INDIANAPOLIS—Since 2015, the Indianapolis office market has seen $1 billion in sales activity, according to JLL's new report on the first quarter. As reported in GlobeSt.com, some investors have decided to spend a great deal to improve their properties. IPL Building, Market Tower, and INTECH Ten have all received recent upgrades. JLL reports that several buildings across the market have been reclassified. “A handful of stagnant class A properties have been reclassified as class B. Meanwhile, some class B product was bumped up to class A and a few previously untracked class C buildings have improved to class B status after recent renovations and upgraded features.” As a result, rents have been rising, especially for creative office space located in the CBD. “While traditional class B buildings in the CBD have an average of asking rent of $18.84 per-square-foot, non-traditional properties have an average of $20.34 per-square-foot.”

NEWS & NOTABLES

LOUISVILLE—Draper and Kramer Mortgage Corp. celebrated the grand opening of its new Louisville branch on Wednesday, March 22. Located at 9935 Forest Green Blvd. on the city's East End, the office is the second in the state for Draper and Kramer Mortgage Corp., the residential mortgage division of the real estate firm Draper and Kramer, Inc. More than 100 guests were in attendance for the event and ribbon-cutting, including Deena Sisson, regional vice president of Draper and Kramer Mortgage Corp. “We've wanted a brick-and-mortar presence here to serve this market for some time, and today we have it,” says Paul Lueken, chief executive officer of Draper and Kramer Mortgage Corp. “Area homeowners, homebuyers, real estate agents and others now have another option for their home financing, and I'm proud to say it's an excellent one.”

DEALTRACKER

OAK PARK, IL—Marcus & Millichap just completed the sale of North Ridge & Rossell North Shopping Center, a 36,170-square foot retail property located at 6301- 6427 W. North Ave. in Oak Park, IL, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's Chicago Oak Brook office. The asset sold for $5,825,000. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza, investment specialists in the Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. After multiple offers, the team found a CA-based, 1031-exchange buyer at 97% of list price. The in Oak Park, IL. A mix of national and local tenants including Dollar Tree, Cash America, H&R Block and InsureOne occupy 92% of the center.

MINNEAPOLIS—Staging Concepts and its sister company SC Railing Company have just become the first tenants at The Opus Group's just-completed 169 Business Center in suburban Brooklyn Park. Together, Staging Concepts and SC Railing Company will occupy 65,000 square feet of the 145,800-square-foot development. “The leasing of this space underscores the desire for quality first-generation space that is well located, and we continue to see an increase in interest from the market in industrial buildings,” Joe Mahoney, senior manager, real estate development, Opus Development Co., LLC. The development offers 24' clear height, access to Hwy. 169 and County Rd. 81 and the amenities of Brooklyn Park for employees. “The added space will allow us to amplify our production throughput and increase office space needed to accommodate our growing team,” says Chad Benning, director of operations, Staging Concepts.

BY THE NUMBERS

LOUISVILLE—Positive momentum in the Louisville industrial market has pushed asking lease rates to an all-time high, with first quarter rates ticking up $0.04 per square foot to $3.44, according to the latest CBRE industrial market view. Positive absorption hit 632,715 square feet in the first quarter, marking the eighth consecutive quarter of this trend. “Activity continues to be strong in Louisville and new product is helping to drive asking rents to historic highs,” says Tom Sims, senior vice president in CBRE's Louisville office. “As newer product comes on line, we should continue to see strong leasing trends in the class A market.” Despite the continued positive absorption, vacancy ticked up once again to 7.1%, up 70 bps from the previous quarter. This was mostly due to the completion of two speculative projects totaling 1.1 million square feet.

INDIANAPOLIS—Since 2015, the Indianapolis office market has seen $1 billion in sales activity, according to JLL's new report on the first quarter. As reported in GlobeSt.com, some investors have decided to spend a great deal to improve their properties. IPL Building, Market Tower, and INTECH Ten have all received recent upgrades. JLL reports that several buildings across the market have been reclassified. “A handful of stagnant class A properties have been reclassified as class B. Meanwhile, some class B product was bumped up to class A and a few previously untracked class C buildings have improved to class B status after recent renovations and upgraded features.” As a result, rents have been rising, especially for creative office space located in the CBD. “While traditional class B buildings in the CBD have an average of asking rent of $18.84 per-square-foot, non-traditional properties have an average of $20.34 per-square-foot.”

NEWS & NOTABLES

LOUISVILLE—Draper and Kramer Mortgage Corp. celebrated the grand opening of its new Louisville branch on Wednesday, March 22. Located at 9935 Forest Green Blvd. on the city's East End, the office is the second in the state for Draper and Kramer Mortgage Corp., the residential mortgage division of the real estate firm Draper and Kramer, Inc. More than 100 guests were in attendance for the event and ribbon-cutting, including Deena Sisson, regional vice president of Draper and Kramer Mortgage Corp. “We've wanted a brick-and-mortar presence here to serve this market for some time, and today we have it,” says Paul Lueken, chief executive officer of Draper and Kramer Mortgage Corp. “Area homeowners, homebuyers, real estate agents and others now have another option for their home financing, and I'm proud to say it's an excellent one.”

DEALTRACKER

OAK PARK, IL—Marcus & Millichap just completed the sale of North Ridge & Rossell North Shopping Center, a 36,170-square foot retail property located at 6301- 6427 W. North Ave. in Oak Park, IL, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's Chicago Oak Brook office. The asset sold for $5,825,000. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza, investment specialists in the Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. After multiple offers, the team found a CA-based, 1031-exchange buyer at 97% of list price. The in Oak Park, IL. A mix of national and local tenants including Dollar Tree, Cash America, H&R Block and InsureOne occupy 92% of the center.

MINNEAPOLIS—Staging Concepts and its sister company SC Railing Company have just become the first tenants at The Opus Group's just-completed 169 Business Center in suburban Brooklyn Park. Together, Staging Concepts and SC Railing Company will occupy 65,000 square feet of the 145,800-square-foot development. “The leasing of this space underscores the desire for quality first-generation space that is well located, and we continue to see an increase in interest from the market in industrial buildings,” Joe Mahoney, senior manager, real estate development, Opus Development Co., LLC. The development offers 24' clear height, access to Hwy. 169 and County Rd. 81 and the amenities of Brooklyn Park for employees. “The added space will allow us to amplify our production throughput and increase office space needed to accommodate our growing team,” says Chad Benning, director of operations, Staging Concepts.