban Indianapolis from locally based Duke Realty Corp. John Huguenard and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction. Financial terms were not disclosed. According to the Indianapolis Business Journal, the sale of the 446,000-square-foot office complex is part of Duke’s plan to reduce its ownership of suburban office properties. The company’s long-term goal is to have 60 percent of its holdings in industrial, 25 percent in office and 15 percent in medical office.