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Kite Realty Acquires Castleton Crossing in Indianapolis for $39M

Kite Realty Acquires Castleton Crossing in Indianapolis for $39M

Kite Realty Group Trust Inc. has purchased the 280,000-square-foot Castleton Crossing retail center in Indianapolis for $39 million. According to property records, Texas-based American National Insurance Co. is the seller of the property.…

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Milhaus’s $26M Downtown Redevelopment Obtains Rezoning, Design Approvals

Milhaus’s $26M Downtown Redevelopment Obtains Rezoning, Design Approvals

Milhaus Development has received design and rezoning approvals from the Historic Preservation Commission to repurpose the former Mitchell & Scott industrial site in downtown Indianapolis into a five-building apartment complex. Located in the Chatham-Arch historic district, the $26 million project will bring a total of 236 apartments, including studio,…

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Fishers Medical Office Building Wins BOMA’s TOBY Award

Fishers Medical Office Building Wins BOMA’s TOBY Award

The Building Owners and Managers Association (BOMA) has named the St. Vincent Medical Center Northeast, a medical office building in Fishers, the North Central Region winner of The Outstanding Building of the Year (TOBY) program. Developed and managed by Duke Realty, the approximately 119,800-square-foot facility at 13914 Southeastern Parkway opened in…

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Hertz Investment Acquires 650,000 SF Office Property in Indianapolis

Hertz Investment Acquires 650,000 SF Office Property in Indianapolis

Hertz Investment Group of Santa Monica, CA has closed on the purchase of the 650,000 square-foot Capital Center Office Tower Complex in Indianapolis from Invesco Real Estate. The local office of CBRE represented the seller in the transaction. According to the Indianapolis Business Journal, the complex is the 12th-largest in…

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Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis

Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis

Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000…

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Eli Lilly Plans $180M Expansion of Insulin Cartridge Plant in Indianapolis

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…

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Vista Capital Arranges $7.7M CMBS Loan for Extended-Stay Property in Indianapolis

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…

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Mayor Greg Ballard Plans Redevelopment of Former Market Square Arena Site

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…

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Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel

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…

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Developers Selected to Build $22.9M Office Facility at IUPUI Campus

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…

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Milhaus Redevelops Former Bank One Center into Apt., Office Space

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…

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Luxury Hotel in Downtown Indianapolis Open for Business

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…

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