Indianapolis — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. The name of the seller was not released.
Mishawaka, Ind. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
Indianapolis — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of Marcus & Millichap marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC, and sourced the buyers, Nora LLC and PP Nora LLC.
Fort Wayne, Ind. — Hanley Investment Group has arranged the sale of two multi-tenant retail properties located in Fort Wayne for a combined total of $11.8 million. Hanley Investment Group’s Dylan Mallory and Jeff Lefko represented the seller, a private partnership between Jackson Investment Group and McCormack Development, in the transaction. Matt and Bart Jackson of Jackson Investment Group also played a brokerage role in the sales transaction. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a private investor based in Mexico City. Located at 407 W. …
Kendallville, Ind. — Marcus & Millichap has brokered the $1.8 million sale of a single-tenant, net-leased retail property in Kendallville, about 30 miles north of Fort Wayne. The building, located at 510 Fairview Blvd., is occupied by Rural King. The retailer offers essential goods and farming products. Jordan Klink of Marcus & Millichap marketed the property on behalf of the seller, Los Angeles-based Walmilton LLC. Klink also sourced the buyer, Indiana-based K&K Real Estate Associates LLC. Rural King, founded in 1960, maintains more than 120 stores in 13 states.
Plainfield, Ind. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.
Carmel, Ind. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.
Westfield, Ind. — SRS Real Estate Partners has arranged the $3.1 million sale of Carey Road Center, a 13,043-square-foot multi-tenant retail property located 23 miles outside Indianapolis in Westfield. Built in 2007 and situated on 1.86 acres, the center is fully leased to four tenants including Anytime Fitness and Little Caesars Pizza. Michael Carter and Frank Rogers of SRS represented the seller, a private developer based in Indianapolis, in the disposition of the property to a private 1031 exchange investor also based in Indianapolis. Dylan Mallory of Hanley Investment Group …
Plainfield, Westfield and Fishers, Ind. — Hanley Investment Group Real Estate Advisors has represented a private investor in the acquisition of three retail properties in metro Indianapolis for $10.8 million. Dylan Mallory of Hanley represented the Bloomington, Indiana-based buyer. In Plainfield, Stafford Crossing is a 26,000-square-foot center home to Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, UPS Store and Jack’s Donuts. Built in 2007, it was 91 percent leased at the time of sale. Carey Road Center in Westfield spans 13,043 square feet. It was also built in 2007. …
Indianapolis — Simon Property Group Inc. has completed its acquisition of an 80 percent ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group L.P., acquired all of Taubman Centers Inc.’s (TCO) common stock for $43 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20 percent partner in TRG. BofA Securities, Citigroup Global Markets Inc. and Evercore Group, …