Kristin Harlow

INDIANAPOLIS — Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel located at 31 W. Ohio St. in the heart of downtown Indianapolis.

CALIFORNIA, VIRGINIA, FLORIDA AND TEXAS — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million.

New data from the Sunflower Association of Realtors underscores that strength. In February, the Topeka metropolitan area recorded 166 home sales, matching the pace from the same period last year, with total sales volume reaching $33.9 million. The median home price stood at $184,000 (compared with the national average of $360,591), while homes sold in an average of just 13 days (compared with the national average of 39 days) — an exceptionally fast turnaround compared with peer markets.

GREENWOOD, IND. — Ambrose has broken ground on Indianapolis Logistics Park – South, a 16-acre, two-building industrial park in Greenwood, a suburb directly south of Indianapolis. Building I will offer approximately 105,000 square feet, including a 2,900-square-foot office area. Building II will feature roughly 150,000 square feet, including a 3,200-square-foot office area. Both buildings are being develop on a speculative basis with a clear height of 32 feet. Substantial completion is slated for year-end 2026. The project team includes Compass Commercial Construction, Curran Architecture and Kimley-Horn. JLL is handling leasing and marketing. Pinnacle Bank provided a construction loan.

NEW FLORENCE, MO. — Google has unveiled plans to invest $15 billion in building infrastructure in New Florence, about 75 miles west of St. Louis. The data center project will create thousands of construction jobs over the build period and hundreds of direct operational roles once the facility is up and running. Google is collaborating with the Construction Laborers and Contractors Joint Training Fund of Eastern Missouri to support the Laborers and Contractors Training Center. The project will enable the center to train more than 2,300 construction laborers, including 1,500 apprentices, over the next two years.

FORT WAYNE, IND. — Merchants Capital has provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit workforce housing community now leasing in Fort Wayne. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that opened last month. Merchants Capital secured a $34.4 million Freddie Mac non-LIHTC forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing.

PAPILLION, NEB. — DLC, in joint venture with a fund managed by DRA Advisors, has acquired Shadow Lake Towne Center in Papillion. The transaction marks DLC's entry into the metro Omaha market. The shopping center totals 640,328 square feet and is 90 percent leased to tenants such as JC Penney, Dick's Sporting Goods, Burlington, TJ Maxx, HomeGoods, PetSmart, Ross Dress for Less and Ulta. A Hy-Vee grocery store shadow anchors the property.

MISHAWAKA, IND. — Encore Real Estate Investment Services has brokered the $13.8 million sale of Town & Country Shopping Center, a 382,139-square-foot power center situated on 40 acres in Mishawaka. The grocery-anchored property is home to a mix of national, regional and local tenants. Noah Dalaly and Danny Samona of Encore represented the buyer, a California-based investment firm, and the seller, a private family office in Lugano, Switzerland.

DECORAH, IOWA — Opus has completed the Gerdin Fieldhouse for Athletics and Wellness at Luther College in Decorah, a city in northeast Iowa. Built in 1963, Luther's 200,000-square-foot Regents Center had long housed the Luther Norse athletic teams. The facility required both a renovation and a 15,787-square-foot expansion. An historic $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation helped make the project possible.

CHICAGO — Clayco, CRG, The Prime Group Inc. and TP Management Co. (TPM) have unveiled plans to complete a $25 million renovation of the historic Jewelers Building at 35 E. Wacker Drive in Chicago. The project will introduce a fine dining restaurant, lobby and rooftop bars, expanded fitness and wellness amenities and a reimagined conference, event and coworking space to the office property. Planned renovations will honor the building's Beaux-Arts character. Roanoke Hospitality Group, an affiliate of The Prime Group, will operate and manage the new food-and-beverage offerings, which will be open to the public.