180K-SF Lockerbie Acquired by Partners

Gershman Partners and Citimark Inc. have joined forces to acquire the 180,000-square-foot Lockerbie Marketplace. The four building asset, located at New York and Alabama Streets in downtown Indianapolis, was once the site of an old Sears building. The property was acquired from Endless Success Foundation Inc. for a reported $20 million. The new owners, based

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Hertz Pays $417M For Midwest Portfolio

Hertz Investment Group of Santa Monica, CA acquired four office buildings in the Midwest, paying seller Equity Commonwealth $416.7 million for the 3.1-million-square-foot portfolio. The buildings included 111 Monument Circle and 101-115 W. Washington St. in Indianapolis; North Point Office Complex in Cleveland; and 100 E. Wisconsin in Milwaukee. The portfolio was 86.5% occupied at closing.

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TX Company To Build Tiny Hospitals in Indiana

Embree Group, based in Georgetown, TX near Austin, has filed applications to build micro hospitals in Plainfield, Noblesville and Indianapolis, IN. If approved, the developer will construct new buildings that measure approximately 19,000 square feet. The micro hospitals are smaller than full-service hospitals, which can be up to 100,000 square feet. Micro hospitals are small-scale

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$75M Phoenix Warehouse Sale Highest Since 2012

Koll Co., based in Newport Beach, CA, has paid out $74.7 million to acquire a 1-million-square-foot distribution center in Phoenix. Duke Realty sold the property at 6835 W. Buckeye Rd., which is 100% leased to Amazon.com. Bo Mills, Mark Detmer and Pat Harlan of Jones Lang LaSalle’s Phoenix office brokered the transaction. Indianapolis-based Duke Realty

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O’Hare Airport Set for Significant Terminal Expansion

Major air carriers have reached an agreement with the administration of Mayor Rahm Emanuel to significantly expand Chicago’s O’Hare International Airport’s passenger terminals. The airport expansion, likely to cost billions of dollars, will lead to nine new gates by 2019, and possibly dozens more in a new terminal a few years later. The expansion will

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Citimark, Paul Hemmer Team to Build 534K-SF OH Industrial

Paul Hemmer Cos. and Citimark, have launched construction on Ten Nine Hundred, a 534,500-square-foot speculative industrial property in Blue Ash, OH. The project is Citimark’s second in Cincinnati since the beginning of 2016. The asset at 10900 Kenwood Rd. is scheduled for year-end delivery. The development represents a first-time collaboration between Fort Mitchell, OH-based Paul

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Naming Rights Eyed By Cash-Strapped School Districts

In recent years, the Penn-Harris-Madison School Corp. in northern Indiana sold naming rights to its football field for $400,000, as well as to its baseball and softball fields to an auto dealership and law firm, respectively. Naming rights is a way for professional sports teams and art museums (as well as colleges and universities) to

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Simon Property Partners with GE for Energy-Efficient Malls

Simon Property Group, headquartered in Indianapolis, has partnered with Current (a GE subsidiary) to make malls more sustainable and energy-efficient. To that end, Simon and Current have targeted Westchester Mall in White Plains, NY and Castleton Square Mall in Indianapolis to deploy energy-efficient solutions, including everything from demand response systems for electricity optimization, to electric

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Walmart’s Fort Wayne Milk Plant On Tap

Walmart has announced plans to build a 250,000-square-foot milk-processing plant in Fort Wayne, IN. The giant retailer plans to begin construction this summer on the plant, which will be at 2322 W. Pleasant Center Rd. The facility will produce Great Value and Member’s Mark white and chocolate milk for more than 600 retail stores and

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