JVM Realty Acquires Indiana Mixed-Use Development
- Sep 28, 2021
JVM Realty Corp. has added an 18-acre mixed-use development in Fishers, Ind., to its growing portfolio. The firm acquired Fishers District for an undisclosed price from Thompson Thrift, who was represented by Cushman and Wakefield’s George Tikijian and Hannah Ott.
The master-planned development includes The Mark at Fishers District, a 260-unit luxury apartment community, and 105,000 square feet of retail and restaurant space. The Mark was built with studio, one-, two- and three-bedroom floorplans that range in size from 602 to 1,610 square feet. The community also includes a fitness center, bocce ball court, pool and spa.
According to Thompson Thrift, The Mark at Fishers District is 96 percent leased while the retail portion of Fishers District is fully leased. The retail tenant roster includes various restaurant tenants including St. Elmo 1933 Lounge, Sun King Brewery and Fishers Test Kitchen, which is a city-supported incubator kitchen for up-and-coming chefs.
JVM Realty is planning to handle the property property management for The Mark at Fishers District in-house, but will tap an outside company to manage the development’s retail portion. Fishers District also includes a dual-branded Hyatt House and Hyatt Place hotel that was not part of the deal.
Ott, vice chair at Cushman & Wakefield, said in prepared remarks that the property attracted nationwide investor interest and achieved a record-breaking pricing.
GROWING THE INDIANAPOLIS PORTFOLIO
Thompson Thrift first began work on the master-planned mixed-use development in 2015. The developer collaborated with all three of its divisions—Thompson Thrift Retail Group, Thompson Thrift Construction and Watermark Residential—for Fishers District and was able to welcome its first residents at The Mark at Fishers District in early 2020.
The Mark at Fishers District is the JVM Realty’s fourth community in its Indianapolis-area portfolio. The firm’s other residential properties in the state are located in downtown Indianapolis, Noblesville and Avon. JVM completed renovations for its 265-unit community in Indianapolis, Circa Apartments, in December 2018.