WEST MICHIGAN NORTHERN INDIANA CENTRAL INDIANA

25TH ANNUAL COMMERCIAL REAL ESTATE MARKET STUDY WEST MICHIGAN Montcalm Muskegon NORTHERN INDIANA REAT REA AUE

Kent Founded in 1978, Bradley Company is a diversified real estate firm providing commercial brokerage services, Ionia commercial and multi-housing management, real estate tax consulting, maintenance services, project and facilities CENTRAL INDIANA Ottawa management, research services, corporate services and strategic planning. Bradley Company is the largest full service commercial real estate solutions provider in Indiana and West Michigan. ADDITIONAL COUNTIES OF SERVICE Allegan Barry Eaton REAL ESTATE TAX CONSULTING Over $1 million saved in Van Buren Calhoun tax liabilities since 2011 Lake Kalamazoo Michigan MULTI-HOUSING Cass Branch CORPORATE SERVICES St. Joseph 3,000± Conventional, Berrien BROKERAGE Strategic partner serving Aordable, Senior, Student Over 50 brokers in 8 oces & corporate clients in all and Special Needs units classes of property LaGrange an average of 700 listings per year Steuben under management St. Joseph Elkhart LaPorte

Porter DeKalb Noble COMMERCIAL Lake Marshall CAPITAL MARKETS Starke Kosciusko MANAGEMENT Over $1.5 billion 10± million commercial Whitley in experience Allen square feet managed Pulaski Fulton Newton Jasper

Huntington Wabash White Cass Adams Wells 250+ Benton Miami EMPLOYEES Carroll Grant Blackford Howard Jay Warren Tippecanoe Clinton Tipton Delaware Madison Randolph Hamilton 40 Fountain Montgomery Boone YEARS IN BUSINESS

n Henry Wayne Marion Hancock

Vermillio Parke Hendricks

Putnam Rush Union Fayette Shelby Morgan Johnson $202M+ Vigo Clay Franklin VALUE OF BROKERAGE Owen Decatur Bartholomew TRANSACTIONS IN 2017 Brown Monroe CONTENTS

WEST 04 MICHIGAN PRESIDENT’S LETTER 42 06 NORTHERN CENTRAL PROFESSIONALS INDIANA INDIANA 16 RESEARCH | ANALYSIS LAYOUT | DESIGN COPY EDITOR STEVEN HEATHERLY MICHELLE MOREY MARSHALL V. KING [email protected] [email protected] [email protected]

LUCAS DEMEL KYLIE CURTIS [email protected] [email protected] BRENDEN MCGANN JONATHAN KITCHENS [email protected] [email protected]

/company/bradley-company @bradley_company /bradleycompanyCRE @bradleycompany PRESIDENT’S LETTER

With this delivery of our 25th annual Market Study, we are again pleased to provide our clients with an understanding of trends in our industry, with a Midwest perspective. Our team of Bradley Company professionals is focused on helping our clients understand and capitalize on trends that affect our markets, as they evolve. We want to express our sincere thanks to our sponsors, who help make this 25th edition possible and who are recognized at the end of this report.

Our expertise comes from 40 years of working toward prosperity and better communities in the Midwest. As Bradley Company continues to grow in our region, we are excited to see the dynamic ways in which our markets are changing. While some sectors of the markets have gone from hot to overheated, again, we are still seeing continued slow growth and expansions through many of our sub-markets.

Valuations with existing property have stabilized in the past couple years, with opportunity found mostly in the form of new construction, however still difficult from a finance standpoint. All product types and class levels have become more broadly activated in 2017, which looks to continue through 2018. Exciting new projects are underway in all our regions, both from private, and public / private partnership initiatives with many “market relative” large-scale developments emerging.

Regional Cities funding has helped trigger projects in the urban cores of many cities within North Central Indiana (now the South Bend – Elkhart Region). Great Lakes Capital and Martin’s Super Markets are planning a new mixed-use development for the River District in downtown Elkhart. The district has a $65 million aquatics center and a $32 million Flaherty & Collins mixed-use residential project underway, creating an urban, walkable neighborhood in the heart of the city. In downtown South Bend, The LaSalle, Studebaker Flats, and The Ivy at Berlin Place are all adding residential mixed-used components with diverse options to help remake the urban market. A new $400 million Four Winds Casino opened 10 minutes from downtown South Bend with fanfare in January, drawing guests to the city from around the region.

In Northwest Indiana, state and local funds have been committed to the South Shore Line’s double-track project and West Lake extension. Indiana Gov. Eric Holcomb has touted the need for key upgrades to the electric train between South Bend and Chicago, which could shape new developments along the line.

Chicago residents and businesses alike are rolling across the border in greater numbers every month creating a significant dearth of supply, principally in housing and industrial facilities.

Northeast Indiana, which also received a Regional Cities grant, continues to expand in all sectors on its Road to One Million, with an appropriate concentration on spaces friendly to new kinds of urban residents and workers. Skyline Tower, a $40 million mixed-use tower by Great Lakes Capital, was topped off in January and will be completed for occupancy summer of 2018. Developers will use $440 million of investment to redevelop the former GE campus on the southwest side of downtown Fort Wayne, establishing a colossal new mixed-use innovation district called Electric Works, which could add transformative density to the region’s core CBD. The city’s $26 million Phase I Riverfront Project adds diversification, bringing even more people back downtown. Continental Property Group is planning to invest $61.7 million into yet another new mixed-use development along the riverfront, to include approximately 150 apartments and 20,000 square feet of retail space.

4 PRESIDENT’S LETTER

In West Michigan, the demand for industrial space is significantly outpacing supply, generating new developments throughout the region. Medical providers are investing heavily into the region. Michigan State University completed a new $88 million Research Center in 2017 along the Medical Mile in downtown Grand Rapids, while Pfizer plans to invest $800 million in the next 10 to 12 years into its Portage facilities and Stryker is constructing a new $130 million corporate campus. Significant developments are underway in both downtown Grand Rapids and Kalamazoo. Momentum is building for the $140 million Studio Park development, that will feature a piazza, nine-screen Studio C! theater, hotel, apartments, retail and office space, and a residential tower in downtown Grand Rapids. The Exchange Building officially broke ground in 2017 in downtown Kalamazoo as the $52 million mixed-use development will bring 133 luxury apartments and nearly 60,000 square feet of commercial space. Our Grand Rapids office relocated in 2017 to the Waters Center, at 161 Ottawa Ave. NW, Suite 308, overlooking the city’s CBD as we have grown since opening in 2014. The Waters Center was the 2016 Project of the Year for the Commercial Alliance of Realtors in West Michigan.

In Central Indiana, industrial construction continues to reach historic highs with more than 7.5 million square feet constructed in 2017. New construction is being seen in all sectors throughout the region, bringing thousands of jobs to the area. In 2017, Infosys opened a tech and innovation hub in downtown Indianapolis, potentially growing up to 2,000 employees. Indianapolis is among 20 finalists for Amazon’s new $5 billion HQ2 campus, that would employ 50,000 workers with average salaries of more than $100,000 a year. The region’s combination of connectivity, quality of life, affordable living, and business-friendly environment make it a very enticing option for Amazon’s second headquarters. Companies expanding and adding thousands of jobs have been contributing greatly to the growth of the multi-housing market in Central Indiana. More than 2,300 market-rate apartment units were completed in 2017, and construction doesn’t appear to be slowing down, as more than 2,400 units were under construction at the beginning of 2018. In our Indianapolis location, we expanded to a larger suite in Castle Creek I, at 8604 Allisonville Road as we have grown our brokerage and management teams. This brings the Indianapolis office to nearly 20 people, after opening its doors in the Central Indiana market in 2015.

For 40 years, our professionals at Bradley Company have worked to contribute to success of our communities and clients. Since my father started the business in 1978, we have worked to create value-based solutions and opportunities. We very much look forward to 2018 and 2019 with the growth we can bring to our clients and our company.

We hope you find the intelligence in this market study relevant and useful. We appreciate your partnership in all that we do.

Best regards,

Bradley J. Toothaker, CPM, SIOR President & CEO

5 WEST

The West Michigan region is comprised of 10 counties with a total population of 1,970,678. Several companies call West Michigan home, including Strykers global headquarters, Whirlpool Corporation, Kellogg Company, Amway, Meijer, and many more. Grand Rapids, the state’s second-largest city, leads the way in economic development for the region, and was named the hottest real estate market to watch in 2018 by Trulia. The Lakeshore area, located along the east coast of Lake Michigan, draws in many tourists INDUSTRY annually for its award winning wineries. In the Kalamazoo area, medical device manufacturing STATISTICS companies, Stryker and Pfizer, are undergoing significant long-term investments that will benefit the region for many years. Scattered throughout the region, cities such as St. Joseph, South Haven, New Buffalo, and many others boast engaging downtown environments that attract thousands of visitors annually.

Services: 40% Retail: 21% Manufacturing: 15% Wholesale Trade: 6% Other: 18%

1,970,678 11.6% 2017–2022 10.8% ANNUAL RATE 0.65%

6.2%

5.7% 4.2%

3.4%

2007 2017 2017 STEADILY DECREASING SINCE 2009 POPULATION Kalamazoo MSA Grand Rapids MSA Sources: U.S. Bureau of Labor Statistics | U.S. Census Bureau | Michigan.gov | ESRI MICHIGAN

1

3 2 4

5 6

7

SIGNIFICANT DEVELOPMENTS IMPACTING THE REGION 1. Windward Pointe - Muskegon 5. Exchange Building - Kalamazoo 7. Indeck - Niles $200 million, 120-acre mixed-use New 15-story, $52 million mixed- New $967 million natural gas redevelopment project use project under construction in energy production facility planned the heart of downtown for the city of Niles 2. Studio Park - Grand Rapids Kalamazoo New $140 million, mixed-use entertainment development for 6. Medical Investments - Portage downtown Grand Rapids Pfizer is investing $800 million into its Portage campus over the 3. Frederick Meijer Gardens & next several years, while Stryker is Sculpture Park - Grand Rapids currently constructing a new $130 Undergoing a $115 million million corporate campus expansion to its 158-acre campus. The sculpture park attracts more than 750,000 visitors a year

4. Switch Data Center - Grand Rapids First phase of the largest, most advanced data center campus in the Eastern United States opened The Switch Rendering Indeck Rendering in 2017 INDUSTRIAL WEST MICHIGAN

LIMITED SUPPLY & HIGH DEMAND FOR INDUSTRIAL SPACE ACROSS THE REGION



Market Activity  Availability & Asking Rates Growth of the manufacturing industry, combined with a The amount of available industrial space throughout the shortage of industrial space, has contributed to the high region has been declining the past several years. Expect  demand for industrial space throughout the region. Large this trend to continue in 2018 as more companies expand chunks of space are being absorbed within weeks of being throughout the market. Limited industrial space continues on the market, and off-market transactions are occurring to raise rental rates, with current new construction or build- more frequently, benefiting those with strong relationships to-suit projects asking $4.50 to $5.50-per-square-foot, triple- throughout the community.  net.

In the Kalamazoo-Portage market, manufacturers have gone
Available Square Feet 
   in big on new construction. Pfizer is investing more than $800           !"# $   million over the next 10 to 12 years in its Portage facilities, 7M  Zoetis is investing $64.5 million into its Kilgore Road facility, Sigma Machine is investing $27.8 million to expand in the 6M

340-acre Midlink Business Park, and TecNiq completed a 5M new $6.6 million, 123,000-square-foot production facility in 4M Galesburg. TecNiq’s expansion is reflective of the growing  LED lighting industry nationally, which was nearly a $26.1 3M billion industry in 2016, and is expected to reach nearly $54.3 2M billion by 2022, according to Zion Market Research. 1M Industrial parks, such as Area 52 in Grand Rapids, and the 0
Fort Custer Industrial Park in Battle Creek, are expected to Q2 ‘14 Q4 ’14 Q2 ’15 Q4 ’15 Q2 ’16
Q4 ‘16 Q2 ‘17 Q4 ‘17           !"# $   attract new developments in 2018. A total of $5.4 million is * Lakeshore refers to Muskegon, Ottawa, Allegan, and Van Buren Counties being invested at the Fort Custer Industrial Park, helping * CoStar data used for Kent County clear more than 260 acres for development-ready sites.

In the southwest Michigan market, the focus has been on business retention and expansions. One significant project for the area in 2017 was AACOA expanding in the Bertrand Crossing’s Industrial Park, investing $18 million to double the facility’s size, and creating 50 new jobs.

With many new construction projects throughout the region, labor shortage and rising construction costs may start to play a factor in the growth of the industrial market. The market missed out on a project in 2017 that could have employed 500 employees, but instead went elsewhere due to workforce issues.

Pfizer Manufacturing Plant, Portage 8 INDUSTRIAL | WEST MICHIGAN

Notable Transactions

LEASE PROPERTY SF TENANT REGION 5357 52nd St. SE, Grand Rapids 333,950 N/A Kent 2640 Northridge Dr. NW, Grand Rapids 210,000 Essendant Kent 3366 Kraft Ave. SE, Grand Rapids 155,000 Fabory Kent 4930 Kraft Ave. SE, Grand Rapids 140,000 California Closets Kent 660 West St., Cedar Springs 112,400 J-Star Motion Kent

SALE PROPERTY SF BUYER REGION Highpoint Real Estate & Highpoint Real Estate MI Industrial Portfolio; Grand Rapids 415,755 Kent Development 945 Godfrey Ave. SW, Grand Rapids 357,000 CGFH 955 GODFREY, LLC Kent 1761 Airport Ct., Holland 120,000 J. Walton Properties, LLC Lakeshore 71135 Fir Rd., Niles 78,971 Lambert Real Estate, LLC Berrien, Cass, St. Joe 4200 Niles Rd., St. Joseph 46,157 GBG Properties, LLC Berrien, Cass, St. Joe

Project Updates

PROJECT BLDG SIZE (SF) STATUS COMPLETION Switch Data Center; Grand Rapids 940,000 Planned 2018-2019 Lacks Enterprises; 5711 Kraft Ave. SE, Kentwood 500,000 Completed Q1 ‘17 Hearthside Food Solutions; 2975 Radcliff Ave. SE, Kentwood 305,500 Completed Q4 ‘17 Area 52 Phase II; 5357 52nd St. SE, Grand Rapids 210,000 Completed Q4 ‘17 WM INDUSTRIAL Robert Grooters Development Co.; 1224 E. Pontaluna Rd., Norton Shores 150,000 Completed Q1 ‘17 Gourmet International; 5253 Patterson Ave. SE, Grand Rapids 125,000 Completed Q1 ‘17

Switch Data Center Rendering, Grand Rapids 9 OFFICE WEST MICHIGAN

NEW CONSTRUCTION, RENOVATIONS, & REDEVELOPMENTS HIGHLIGHT THE MARKET

Market Activity Availability & Asking Rates  The status of the office market varies throughout the region. The amount of available office space throughout the region Within Kent County, specifically in downtown Grand has stabilized over the past two years, with the majority Rapids, the recent focus has been on redevelopment and of space centralized in the Grand Rapids and Kalamazoo  renovations to existing buildings. More than 800,000 square markets. Redevelopments and renovations have slightly feet of office space has been renovated in the past two years. increased lease rates in downtown Grand Rapids, which are The most significant project however, was construction now generally $22.00 to $26.00-per-square-foot, gross. The starting on the Warner Building, a 15-story mixed-use tower new Warner Building is an exception, as its suites are being

directly adjacent to a new 12-story Hyatt Place hotel. The marketed from $32.50 to $35.00-per-square-foot, gross. As $45.3 million, 290,000-square-foot tower will feature Class A for downtown Kalamazoo, Class A office space is asking office space, along with retail and restaurant space.  $16.00 to $22.00-per-square-foot, gross.

The Kalamazoo-Portage market in 2017 was a mix of existing Available Square Feet 
  

companies relocating, and new construction projects           !"# $   starting. Stryker Medical is constructing a new $130-million 4M corporate campus on nearly 300 acres in Portage, creating

approximately 105 new jobs. The Foundry, located in the 3M River’s Edge District in Kalamazoo, completed a $10 million transformation in 2017, renovating an 84,000-square-foot underutilized industrial building into a 53,000-square-foot 2M campus-like office complex, attracting three new tenants to the complex. Other projects that broke ground in 2017 1M included Trade Centre III, a 100,000-square-foot office building in Portage, and the long-anticipated Exchange 0

   Building in downtown Kalamazoo. The 345,000-square-foot Q2 ‘14 Q4 ’14 Q2 ’15 Q4 ’15 Q2 ’16 Q4 ‘16 Q2 ‘17 Q4 ‘17         !"     Exchange Building will feature around 44,000 square feet of * CoStar data used for Kent County office space once completed.

The region’s strong healthcare industry is expected to generate new developments within the medical office sector in 2018. Western Michigan University’s Homer Stryker M.D. School of Medicine saw an eight percent increase in applicants for its 2017-2018 school year, and Michigan State University completed its new $88 million medical research center in downtown Grand Rapids in 2017.

As cities continue to address parking situations within their urban cores, similar to Grand Rapids Mobile GR and Parking Services’ new monthly parking pass program, expect more companies throughout the region to consider relocating its The Foundry, Kalamazoo operations to the downtown market. 10 OFFICE | WEST MICHIGAN

Notable Transactions

LEASE PROPERTY SF TENANT TYPE 3855 Sparks Dr. SE, Grand Rapids 60,000 Service Express Inc. New 6938 Elm Valley Dr., Kalamazoo 48,089 Stryker Medical Relet 250 Monroe NW, Grand Rapids 40,000 Bank of America New 1925 Breton Rd. SE, Grand Rapids 17,580 GSA New

SALE PROPERTY SF BUYER SALE PRICE 5251 & 5253 36th St. SE, Grand Rapids 162,969 Meddirect Inc. $2.65 Million Harley Office Park; Grand Rapids 82,000 CBRE Global Investors $29.4 Million 15 Ionia Ave. SW, Grand Rapids 61,070 TA Forsberg N/A 7901 S. 12th St., Portage 21,940 7901 S. 12th, LLC $1.8 Million 7040 Stadium Dr., Kalamazoo 19,456 Kalamazoo County Consolidated Dispatch Authority $1.4 Million

Project Updates

PROJECT SIZE (SF) STATUS / COMPLETION VALUE Stryker Corporation; 485,000 Under Construction / 2019 $154 Million 6520 Portage Rd., Portage Exchange Building; 345,000 Under Construction / 2019 $52.7 Million 107-199 W. Michigan Ave., Kalamazoo Office: 60,100 Warner Building; 291,549 Under Construction / 2019 $45.3 Million 150 Ottawa Ave. NW, Grand Rapids MSU Grand Rapids Research Center; 162,800 Completed / Q4 ‘18 $88 Million 400 Monroe Ave. NW, Grand Rapids Trade Centre III; 103,375 Under Construction / Q2 ‘18 N/A

650 Trade Centre Way, Portage WM OFFICE Bridge Street Market; 100,271 Under Construction / Q3 ‘18 $55.6 Million 420 Stocking Ave. NW, Grand Rapids Office: 56,000

MSU Research Center, Grand Rapids Warner Building Rendering, Grand Rapids Courtesy of Michigan State University College of Human Medicine 11 RETAIL WEST MICHIGAN

CLOSING RETAILERS CAUSING A SHIFT IN THE RETAIL MARKET ACROSS THE REGION

Market Activity Availability & Asking Rates 

The West Michigan retail market in 2017 saw a combination As retailers begin to vacate their existing locations, expect of big-box users closing locations, and local neighborhood the amount of available retail space to increase throughout shopping districts thriving. One of the hardest hits in the the region in 2018. Anticipate growth to occur within new region was at the 550,000-square-foot Lakeview Square Mall multi-tenant strip center developments, generally between  in Battle Creek, where two of its three anchor tenants (J.C. 10,000 to 30,000 square feet in size. These new strip centers

Penney, Macy’s), closed in 2017. Its remaining tenant, Sears, generally bring in higher rental rates throughout the region. is potentially on the verge of closing, as 18 Sears stores are For example, the next phase of the Greenspire Shoppes expected to close nationwide in 2018. Bon-Ton Shops, Toys development in Portage is asking $30.00 to $35.00-per-

R Us, Gap, and many more retailers are closing locations square-foot, triple net (NNN). nationwide in 2018, which will create large vacancies at
several locations throughout the region. Available Square Feet 
  

          !"# $   The evolving retail industry, however, has created new 4M opportunities for developers. Local neighborhood shopping districts are creating new retail destinations throughout 3M the region. The Bridge Street Market development, on the west side of Grand Rapids, broke ground in 2017, and will feature a new urban-style grocery concept from Meijer. 2M In Kalamazoo, AVB began work on the new $100 million Westgate Development. The 140-acre redevelopment has 1M retail, restaurant, office/medical, and lodging opportunities.

0
Another area in the Kalamazoo market, Arcadia Commons 
   Q2 ‘14 Q4 ’14 Q2 ’15 Q4 ’15 Q2 ’16 Q4 ‘16 Q2 ‘17 Q4 ‘17 West, is generating momentum as new developments are            ! "    expected for the site in 2018. * CoStar data used for Kent County

As retailers look to close more locations nationwide, landlords will have added pressure on backfilling spaces throughout the region in 2018. Expect areas with strong retail trade area demographics to attract new tenants in 2018. Anticipate newly developed neighborhood shopping districts to continue its positive momentum.

Westgate Development Master Plan, Kalamazoo

12 RETAIL | WEST MICHIGAN

Notable Transactions

LEASE PROPERTY SF TENANT TYPE Portage Crossings; 25,000 Watson’s Home Store Relet 6695 S. Westnedge Ave., Kalamazoo 3665 28th St. SE, Grand Rapids 20,000 Sierra Trading Post New Westnedge@Kilgore; 19,000 Home Goods New 5050 S. Westnedge Ave., Portage

SALE PROPERTY SF BUYER SALE PRICE Gaines Marketplace; Caledonia 392,169 N/A $9.5 Million 1001 28th St. SW, Wyoming 169,060 Hinman Co. $3.8 Million West Village Mall; 135,571 Ben Stones, LLC $2.3 Million 2500 Henry St., Muskegon 7500 Cottonwood Dr., Jenison 91,361 ET 102, LLC $5.25 Million 550 Ring Rd., Portage 73,990 TA Forsberg $9.3 Million

Project Updates

PROJECT RETAIL SF STATUS COMPLETION Zeigler Motorsports; 85,000 Completed Q1 ‘17 5001 Park Cir. Dr., Kalamazoo Bridge Street Market; 37,000 Under Construction Q3 ‘18 234 Market Ave. SW, Grand Rapids Trader Joe’s Anchored; 25,701 Completed Q4 ‘17 5099 Century Ave., Kalamazoo Aldi’s Relocation; 21,000 Completed Q3 ‘17 5317 W. Main St., Kalamazoo WM RETAIL HomeGoods; 19,000 Under Construction Q1 ‘18 5050 S. Westnedge Ave., Portage

234 Market Ave. Rendering, Grand Rapids Courtesy of Colliers International

13 MULTI-HOUSING WEST MICHIGAN

2,500+ APARTMENT UNITS UNDER CONSTRUCTION IN 2018

Market Activity New market-rate apartment projects have been ramping up the past couple of years. More than 600 new units came online within Kent County and Kalamazoo County in 2017, with more than 2,500 more units under construction.

The largest project, in terms of number of units, is the Grand Castle development located in Grandville, just southwest of downtown Grand Rapids. The $40 million, 522-unit complex Grand Castle, Grandville is unlike any other project in the region, as it features genuine castle construction with a 10-plus story tower. The groundbreaking in 2017 for the 15-story Exchange Building in downtown Kalamazoo was also significant. The $52 million, 335,000-square-foot mixed use building is expected to be completed in 2019.

As the focus for new apartment projects continues to be around the urban cores of Grand Rapids and Kalamazoo, expect underutilized buildings to be sought after by developers to be repurposed into mixed-use developments in 2018.

The Exchange Rendering, Kalamazoo Completed Units

2015 2016 2017 2018 Planned Under Construction

Kent County 175 545 552 2,047 255

Kalamazoo County 0 12 80 507 0

Inventory

# of Properties Total Units Latest Year Built

Kent County 121 26,891 2017

Kalamazoo County 79 14,076 2017

14 MULTI-HOUSING | WEST MICHIGAN

Notable Transactions

SALE PROPERTY UNITS BUYER SALE PRICE Campus Court at Knollwood; 377 Knollwood Loft, LLC $53 Million 1704 Knollwood Ave., Kalamazoo Ridges of Cascade; 237 Investors Equity Group $57 Million 3319 Charlevoix Dr. SE, Grand Rapids Pine Grove Manor; 172 Jonathan Rose Companies N/A 1764 E. Apple Ave., Muskegon The Fountains Apartments; 168 Stonebridge Global Partners $14.7 Million 3900 Whispering Way SE, Grand Rapids Pine Ridge Apartments; 168 Stonebridge Global Partners $15.4 Million 4388 Pine Ridge Pkwy. NE, Grand Rapids

Project Updates

PROJECT UNITS STATUS COMPLETION INVESTMENT Grand Castle; 522 Under Construction Q4 ‘18 $40 Million 3847 28th St. SW, Grandville Brix at Midtown; 287 Under Construction Q1 ‘18 $53 Million 414 Benson Ave. NE, Grand Rapids Hinman Tower; 255 Planned N/A N/A 10 Ionia Ave. NW, Grand Rapids The Spring at Knapp’s Crossing; 248 Under Construction Q1 ‘18 N/A 2550 E. Beltline Ave., Grand Rapids 4501 Arboretum Pkwy., Kalamazoo 241 Under Construction 2018-2019 N/A Bridge Street Market; 235 Under Construction Q3 ‘18 $44 Million 234 Market Ave. SW, Grand Rapids Knapp Corner Flats; 202 Under Construction Q2 ‘18 $25 Million 3000 Knapp St. NE, Grand Rapids Time Equities Inc.; 202 Under Construction 2019 $53 Million 601 Bond Ave. NW, Grand Rapids WM MULTI-HOUSING Exchange Building; 133 Under Construction Q2 ‘19 N/A 107-199 W. Michigan Ave., Kalamazoo Venue Tower; 94 Completed Q3 ‘17 $20 Million 15 Ottawa Ave. NW, Grand Rapids

Looking Ahead

The commercial real estate market in West Michigan is expected to remain fairly active in 2018. Despite the tight inventory throughout all lines of business, there are still multiple new development and redevelopment opportunities within the region. Anticipate more companies to expand, growing their footprints throughout the region, as they capitalize on the thriving economy. One project to watch in 2018 is the Studio Park development in downtown Grand Rapids. The $140 million project could spur additional Studio Park Rendering, Grand Rapids activity in the area in the coming years. 15 NORTHERN

The Northern Indiana region is comprised of three sub-regions that total 16 counties with a population of 2,096,967. The manufacturing industry plays a vital role in the region’s economy. Steel production, recreational vehicles, medical device instruments, and many other products are generated from the region’s local manufacturing industry. In northwest Indiana, the area’s proximity to the Chicago market plays a major role in the local economy. Steel production continues to be one of the main economic drivers INDUSTRY for the area, as it’s home to the nation’s largest steel mill, Gary Works, and the nation’s largest STATISTICS integrated steelmaking complex, ArcelorMittal Indiana Harbor. In north central Indiana, the growth of the RV industry has helped spur additional investments in the area. The University of Notre Dame, Zimmer-Biomet, AM General, and many other organizations play a significant role in how the region performs. In northeast Indiana, significant developments occurring within the urban core of Fort Wayne, is generating positive momentum for future developments in the area for years to come.

Manufacturing: 17% Health Care & Social Assistance: 15% Retail: 14% Accommodation & Food Services: 8%

Educational Services: 7% Other: 39%

2,096,967 11.3% 2017–2022 ANNUAL RATE 0.35%

4.8% 3.8% 2007 2017 2017 STEADILY DECREASING SINCE 2009 POPULATION

Sources: U.S. Bureau of Labor Statistics | STATS Indiana | U.S. Census Bureau | ESRI INDIANA

5 6 1 3 4 2

7

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SIGNIFICANT DEVELOPMENTS IMPACTING THE REGION 1. ArcelorMittal - East Chicago 5. University of Notre Dame 8. General Motors - Roanoke $100 million being invested into Undergoing largest construction Well underway on a $1.2 billion ArcelorMittal’s Indiana Harbor boom in university’s history, expansion. Once completed in steel mill in East Chicago, which who has a $1.330 billion annual 2018-2019, the expansion will is part of a planned $276 million economic impact in St. Joseph increase the plant’s footprint by in capital spending in 2018 for County 1.4 million square feet ArcelorMittal 6. AM General - Mishawaka 2. South Shore West Lake Corridor Awarded a new contract in 2017 A $665.3 million investment, to with the U.S. Army, valued at $2.2 establish a vital transportation billion, to produce 11,560 High link connecting northwest Indiana Mobility Multipurpose Wheeled with Chicago Vehicles over the next five years

3. Franciscan Health - 7. Riverfront - Fort Wayne Michigan City Phase I includes the new $17.1 Opening a new $232 million million Promenade Park. hospital in January 2019 Phase II and III could bring in an additional $65 million in 4. Four Winds South Bend investments, being a catalyst for Opened its new $400 million future developments in the Fort casino and tribal village in Wayne market Promenade Riverfront Rendering January 2018 INDUSTRIAL NORTHWEST INDIANA

ELEVATED DEMAND FOR INDUSTRIAL SPACE THROUGHOUT THE REGION  



Market Activity Availability & Asking Rates Industrial users looking to relocate to the northwest region Speculative industrial projects are increasing both is creating pent-up demand for industrial space, especially asking rates and the amount of available industrial space within Lake County. Karen Lauerman, president and CEO throughout the region. With most of these projects finishing of the Lake County Indiana Economic Alliance, said “We’ve up or nearing completion, expect tenants to absorb these got more projects in the pipeline and probably a good 20 spaces, decreasing the amount of industrial space available percent increase in site visits…The 20 of those, if they came in 2018.
through, would mean about $700 million in investment and, 
   conservatively, between 3,500 and 5,000 jobs.” Currently,   Available Square Feet        developers are looking to construct a 1 million- to 3 million- 4M square-foot e-commerce distribution center that could potentially employ up to 3,000 workers. 3M The demand is creating many new opportunities for developers, specifically for speculative projects. In 2017, 2M speculative projects throughout the region included:

1M • South Bend-based Great Lakes Capital is planning to construct a 225,000-square-foot shell building in 0
Hammond beginning Q1 2018 Q2 ‘14 Q4 ’14 Q2 ’15 Q4 ’15 Q2 
’16 Q4 ‘16 Q2 ‘17 Q4 ‘17        • Becknell completed a 182,000-square-foot speculative building in the NorthWind Crossings Industrial Park New Construction Asking Rates: $/SF 12-Mo. • Holladay Properties completed a 64,000-square-foot Q4 ‘16 Q4 ‘17 Forecast speculative building and are planning a 45,000-square- foot speculative building in the AmeriPlex Marquette Flex $6.38 $7.86 + Business Park in Michigan City Warehouse $4.70 $4.93 + • Garmong completed construction in April 2017 on an 80,000-square-foot shell building in the Lakes of Valparaiso development

As demand for industrial space continues to exceed supply, the availability of land will be extremely important. Sites such as the 155-acre AmeriPlex – Southlake development in Hobart, the Lansing Country Club industrial park conversion in Munster, and land near the Gary/Chicago International Airport are all likely to attract multiple new developments in 2018. NorthWind Crossings SPEC Rendering, Merrillville 18 INDUSTRIAL | NORTHWEST INDIANA

Notable Transactions

The largest movement in 2017 for the region was Israel- based MCP USA, a manufacturer of ready-made meal trays, locating its North American headquarters to 6570 Daniel Burnham Drive in Portage. The company is investing $11.38 million to lease and equip nearly 18 percent of the building, and expects to be fully operational by the summer of 2018. Hammond Logistics Center Rendering, Hammond

LEASE PROPERTY SF TENANT TYPE 2101 Northwind Pkwy., Hobart 124,800 NB Coatings New 6570 Daniel Burnham Dr., Portage 91,000 MCP USA New

SALE PROPERTY SF BUYER SALE PRICE 9702 W. Highway 30, Wanatah 188,637 Continental Carpentry Components $1.3 Million Brennan Investment Group JV Arch $7 Million 1741 E. 165th St., Hammond (portfolio sale) 141,086 Street Capital (allocated) 2700 Evans Ave., Valparaiso 126,000 Carolina Creek Development, LLC $5 Million 1919 US 12, Michigan City 64,500 Industrial Warehousing, LLC $325,000

Project Updates NW INDUSTRIAL

PROJECT SIZE (SF) STATUS COMPLETION Lear Corp.; 240,000 Under Construction Q2 ‘19 N. Michigan St., Hammond Hammond Logistics Warehouse; 225,000 Planned 2018 3445 Sheffield Ave., Hammond NorthWind Crossings SPEC; 182,000 Completed Q4 ‘17 6400 Mississippi St., Merrillville NB Coatings; 124,800 Completed Q1 ‘17 2101 NorthWind Pkwy., Hobart The Haskell Building; 64,000 Completed Q4 ‘17 5000 Cleveland Ave., Michigan City Monarch Building; 50,200 Under Construction Q1 ‘18 3401 Mariposa Dr., Valparaiso

19 OFFICE NORTHWEST INDIANA

OFFICE REDEVELOPMENTS EXPECTED TO ATTRACT NEW USERS

 Market Activity Availability & Asking Rates Redevelopment projects are occurring more frequently Despite up and down
 movement over the past several years, throughout the region, compared to new office developments. the amount of available office space throughout the region

The imminent demolition of the 220,000-square-foot Twin has decreased since
2014. This trend is expected to continue Towers buildings on the northwest corner of Interstate 65 well into 2018 as space becomes absorbed throughout and U.S. 30 in Merrillville is expected to displace tenants the market. Asking rates are expected to stay level, with occupying 100,000 square feet. With more than 1.4 million movement only  occurring when renovations and new square feet of office space available throughout the region, construction projects arise. those tenants are expected to find new locations fairly








 quickly in 2018. Available Square Feet    2.0M Due to this activity, vacancy rates throughout the market are expected to decline in 2018. Expect to see owners continue 1.5M
 to reinvest in their buildings, making them more suitable for prospective tenants. 8585 Broadway in Merrillville for example, underwent a $3 million rehab and attracted Wells 1.0M
Fargo as a tenant, raising the building’s occupancy up nearly eight percent. 500K

0 The lack of quality medical office space currently available








 throughout the region is generating activity in that specialty Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 ‘14 ’14 ’15 ’15 ’16 ‘16 ‘17 ‘17 market. Significant medical office projects underway include: Asking Rates: $/SF Full Service • A 45,000-square-foot multi-tenant building under construction at 1425 Glendale Blvd. in Valparaiso Class Rental Rate Class A $21.00–$27.00 • A 129,000-square-foot Community Stroke and Rehabilitation Center is planned for Crown Point Class B $14.00–$20.00

• An $18 million, 50,000-square-foot medical facility is Class C $10.00–$14.00 planned near Porter Health Care System’s Portage Hospital

With plenty of office space available throughout the region, expect few new construction projects to occur in 2018. Expect older office buildings to undergo renovations as owners look to attract new users to the market. In addition, the impact of the demolition of the Twin Towers buildings in Merrillville will have on the market will be something to pay attention Merrillville Twin Towers, Merrillville to in the coming years. Source: Joey B. Lax-Salinas Photography

20 OFFICE | NORTHWEST INDIANA

Notable Transactions

LEASE PROPERTY SF TENANT TYPE 8660-86 Broadway, Merrillville 11,927 Fresenius Medical Care Renewal 8585 Broadway, Merrillville 11,816 Wells Fargo New 400 Teegarden, La Porte 9,530 La Porte Clinic Company Renewal

SALE PROPERTY SF BUYER SALE PRICE 9321 Wicker Ave., Saint John 36,095 SJ9301, LLC N/A 101 W. 61st Ave., Hobart 35,000 Franciscan Alliance N/A 604 81st Ave., Merrillville 34,445 Vukasin Pavlovic $600,000 417-435 Ridge Rd., Munster 18,098 South Shore Plaza, LLC $1.3 Million 1310 S. Wisconsin St., Hobart 16,300 SR45 Properties, LLC $4 Million

Project Updates

PROJECT OFFICE SF STATUS COMPLETION Cardinal Campus; 84,000 Planned 2021 Main & Prairie Ave., Highland TRK Construction; 45,000 Under Construction Q3 ‘18 1425 Glendale Blvd., Valparaiso NW OFFICE ATG Real Estate; 37,200 Completed Q1 ‘17 2929 Carlson Dr., Hammond Munster Kidney Center; 24,918 Completed Q4 ‘17 10120 Calumet Ave., Munster

Cardinal Campus Rendering, Highland Munster Kidney Center, Munster

21 RETAIL NORTHWEST INDIANA

CHANGING RETAIL LANDSCAPE TO CONTINUE IN 2018 



Market Activity Availability & Asking Rates

The changing retail landscape across the country was Sudden closings throughout the region have created many seen in the northwest region in 2017. The Southlake vacancies, especially in Lake County. As retailers plan to Mall in Merrillville had five retailers close shop in 2017, close additional locations, expect more space to become including Gander Mountain and Charming Charlie. In available in 2018. Smaller multi-tenant strip centers are addition, Walgreens, Ultra Foods, Sears, Ashley Homestore, expected to be constructed, commanding rates in the $30.00 

 HHGregg, Strack & Van Til, MC Sports, and others closed to $35.00-per-square-foot range. sites throughout the region in 2017. Despite 2017 being
 
   described as the “retailpocalypse,” certain areas are expected Available  Square Feet    to see growth in the coming years. Projects currently in the 3.0M pipeline include: 2.5M • Shops 96, a 170,000-square-foot planned development 2.0M off U.S. 41 and 96th Place in St. John 1.5M

1.0M • Centennial Village redevelopment in Munster, which 500K

 includes 15 buildings varying in size 0
Q2 Q4 Q2 Q4 Q2
Q4 Q2 Q4 In addition to the above projects, look for growth to continue ‘14 ’14 ’15  ’15 ’16 ‘16 ‘17 ‘17 within the downtowns of cities throughout the region. Cedar Lake for example is investing $150 million into its Asking Rate: $/SF downtown in hopes of attracting additional developments. 12-Mo. Q4 ‘16 Q4 ‘17 The I-49 corridor in Valparaiso continues to attract new Forecast developments, where a new 190,000-square-foot Meijer SG > 10,000 SF $8.67 $10.54 - is under construction. Activity is expected to pick up near SG < 10,000 SF $12.42 $12.16 = the Willowcreek Road and U.S. 6 intersection, as a new $18 million medical facility is planned for the area. The new New Construction $28.83 $29.78 + $24-million Promenade at Founders Square mixed-use *SG =Second Generation project is expected to bring 10,200 square feet of Class A retail space to the market when it is completed in late 2018.

In La Porte and Michigan City, retail activity is expected to rise in 2018. The 50-acre NewPorte Landing development is expected to see activity in 2018, as the Dunes Event Center relocates to the park, and Holladay Properties constructs new buildings. Space along the U.S. 421 corridor near Franklin Street in Michigan City is slowly being absorbed, and if the South Shore double track project is approved, expect new retail developments to follow. Centennial Village Master Plan, Munster 22 RETAIL | NORTHWEST INDIANA

Notable Transactions

Berengaria Development acquired the Porter’s Vale Shopping Center in Valparaiso at 96 percent occupancy back in July. The stabilized big-box tenants made it an attractive investment for the new owner. In addition, the Maple Lane Mall in La Porte could be revived in 2018. Rural King closed on the purchase of the struggling mall back in October, and is planning future investments for the site that could help spur additional activity in the area. At Home, a home decor superstore, opened a new 100,000-square-foot location in May inside a former Kmart store. The space only sat vacant for 5 months before At Home moved in. NewPorte Landing Conceptual Plan, La Porte

LEASE PROPERTY SF TENANT TYPE 101 Lincoln Hwy., Merrillville 100,000 At Home New 71 Pine Lake Ave., La Porte 30,000 Ollies Bargain Outlet New

SALE PROPERTY SF BUYER SALE PRICE Porter’s Vale Shopping Center; Valparaiso 277,059 Marcus Investments $30.2 Million Maple Lane Mall; La Porte 230,000 ABG Real Estate, LLC $4.14 Million Cabela’s; Hammond 188,745 Starwood Property Trust $25.7 Million Southlake Mall; Hobart 144,000 Chester CV, LLC $8.46 Million

Project Updates

PROJECT RETAIL SF STATUS COMPLETION NW RETAIL Meijer; 410 Porter’s Vale Blvd., Valparaiso 190,000 Under Construction Q3 ‘18 Shops 96; U.S. 41 & 96th Pl., St. John 170,000 Planned N/A Ross Dress for Less-anchored strip center; 55,000 Completed Q1 ‘17 1121-1145 5th St., Hammond Planet Fitness/Catch 22 Redevelopment; 7970 Broadway, Merrillville 42,000 Completed Q4 ‘17 Athletico Strip Center; 3939 Franklin St., Michigan City 12,000 Completed Q3 ‘17 Promenade at Founders Square; 2540 Promenade Way, Portage 10,200 Under Construction Q4 ‘18

Hammond Marina District, Hammond Source: CoStar

23 MULTI-HOUSING NORTHWEST INDIANA

NEW DEVELOPMENTS BRINGING QUALITY UNITS ONLINE IN 2018

Market Activity The region has seen an increase in newly constructed Inventory apartment units over the past couple of years. Phase II of the Avg. Year Latest Year Lakes of Valparaiso development finished up at the end of Units 2017, bringing an additional 147 units online, and two new Built Built apartment projects began construction in 2017. Lake County 11,997 1977 2008 Holladay Properties began construction on the Promenade Porter County 5,760 1984 2017 at Founders Square, a 304-unit mixed-use development in Portage. Also for the region, In Good Company (IGC) LaPorte County 1,998 1980 2011 broke ground in May on a new 170-unit luxury apartment complex called Eagle Crossing. Eagle Crossing is located in the Coffee Creek area in Chesterton. IGC is investing $30 million into the project, and expects to be completed in 2019. The Promenade at Founders Square Rendering, Portage

With the region seeing less and less land available for development, expect minimal new construction projects in 2018. The movement of Illinois residents relocating to the area is expected to have an impact on the housing market, with the focus being on single-family residences compared to new apartment complexes. Expect redevelopment of downtown buildings to bring smaller units online as cities focus on bringing more people to the urban core. Completed Units:

Units

2018 Projected 474

2017 147

2016 407

2015 0

2014 64

2013 0

2012 75 Lakes of Valparaiso, Valparaiso

24 MULTI-HOUSING | NORTHWEST INDIANA

Notable Transactions

SALE PROPERTY UNITS BUYER SALE PRICE

Westbrook; 2301 Waverly Dr., Gary 496 Nomagon Title Holding 1, LLC N/A

Tiberon Trails; 1240 W. 52nd Dr., Gary 374 Kinzie Realty $13.6 Million

Project Updates

PROJECT UNITS STATUS COMPLETION Promenade at Founders Square; 304 Under Construction Q4 ‘18 2540 Promenade Way, Portage Eagle Crossing; 170 Under Construction 2019 Kelle Dr., Chesterton Lakes of Valparaiso Phase II; 147 Completed Q4 ‘17 1715 Lake Michigan Dr., Valparaiso

Looking Ahead Expect the demand for industrial space throughout the region to continue well into 2018. The changing business environment in Illinois will continue to benefit the region. As

employers look to relocate, space along the Illinois/Indiana NW MULTI-HOUSING border will be in high demand. As long as communities continue to develop ways to attract new users to the market, we expect continued growth in 2018.

Multiple projects in the pipeline are expected to help accelerate the region. The most recent and significant project, a new e-commerce distribution center, could possibly have a major impact, employing up to 3,000 workers. Once plans get cleared, the South Shore Line’s West Lake Corridor and Double Track project is expected to be a game changer. Due to these projects and many other developments, the region has plenty to look forward to not only in 2018, but for many more years to come.

South Shore Line West Lake Corridor Project 25 INDUSTRIAL NORTH CENTRAL INDIANA

CONTINUED DEMAND EXPECTED TO DRIVE NEW DEVELOPMENT

Market Activity Availability & Asking Rates

The Recreational Vehicle and Marine industries continue to Low industrial inventory and companies shutting down drive growth for the region’s industrial market. RV shipments operations have caused Plymouth’s availability rate to totaled 504,599 units in 2017, up 17.2 percent compared to increase
 over the past two years. RV manufacturers are 2016 (RVIA). Thor Industries, Jayco, Winnebago, Lippert gobbling up buildings, leading to decreasing rates in the  Components, Kem Krest, Patrick Industries, and Pulliam Elkhart-Goshen market. Companies relocating to build-to- Enterprise collectively grew its footprints more than 1.9 suit opportunities have led to an increasing availability rate million square feet in 2017. As growth in the manufacturing in the South Bend-Mishawaka market. Demand for new industry expands, it is creating bulk warehouse/distribution bulk warehouse space is increasing rental rates throughout opportunities throughout the region. Examples include: the region, as this type of space is asking $3.50 to $4.00-per- square-foot, triple-net. • 315,000-square-foot warehouse in South Bend for CTDI
 Available

Square
 Feet






 • 227,000-square-foot speculative building under     ! "# $ %&' "  construction at 5400 Beck Drive in Elkhart, the largest 14%

speculative building ever in Elkhart County 12%


• South Bend Distribution Center I & II (SBDC). SBCD 10% I, a 210,420-square-foot speculative building leased to 8% AM General in 2017, and SBDC II, a 210,420-square-foot speculative building, is currently under construction 6%

4% As the region grows into a distribution hub, development- ready land sites are expected to attract investments in 2018. 2%
 Areas like Portage Prairie in South Bend, County Road 17 in
‘09
‘10
‘11

‘12 ‘13
 ‘14
 ‘15
 ‘16
 ‘17
 Elkhart, Phase II of the Warsaw Certified Technology Park,     ! "# $ %&' "  and the newly developed New Carlisle Industrial Park, are RV Wholesale Shipments all primed to see new industrial developments in 2018. # of Units 600,000 Multiple companies shut down operations throughout the region in 2017. Del Monte Foods, TreeHouse Foods, Parker 500,000 Hannifin, and Harman International closed operations, 400,000 impacting nearly 460 workers. 300,000

Unprecedented demand for growth and space in the 200,000 market has created competition amongst organizations for workforce. Despite the impact these closings had on 100,000 organizations, the readily available and skilled labor, along 0 with limited available inventory, has the potential to lead to 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* more growth for local companies throughout 2018. *Projected Source: RVIA (Recreational Vehicle Industry Association)

26 INDUSTRIAL | NORTH CENTRAL INDIANA

AS OF Q4 2017 SOUTH BEND – ELKHART – WARSAW | PLYMOUTH | MISHAWAKA GOSHEN KOSCIUSKO COUNTY MARSHALL COUNTY Inventory (SF) 37.7 Million 87.7 Million 5.5 Million 5.5 Million Availability Rate 7.0% 1.9% 1.2% 12.2% Asking Rate ($/SF NNN) $3.01 $2.97 $4.63 $3.50 Under Construction (SF) 315,000 1.1 Million 0 50,000

Notable Transactions

SF Global purchased AM General’s Commercial Plant in Mishawaka for $100 million, preserving more than 400 jobs. SF Global plans to invest $30 million into improvements to the 700,000-square-foot plant. Also, Boston-based Plymouth Industrial REIT purchased five industrial properties totaling 700,360 square feet in South Bend. Most of the buildings contain single-tenant users with expiring leases, which could affect vacancy rates over the next few years. CTDI Rendering, South Bend

LEASE PROPERTY SF TENANT TYPE South Bend Distribution Center III; South Bend 315,000 CTDI Global Engineering New The Ontario; 5435 Dylan Dr., South Bend 89,563 Federal Mogul New 1445 Polk Dr., Warsaw 63,167 Patrick Industries New

SALE PROPERTY SF BUYER SALE PRICE REW/W Partners IN Industrial Portfolio; South Bend 700,360 Plymouth Industrial REIT Investment AM General Commercial Plant; Mishawaka 700,000 SF Global Sale Better World Books HQ; 55740 Currant Rd., Mishawaka 300,000 G Holdings Investment

400 S. Byrkit Ave., Mishawaka 300,000 Lippert Components Sale NC INDUSTRIAL

Project Updates

PROJECT INDUSTRIAL SF STATUS COMPLETION Communications Test Design; 5550 Dylan Dr., South Bend 315,000 Under Construction Q1 ‘18 Thor Industries, Elkhart-Wakarusa-Bristol 300,000 Under Construction Q1 ‘18 Jayco Middlebury Campus 237,000 Under Construction Q1 ‘18 Beck Drive SPEC; 5400 Beck Dr., Elkhart 227,000 Under Construction Q2 ‘18 Grand Design RV; 11333 C.R. 2, Middlebury 220,000 Under Construction Q2 ‘18 South Bend Distribution Center II; Chet Waggoner Dr., South Bend 210,420 Planned 2018-2019 27 OFFICE NORTH CENTRAL INDIANA

MARKET OPTIMISM CREATING  NEW DEVELOPMENT OPPORTUNITIES

 Market Activity  Availability & Asking Rates 
 Limited Class A inventory, an environment conducive to Renovations to the Jefferson Centre and JMS building, as developers, market optimism, and low interest rates have well as the Mutual Bank transaction, caused many tenants to created a great deal of office growth throughout the region seek new spaces, and vacancy rates to decrease throughout in 2017. Significant developments included:  the market. The Edison Lakes vacancy rate, for example, decreased from 14.2 percent to 13.2 percent throughout 2017.  • Lippert Components purchased the 120,000-square- As vacancy rates decline, expect rental rates to increase, foot Mutual Bank Plaza building in Mishawaka for its  especially in Class A buildings. corporate office
 
 
 
 
 
 
 • Innovation Park completed Phase II at Notre Dame, Availability  Rate which included a new 38,500-square-foot addition   !  14% • The $4 million renovation to Jefferson Centre, and the 12% $7.6 million redevelopment of JMS in downtown South Bend finished up 10%
 8% • Fort Wayne Orthopedics (FWO) began construction on 6% a new 31,530-square-foot multi-tenant office building in Warsaw 4% 2% As the positive momentum carries into 2018, expect 0%
 
 
 
 
 
 
 additional office developments to come to life. Projects 2012 2013 2014 2015 2016 2017 already in the pipeline include: a $9 million, five-story office   !  building proposed for downtown South Bend, a proposed Fort Wayne Orthopedics Rendering, Warsaw $75 million mixed-use development off State Road 933 in South Bend by Notre Dame and Holladay Properties, and renovation work within the Renaissance District in South Bend that will create more than 110,000 square feet of office space once completed. Elkhart’s River District is expected to draw additional developments downtown, and Ignition Park in South Bend has space for six additional buildings.

A major reason for office growth within the region is the success of the RV industry. Look for companies to establish new headquarters throughout the area, similar to what Lippert Components is doing, as companies seek to create a centralized hub that houses its employees.

28 OFFICE | NORTH CENTRAL INDIANA

AS OF Q4 2017 SOUTH BEND – ELKHART – WARSAW | MISHAWAKA GOSHEN KOSCIUSKO COUNTY Inventory (SF) 6.6 Million 3.1 Million 1.4 Million Availability Rate 13.1% 10.2% 1.1% Class A Asking Rates: $18.00 - $22.00 $16.00 - $18.00 $15.00 - $18.00 ($/SF Gross)

Notable Transactions

Renovations to the Jefferson Centre and JMS buildings in downtown South Bend helped attract new, quality tenants to the buildings. Teachers Credit Union leased 14,000 square feet at Jefferson Centre, and Centier Bank opened a branch and second floor office space in the JMS building. Favorable valuations are bringing more product to the market, such as Park Place at Edison Lakes, a twelve-building, 74,638-square- foot Class A office park, is on the market for $6,975,000. Park Place at Edison Lakes, Mishawaka

LEASE PROPERTY SF TENANT TYPE Union Station; 506 W. South St., South Bend 19,820 Four Winds Casino New 17390 Dugdale Dr., South Bend 16,940 Business Interactions New Jefferson Centre; 105 E. Jefferson Blvd., South Bend 14,984 TCU New

SALE PROPERTY SF BUYER TYPE Mutual Bank Plaza; 4100 Edison Lakes Pkwy., Mishawaka 120,000 Lippert Components Sale

Jefferson Centre; 105 E. Jefferson Blvd., South Bend 98,453 Jefferson Centre Associates, LLC Investment NC OFFICE 400 W. Mishawaka Rd., Elkhart 20,000 New Vision of Life Church Inc. Sale

Project Updates

PROJECT OFFICE SF STATUS COMPLETION St. Joseph County VA Clinic; 1540 Trinity Place, Mishawaka 71,000 Completed Q3 ‘17 ETHOS Science Center; 1025 N. Michigan St., Elkhart 68,000 Under Renovation Q2 ‘18 Innovation Park Phase II; 1400 Angela Blvd., South Bend 38,500 Completed Q1 ‘18 Fort Wayne Orthopedics; U.S. 30, Warsaw 31,530 Under Construction Q2 ‘18 Hansell’s River Park Leasing Corp.; Downtown South Bend N/A Planned N/A 29 RETAIL NORTH CENTRAL INDIANA

SUDDEN RESURGENCE IN RETAIL ACTIVITY

Market Activity Availability & Asking Rates

Compared to other regions throughout the market, the north Despite
 multiple big-box locations being vacant, tenants central retail market saw a resurgence in retail activity in like Planet Fitness and Mega Blast have helped absorb

2017. With that being said, the market wasn’t free from big- larger spaces throughout the market. The $50 million box retailers closing shop. MC Sports closed its Goshen and redevelopment of the Concord Mall increased rates Plymouth locations, Sam’s Club closed a store in Goshen, significantly in the Elkhart-Goshen retail market, raising Family Christian Store and Kmart closed its Mishawaka from 3.2 percent in 2016 to 5.6 percent in 2017. New stores, Sears closed its Elkhart operations, and Marsh construction rental rates vary throughout the market. Retail vacated its Warsaw store. spaces at the Ivy at Berlin Place and Mill at Ironworks Plaza projects are asking $15.00 to $20.00-per-square-foot, triple- On the positive side, the market saw many second and third net, while space at the Shoppes on Grape redevelopment are generation spaces get absorbed, the development of raw asking $35.00-per-square-foot. land, the redevelopment of corners and outlots, and new
 concepts enter the market. Some of the more significant Availability

 

Rates
 
 
 
 
 
 
 projects include:     !  "#$ %  10%
 • Mega Blast and Planet Fitness opening 20,000-square- foot locations in South Bend and Goshen in 2017 8%

• Four new buildings constructed along Main Street in 6% Mishawaka. Tenants include: Firehouse Subs, Qdoba, United Federal Credit Union, and Portillo’s 4%

• Meijer and Lowe’s are marketing outlot space in 2% Mishawaka, and the new Lake City Plaza was 0%
 constructed in Warsaw on a Meijer outlot 2009

 2010

2011
 2012
 2013
 2014
 2015
 2016
 2017
     !  "#$ %  • The new 10,000-square-foot Shoppes on Grape redevelopment is underway at the southwest corner of Concord Towne Center Rendering, Elkhart Grape and Day Road in Mishawaka

The strong economy for the retail market in the region has led to steady growth over the last 18 to 24 months. Businesses are taking advantage of the business-friendly environment, repositioning themselves for the next five years. Recent groundbreakings for downtown developments in South Bend, Mishawaka, and Elkhart will attract more retailers to the city’s downtown core.

30 RETAIL | NORTH CENTRAL INDIANA

AS OF Q4 2017 SOUTH BEND – ELKHART – PLYMOUTH | WARSAW MISHAWAKA GOSHEN MARSHALL COUNTY Inventory (SF) 16.6 Million 14.7 Million 3.5 Million 1.9 Million Availability Rate 6.1% 6.4% 4.4% 6.8% Downtown Asking Rates New Construction $15.00 - $20.00 $18.00 N/A N/A ($/SF) NNN

Notable Transactions

One of the larger developments in the region is the movement of Menards on the south side of South Bend. In 2017, Menards announced it will construct a new store at a 5.4-acre site that entails a long-vacant Kmart store on the southeast corner of Ireland Road and Michigan Street. Menard’s current store at Erskine Village was auctioned back in 2014 for $2.1 million, and has brought with it many discussions of who will take over the space once Menards’ Shoppes on Grape Rendering, Mishawaka lease expires.

LEASE PROPERTY SF TENANT TYPE Centre West; 4401 Western Ave., South Bend 25,050 Mega Blast New Peddlers Village; 2616 Peddlers Village Rd., Goshen 22,000 Planet Fitness New Shoppes on Grape; Mishawaka 2,940 Confidential New

SALE PROPERTY SF BUYER TYPE

Former Kmart; 4640 S. Michigan St., South Bend 113,852 Menards Sale NC RETAIL Amberwood Terrace; 655 C.R. 17, Elkhart 32,000 Amberwood Investments, LLC Investment

Project Updates

PROJECT RETAIL SF STATUS COMPLETION Walmart; 4024 Elkhart Rd., Goshen 182,000 Completed Q2 ‘17 Martin’s Supermarket; 525 S. Mayflower Rd., South Bend 40,000 Completed Q1 ‘17 Lake City Plaza; U.S. 30, Warsaw 12,408 Under Construction Q1 ‘18 Shoppes on Grape; Douglas & Grape, Mishawaka 10,000 Under Construction Q1 ‘18 Menards; 4640 S. Michigan St., South Bend N/A Planned N/A

31 MULTI-HOUSING NORTH CENTRAL INDIANA

MONUMENTAL DEVELOPMENTS CHANGING DOWNTOWN LANDSCAPES

Market Activity The region saw a mix of completed renovation projects, and groundbreakings for new projects in 2017. The JMS/ Studebaker Lofts redevelopment in downtown South Bend transformed dilapidated office space into 46 new apartment units, which are nearly all leased.

As of January 2018, 1,157 new market-rate apartment units are under construction throughout the region, with 699 of those in downtown South Bend, Mishawaka, Elkhart, and Plymouth. These projects combined bring more than $100 Mill at Ironworks Plaza Rendering, Mishawaka million worth of investments to the downtown cores of these cities. With many other projects planned for the community, expect additional developments to follow in 2018. Stonewater at the Riverwalk Rendering, Elkhart

The lingering question in regards to all these projects is whether they will attract the residents needed to occupy the space. As for the residential projects completed in 2016 and 2017, they are all under 10 percent vacancy, a positive sign thus far that the region can support these projects.

Completed Units:

2013 2014 2015 2016 2017 2018 Planned Under Construction

South Bend – Mishawaka 100 0 0 360 46 739 457

Elkhart – Goshen 0 0 0 0 0 388 0

Warsaw | Kosciusko County 0 0 0 0 0 0 145

Plymouth | Marshall County 0 0 0 0 0 30 0

360-unit development planned for Fir Rd. and Dragoon Tr. in Mishawaka withdrawn in January 2017

32 MULTI-HOUSING | NORTH CENTRAL INDIANA

Project Updates

PROJECT UNITS STATUS COMPLETION The Villas on Fir; 270 Under Construction Q2 ‘18 6205 N. Fir Rd., Mishawaka Notre Dame & Holladay Properties; 252 Planned N/A NEC IN-933 & Douglas Rd., South Bend Mill at Ironworks Plaza; 232 Under Construction 2019 120 W. Front St., Mishawaka Stonewater at the Riverwalk; 200 Under Construction 2019 318 S. Elkhart Ave., Elkhart Park 33; 188 Under Construction Q2 ‘18 1375 Lincolnway East, Goshen The Ivy at Berlin Place; 121 Under Construction Q2 ‘18 501 W. South St., South Bend Aloft South Bend; 90 Under Renovation Q4 ‘18 211 W. Washington, South Bend

Looking Ahead

Monumental developments underway are positioning The South Bend International Airport is part of a $290 the north central region well for continued growth in million project that could reduce the South Bend-to-Chicago the coming years. The University of Notre Dame, which South Shore trip from its current 2.5 hours to 90 minutes. has a $1.33 billion annual economic impact on St. Joseph The region’s proximity to major markets, combined with County, is undergoing the biggest construction boom in the its business-friendly environment, is expected to attract

university’s history. additional growth to the area for years to come. NC MULTI-HOUSING

Campus Crossroads, South Bend 33 INDUSTRIAL NORTHEAST INDIANA

SUBSTANTIAL EXPANSIONS OCCURRING THROUGHOUT THE REGION

Market Activity Availability & Asking Rates The region’s growing economy had created expansion Since 2014, availability rates have steadily declined, ending opportunities for many companies. General Motors $1.2 Q4 2017 at 8.4 percent for Fort Wayne, and 2.7 percent for billion expansion starting in 2015, combined with $30 million the surrounding counties. NorthPointe’s new building being pumped into infrastructure along a 3.7-mile stretch and 2909 Pleasant Center
 Road caused the Fort Wayne on Lafayette Center Road, have helped lead to the growth market’s availability rate to fluctuate throughout 2017. of the southwest Allen County market. In that area for Expect availability rates to decrease in 2018 as space gets  2017, Walmart built a $165 million milk-processing facility, absorbed within the market. As for asking rates, generally Android Industries is investing $14.7 million to expand its new construction and speculative space is between $5.80 Fogwell Parkway location as well as occupy space in the to $6.50-per-square-foot, triple-net. Expect rental rates to newly constructed 800,000-square-foot Stonebridge Road increase as new product
 comes to market and less space is warehouse, and PB Development is proposing a new $5.2 available.  million, 100,000-square-foot shell building.
 
  Availability Rate        This exponential growth was also seen throughout other 14% areas of the region in 2017, including: 12%


• Steel Dynamics investing $75 million to expand 10%

production capabilities at its Columbia City location 8%

• Fort Wayne Metals investing $63 million to revitalize a 6%

60,000-square-foot building, construct a 40,000-square- 4% foot addition to its corporate office, and install new 2%
 equipment in its Columbia City location 0% Q2
‘14 Q4 ’14 Q2 ’15 Q4 ’15 Q2 ’16 Q4 
‘16 Q2 ‘17 Q4 ‘17 • American Landmaster relocating its headquarters from        Louisiana to Columbia City, investing $4 million to lease and equip the building at 2499 S. 600 East

• Sweetwater Sound purchased 55 acres adjacent to its campus in October 2017 for potential future growth

All of these investments combined are expected to create more than 1,000 new jobs for the region. With no signs of slowing down, expect more local companies to expand operations, new companies enter the market, and more growth to occur throughout the region in the coming years.

PB Development Rendering, Roanoke

34 INDUSTRIAL | NORTHEAST INDIANA

Notable Transactions Lippert Components began operations in the 764,000-square- foot facility at 2909 Pleasant Center Road. Lippert, which acquired the business and some assets of Roehm Marine LLC in 2015 for $16 million, is investing $10.87 million into the new location and plans to utilize Roehm’s marine manufacturing capabilities at the site. Lippert secured a long-term deal for the space in November 2017, resulting in no vacancy between Lippert moving in and AM General 2909 Pleasant Center Rd., Fort Wayne moving out.

LEASE PROPERTY SF TENANT TYPE 2909 Pleasant Center Rd., Fort Wayne 764,177 Lippert Components New 10801 Rose Ave., New Haven 164,532 Sauder Manufacturing New 4510 Airport Expy., Fort Wayne 137,500 Faurecia Emissions Control Technologies New 710 Gerber St., Ligonier 118,000 Forest River New 2499 S. 600 E., Columbia City 112,000 American LandMaster New

SALE PROPERTY SF BUYER SALE PRICE 12301 Bluffton Rd., Fort Wayne (part of portfolio) 400,000 Gramercy Property Trust $23.2 Million BAE Facility; $65.4 Million 333,750 China Life JV Elm Tree Funds 4300 Airport Expy, Fort Wayne (part of portfolio) (allocated) 5010 Airport Expy., Fort Wayne 148,000 Coca-Cola Bottling Co. $10.4 Million 4108 W. Ferguson Rd., Fort Wayne 103,000 Ellison Bakery $3 Million

Project Updates NE INDUSTRIAL

PROJECT SIZE (SF) STATUS COMPLETION General Motors – body shop; 865,000 Under Construction 2018-2019 12200 Lafayette Center Rd., Roanoke NorthPoint Development; 804,805 Completed Q2 ‘17 12808 Stonebridge, Roanoke Walmart Dairy; 250,000 Completed Q4 ‘17 2322 W. Pleasant Center Rd., Fort Wayne Hagerman/Faurecia; 137,500 Completed Q4 ‘17 4510 Airport Expy., Fort Wayne Continental Diamond Tool; 112,000 Under Construction Q4 ‘17 10801 Rose Ave., New Haven 35 OFFICE NORTHEAST INDIANA

GROWTH ANTICIPATED FOR DOWNTOWN AND MEDICAL OFFICE SPACE

Market Activity Availability
 & Asking Rates The revitalization in Downtown Fort Wayne attracted new SIRVA’s relocation and the Harris Corporation downsizing tenants to the downtown market in 2017. SIRVA relocated were the main drivers for why the northwest quadrant 400 employees, occupying 63,000 square feet in the Indiana ended 2017
 with the highest vacancy rate at 20 percent. The Michigan Power Center, and Aptera purchased and is downtown quadrant decreased from 9 percent at the end moving into the 40,000-square-foot building at 113 W. Berry of 2016, to 7.4 percent at the end of 2017. Tenants relocating  Street. downtown and office space taken off the market from the 202 Metro redevelopment has attributed to the declining In addition to these relocations, three significant office vacancy rate
 occurring downtown. developments are happening downtown. The $44 million Skyline Tower mixed-use project is nearing completion, Vacancy Rates    where First Merchant’s Bank is set to occupy the entire second        floor, taking up more than 17,000 square feet of space. The 25%
 redevelopment of the Metro Building at 202 W. Berry will create more than 42,000 square feet of Class A space once 20%   completed, and developers closed on the purchase of the 1.2  million-square-foot, former GE campus in September 2017. 15%
 The $440 million GE campus redevelopment is expected to 
begin construction in July, and will add more than 224,000 10%  square feet of office space to the market. Renamed to Electric  Works, the project is expected to be a game changer for the 5%
 region.  Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4        Increased competition between the area hospital providers ‘14  ’14 ’15 ’15 ’16 ‘16 ‘17 ‘17 is expected to generate additional activity in the medical
office sector. Fort Wayne-based medical providers Lutheran Asking Rates:
$/SF Full Service Gross      Health Network, and Parkview Health are undergoing major                     $20 investments of $500 million and $65 million, respectively.

Also in 2017, IU Health announced it will invest long-term $18
into the Fort Wayne market, first by constructing two large, outpatient facilities, as well as converting a building into $16 primary care medical office space. $14

Look for growth to continue within Downtown Fort Wayne $12 and the medical office sector in 2018 as more investments $10 are in the pipeline. In the suburban office market, SIRVA’s  relocation, combined with the downsizing of Harris $8
Corporation and Brown Mackie College, created large Q2
Q4 Q2 Q4 Q2 Q4 Q2 Q4 amounts of vacant office space throughout the market, ‘14   ’14    ’15    ’15    ’16      ‘16 ‘17 ‘17 putting pressure on landlords to attract new users in 2018.

36 OFFICE | NORTHEAST INDIANA Notable Transactions

LEASE PROPERTY/QUADRANT SF TENANT TYPE N Harris/Parkview Health Parkview 90,000 New Center; NW Health NW Aon Services NE 1712 Magnavox Way; SW 75,894 Expansion Corporation I&M Power Center; CBD 63,000 SIRVA New

CBD SALE SE PROPERTY/QUADRANT SF BUYER PRICE SW 11143 Parkview Plaza Dr.; N 52,116 Eclipse 9, LLC N/A 7609 West 7609 W. Jefferson Blvd.; SW 41,944 $2.8 M Jefferson, LLC 113 W. Berry St.; CBD 40,964 Aptera Inc. N/A F&L Property 2700 S. Lafayette St.; SE 33,683 $900,000 Group DeKalb 927 S. Harrison St.; CBD 29,700 Community $1.4 M Fort Wayne Quadrant Map Development

Project Updates

PROJECT OFFICE SF STATUS COMPLETION QUADRANT NE OFFICE Electric Works 224,000 Planned N/A CBD former General Electric Campus, Fort Wayne Mike Thomas Realtors & Associates; 20,000 Completed Q4 ‘17 N 9601 Coldwater Rd., Fort Wayne Skyline Tower; 16,000 Under Construction Q1 ‘18 CBD 855 Webster St., Fort Wayne

Electric Works Rendering, Fort Wayne 37 RETAIL NORTHEAST INDIANA

RETAINING TENANTS AND BACKFILLING VACANCIES KEY FOR 2018

Market Activity Availability & Asking Rates

The changing retail landscape affected the Fort Wayne retail Fort Wayne’s retail availability rate ended 2017 at 11.8 market in 2017. Family Christian Bookstore and MC Sports percent, 10 basis points more than end of year 2016. With closed two locations, and Ossian Furniture, Gymboree, retailers closing, expect the availability rate to increase in Rue 21, and HHGregg closed locations in 2017. On the 2018. Multi-tenant strip centers are expected to be attractive positive side, Gander Mountain and Gordman’s are keeping investments in 2018, commanding rental rates between their Fort Wayne stores open, despite closing hundreds of high $20’s to low-to-mid $30’s. The Corner Shoppes locations nationwide. redevelopment off Coliseum Boulevard, is asking $35.00-per- square-foot, triple-net. With many retailers closing locations in 2017, the retail market in Fort Wayne was focused on retaining and expanding Availability Rate current tenants, as well as finding ways to backfill vacancies. 16%

Tuesday Morning, Mattress Firm, 800 Degrees Pizza, Travel 14%

Leaders, and Family Dollar are amongst those who either 12% renewed leases or expanded their space in 2017. As for 10%
 backfilling vacancies, three big box spaces are being re- 8% purposed into storage units. Dealpoint Merrill re-purposed 6% the former Scott’s grocery store at 4522 Maplecrest Road, 4% the former Kmart at 7530 S. Anthony is being repurposed 2% into a U-haul storage and rental use by Amerco Real Estate, 0%
 and Time Corners Self-Storage is repurposing the former Q2 Q4 Q2 Q4 Q2
Q4 Q2 Q4    DeWalk Gardens store into Lima Road Self-Storage. ‘14 ’14 ’15 ’15 ’16 ‘16 ‘17 ‘17

The northeast quadrant in Fort Wayne is attracting new Asking Rate: $/SF developments. Aldi’s relocated to a larger store in the 12-Mo. Jo-Ann Plaza, Tractor Supply Store constructed a new Q4 ‘16 Q4 ‘17 19,000-square-foot building off Meijer Drive, and Kroger Forecast is planning to construct a $26 million, 100,000-square-foot SG > 10,000 SF $8.95 $7.98 - Kroger Marketplace at Dupont and Tonkel Roads. The downtown Fort Wayne retail market saw minimal activity in SG < 10,000 SF $12.09 $12.03 = 2017. A new Latin-themed fine dining restaurant, Proximo, is planned to take over the former Golden spot in the Ash New Construction/SPEC $25.00 $25.59 + Skyline Plaza, and Ruth’s Chris is expected to open in the Skyline Tower development in early 2018. *SG =Second Generation

With additional retailers expected to close locations in the coming years, expect the focus on the retail market in Fort Wayne to be retaining tenants, and backfilling vacancies, with minimal new construction projects.

38 RETAIL | NORTHEAST INDIANA

Notable Transactions

LEASE PROPERTY SF TENANT TYPE Honeywell Dr., Fort Wayne 20,570 More Than Gymnastics New Coliseum Plaza; 4504 Parnell Ave., Fort Wayne 10,000 Rekindle Marketplace New

SALE PROPERTY SF BUYER SALE PRICE Menards; 162,300 Tunnel on Illinois, LLC N/A 6310 Illinois Rd., Fort Wayne Former Kmart; 100,822 Hanning & Bean Enterprises N/A 810 N. Coliseum Blvd., Fort Wayne 4230 Lake Ave., Fort Wayne 100,000 Coliseum Ventures, LLC N/A

Project Updates

PROJECT RETAIL SF STATUS COMPLETION Kroger; 100,000 Proposed 2019 Dupont & Tonkel Rd., Fort Wayne Superior Lofts; 21,000 Under Construction Q3 ‘18 102 W. Superior St., Fort Wayne Tractor Supply Co.; 19,097 Completed Q4 ‘17 5808 Meijer Dr., Fort Wayne Skyline Tower; 14,000 Under Construction Q1 ‘18 855 Webster St., Fort Wayne Shoppes at Ice Way; 14,000 Completed Q3 ‘17 4037 Ice Way, Fort Wayne NE RETAIL

The Landing Rendering, Fort Wayne

39 MULTI-HOUSING NORTHEAST INDIANA

FORT WAYNE NAMED BEST PLACE TO LIVE IN INDIANA

Market Activity Skyline Tower Rendering, Fort Wayne By the end of 2018, 563 new market-rate apartment units will have been added to the Fort Wayne market since 2016. An additional 150 units are expected to be completed in 2019, due to Continental Property Group’s new $61.7 million mixed-use development. Of the 713 new units, 71 percent of those are focused within the downtown core of Fort Wayne. The $26 million Phase I of downtown Fort Wayne’s Riverfront Project has been a major factor in attracting residents back downtown. In addition to these market-rate projects, other residential options for residents will be residential condominiums at the 202 Metro building redevelopment, as well as 82,000 square feet of residential space at the new Electric Works campus.

With redevelopment efforts underway, expect buildings, similar to 202 Metro, to seek redevelopment in 2018. Anticipate more residents to reside in the community that was named the best place to live in Indiana in 2018, per Business Insider. Inventory Avg Year Latest Year Units Built Built

Fort Wayne 21,659 1980 2017 Completed Units:

Units

Planned 150 2018 196 2017 367 2016 0 2015 0 2014 0 2013 486 Continental Property Group Rendering, Fort Wayne 40 MULTI-HOUSING | NORTHEAST INDIANA

Notable Transactions

SALE PROPERTY UNITS BUYER SALE PRICE Woodbridge Apartments; 450 Birge & Held N/A 5710 River Run Trl., Fort Wayne Chapel Oaks; 320 Chapel Oaks Apartments, LLC $7.5 Million 859 Buchanan St., Fort Wayne Regency Park; 226 Black Bear Holdings, LLC N/A 1604 Reed Rd., Fort Wayne Villa Capri Apartments; 172 Villa Capri Holding Company, LLC N/A 2015 Fox Point Trl., Fort Wayne

Project Updates

PROJECT UNITS STATUS COMPLETION $ INVESTMENT Canal Flats; 204 Completed Q1 ‘17 $20 Million 8045 Oriole Ave., Fort Wayne Cityscape Flats; 163 Completed Q2 ‘17 $34 Million 1250 Ewing St., Fort Wayne Continental Property Group; 150 Planned 2019 $61.7 Million Harrison & Superior St., Fort Wayne Skyline Tower; 123 Under Construction Q2 ‘18 $40 Million 855 Webster St., Fort Wayne Superior Lofts; 72 Under Construction Q3 ‘18 $9.8 Million 102 W. Superior St., Fort Wayne NE MULTI-HOUSING

Looking Ahead Promenade Aerial Rendering, Fort Wayne The northeast region is primed for positive growth in the coming years. The hundreds of millions of dollars being invested in downtown Fort Wayne will be a catalyst for future developments in the region. Projects such as Continental Group’s $61.7 million mixed-use development, the $440 million redevelopment of the former GE campus, and the Riverfront Project, are monumental developments that will help grow the region’s economy for many years to come.

41 CENTRAL

Central Indiana is comprised of nine counties with a total population of 1,984,717. Within Central Indiana is the 14th largest city in the United States, Indianapolis. Technology, insurance, and health care are critical industries for the region. IU Health, Eli Lilly & Co., Anthem Inc., Salesforce, St. Vincent, Roche Diagnostics Corp., and many other organizations have a strong presence in Central Indiana. Seventeen tech companies in Central Indiana were named to Inc. magazine’s list of “America’s Fastest-Growing INDUSTRY Private Companies” in 2017. Logistics and transportation is another valuable asset for the STATISTICS region, and is home to FedEx’s second largest air hub worldwide. Approximately 50 percent of the United States lies within a one-day drive of Indianapolis. The region is also establishing itself as a sports hub, and is home to multiple professional and semiprofessional teams, including the Indianapolis Colts, Indiana Pacers, Indiana Fever, Indianapolis Indians, Indy Eleven, and Indy Fuel. Previous, current, and future investments are positioning Central Indiana to be one of the premier markets not only in the Midwest, but nationally.

Services: 44% Retail: 20% Manufacturing: 9% Finance, Insurance, & Real Estate: 8% Other: 19%

1,984,717 2017–2022 9.6% ANNUAL RATE 1.11%

4.1% 3.0% 2007 2017 2017 STEADILY DECREASING SINCE 2010 POPULATION

Sources: U.S. Bureau of Labor Statistics | STATS Indiana | U.S. Census Bureau| ESRI INDIANA

1 2 3 4 5 6 7

8

SIGNIFICANT DEVELOPMENTS IMPACTING THE REGION 1. Midtown - Carmel 3. BeijingWest Industries - 7. Bottleworks - Indianapolis $150 million mixed-use Greenfield $260 million redevelopment of development including over New $80 million, 275,000-square- former Coca-Cola bottling plant 500,000 square feet of new space foot production site. First for BWI in United States, creating 441 jobs 8. Johnson Memorial Health - 2. The Yard at Fishers District by 2021 Franklin New $90 million culinary and New $47 million medical facility entertainment district 4. UPS - Plainfield Investing $260 million to create new 893,000-square-foot, state-of- the-art hub

5. FedEx - Indianapolis Investing $1.5 billion into Indianapolis hub over next seven years

6. GM Stamping Site Redevelopment Ambrose Property Group selected to redevelop the 103-acre site into The Yard at Fishers District Rendering a $550 million project INDUSTRIAL CENTRAL INDIANA

LOGISTICS AND E-COMMERCE DRIVING INDUSTRIAL GROWTH

Market Activity Vacancy Trends The Central Indiana industrial market continues to grow at Ongoing demand for industrial space is expected to decrease a historic pace. More than 8 million square feet of industrial vacancy rates throughout the Central Indiana market. space was constructed in 2017. Of that space, 78 percent was According to REIS’s Q4 2017 Indianapolis Metro industrial built on speculative basis, meaning there was no formal report, REIS predicts the ongoing strong demand will pull commitment from an end user for the finished product. the Indianapolis vacancy rate down to 9.4 percent at year- IDI Logistics completed the largest building in 2017, the end 2018, and 8.1 percent at year-end 2021. As for rental 912,522-square-foot World Connect 4 facility in Indianapolis, rates, the average asking rent was $4.15-per-square-foot which it built on speculative basis and is currently available. in November, per REIS’s report, which was up 2.1 percent year-to-date. Central Indiana is showing no signs of slowing down, with 5.6 million square feet of space under construction as of January 2018, including 2 million square feet speculative. Indianapolis Industrial Supply & Demand Trends

Despite the risk associated with building on speculative CompletedCompleted AbsorbedAbsorbed VaVacancycancy basis, the amount of demand within the region has helped 5,0005,000 5,000 14%14% 12% mitigate uncertainty. 4,000 12%

4,000 s

4,000 V acan 10% VACANCY RATE s

3,000 V

10% acan

10% cy Bulk warehouse/distribution facilities continue to lead the 3,000 8% 3,000 2,000 Rate way in new construction projects, mainly driven by the 8%6% cy 2,0002,000 1,000 Rate

Logistics & Distribution industry, as well as the growth Suare Feet 000 4% 6% 0 in e-commerce. UPS and FedEx announced significant 1,0001,000 2%

Suare Feet 000 4% investments in 2017 for Central Indiana that will help grow -1,000 0% SQUARE FEET (000’S) SQUARE their presence nationally. UPS is currently investing $260 0 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2% million to construct a new 893,000-square-foot facility in -1,000-1,000 0% Plainfield. FedEx announced in October they will spend ‘0202 03 ‘0404 05 ‘0606 07 ‘0808 09 ‘1010 11 ‘1212 13 ‘1414 15 16‘1617 18‘1819 20‘2021 $259 million to construct a new 608,000-square-foot, small- Source: REIS, Inc. package distribution center in Greenwood, which could eventually employ 450 workers.

With the City of Plainfield leading the charge in new developments, other areas such as Whitestown, Noblesville, and Greenwood, have benefited significantly from the growing demand. Interstate connectivity and available sites make them suitable locations for new developments.

Expect demand for industrial space throughout Central Indiana to remain strong for the years to come, with many more new projects on the horizon. World Connect 4 Rendering, Indianapolis

44 INDUSTRIAL | CENTRAL INDIANA

Notable Transactions

LEASE PROPERTY SF TENANT TYPE AllPoints Midwest; Plainfield 1,200,420 Prime Distribution Renewal 700-716 Airtech Pkwy., Plainfield 799,344 LSC Communications US, LLC Renewal 950 E. Northfield Dr., Brownsburg 773,150 Guitar Center Renewal Green Park II; 702,000 Best Choice Products New 3375 Plainfield Rd., Plainfield Allen & Graham Roads, Greenwood 446,500 Newgistics Relocation - New

SALE PROPERTY SF BUYER SALE PRICE North by Northwest Industrial Park; 1,100,000 Sealy & Company $49.4 Million 4620 W. 84th St., Indianapolis Plainfield Logistics Center; 967,200 UPS Master $81.9 Million 10095 E. C.R. 200 S., Plainfield Amazon Building; 925,800 DRA Advisors $42.4 Million (alloc’d) 800 S. Perry Rd., Plainfield Airwest 12 & 14; 924,530 Hillwood Development Co. N/A 2301 & 2201 Reeves Rd., Plainfield SR 32 Distribution Center; 741,880 Lexington Realty Trust $36.2 Million 1285 E. S.R. 32, Lebanon

Project Updates

PROJECT SIZE (SF) STATUS COMPLETION World Connect 4; 912,522 Completed Q4 ‘17 5510 Exploration Dr., Indianapolis UPS; 893,000 Under Construction 2019 Bradford Rd., Plainfield CI INDUSTRIAL Plainfield Logistics Center; 892,540 Under Construction Q1 ‘18 10095 E. C.R. 200 S., Plainfield AllPoints Midwest 8; 708,230 Under Construction Q2 ‘18 1301 Smith Rd., Plainfield Greenpointe Logistics Center; 495,977 Under Construction Q4 ‘18 703 N. Graham Rd., Greenwood BorgWarner Inc.; 103,883 Under Construction Q2 ‘18 141st & Olio Rd., Noblesville

BorgWarner Rendering, Noblesville Greenpointe Logistics Center Rendering, Greenwood 45 OFFICE CENTRAL INDIANA

MULTIPLE COMPANIES INVESTING MILLIONS TO ESTABLISH NEW HEADQUARTERS

Market Activity Vacancy Trends The Indianapolis office market was very active in 2017, Owner-occupied developments are slightly increasing highlighted by major expansions and large office transactions. vacancy rates throughout the market as companies move In 2017, 15 new projects added more than 800,000 square out of their existing locations. According to REIS’s Q4 2017 feet of office space to the market, with Cummins’ new Indianapolis Metro office report, REIS predicted 2017 to end 176,000-square-foot distribution headquarters in downtown at a 19.2 percent vacancy rate. REIS also forecasts vacancy Indianapolis being the largest project. rate at the end of 2018 to be 19.1 percent. Nominal rent growth is expected throughout the office market, as REIS A majority of those new developments were build-to-suit reports an average asking rent at $18.96-per-square-foot, projects for companies constructing new headquarters. with a 1.5 percent rent growth in 2018. Stanley Securities, Walker Information, Allied Solutions, and BlueSky Technology Partners were among those who Indianapolis Office Supply & Demand Trends built new headquarters in 2017. In addition, Merchants CompletedCompleted AbsorbedAbsorbed VacancyVacancy Bank and RQAW are constructing new headquarters, 1,2001,200 5,000 25%14% 1,0001,000 while Knowledge Services, and KAR Auction Services are 4,000 12% s 800800 20% V acan planning to begin work on their new headquarter facilities 20%10% VACANCY RATE s

3,000 V

600600 acan in 2018. Collectively, these projects total over $236 million 8% cy 400400 2,000 Rate in new investments, and could potentially create more than 15%6% cy

200200 Rate 1,000

1,800 new jobs for the region. 0 Suare Feet 000 4% 10% -200-200 0 2%

Other significant developments that occurred in 2017 Suare Feet 000 -400-400 -1,000 0% included: FEET (000’S) SQUARE -600-600 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 5% -800-800 • India-based Infosys opened a tech hub in downtown -1,000-1,000 0% Indianapolis, leasing 35,000 square feet at OneAmerica ‘0202 03 ‘0404 05 ‘0606 07 ‘0808 09 ‘1010 11 ‘1212 13 ‘1414 15 ‘1616 17 ‘1818 19 ‘2020 21 Tower, and potentially growing up to 2,000 employees Source: REIS, Inc. throughout Indianapolis

• Liberty Mutual announced it will invest $14 million to expand in Carmel, creating up to 400 new jobs over the next four years

• Anthem Inc., announced it will vacate their Monument Circle location

Activity in the region’s office market isn’t expected to slow down any time soon. With Indianapolis being selected on Amazon’s Top 20 list for its new $5 billion HQ2 campus, Central Indiana could be significantly transformed in the coming years. Allied Solutions Rendering, Carmel 46 OFFICE | CENTRAL INDIANA

Notable Transactions

LEASE PROPERTY SF TENANT TYPE 251 E. Ohio St., Indianapolis 77,019 Marion County Prosecutors Office Renewal 9200 Keystone Crossing, Indianapolis 67,344 State Farm Renewal 251 N. Illinois St., Indianapolis 60,395 Indiana Supreme Court New 4160 N. Keystone Ave., Indianapolis 60,000 Indiana DCS New Parkwood Crossing; 350 E. 96th St., Carmel 56,000 Liberty Mutual New

SALE PROPERTY SF BUYER SALE PRICE Precedent Office Park; Strategic Capital Partners/ 1,110,554 $132.8 Million I-465 & Keystone Ave., Indianapolis Rubenstein Partners Hamilton Crossing Office Park; Carmel 548,333 Group RMC $69.0 Million Market Tower; 10 W. Market St., Indianapolis 509,000 Square Deal Capital N/A Former AT&T Building; 409,349 Keystone Group N/A 220 N. Meridian St., Indianapolis Woodland Corporate Park V & VI; 275,205 Select Income REIT $41.1 Million Interactive Way, Indianapolis One & Two Penn Mark; 243,271 MRES Acquisitions, LLC $57.5 Million 11555 & 11595 N. Meridian St., Indianapolis

Project Updates

PROJECT OFFICE SF STATUS COMPLETION KAR Auction Services; 250,000 Planned 2019 NEC Illinois & 116th St., Carmel Bottleworks; 170,000 Planned 2019 901 Carrollton, Indianapolis CI OFFICE Cummins Distribution HQ; 176,000 Completed Q1 ‘17 301 E. Market St., Indianapolis Allied Solution & F.C. Tucker; 135,000 Completed Q4 ‘17 350 Veterans Way, Carmel Merchants Bank; 100,000 Under Construction 2019 Midtown West, Carmel

KAR Auction Services Rendering, Carmel 47 RETAIL CENTRAL INDIANA

RETAIL GROWTH OCCURRING THROUGHOUT CENTRAL INDIANA’S SUBMARKETS

Market Activity Vacancy Trends

One of the biggest stories in 2017 for the retail market Due to the changing retail landscape and multiple vacant big- in Central Indiana was Marsh Supermarkets filing for box stores, expect the vacancy rate for the Central Indiana bankruptcy, selling 26 of its stores, and closing 17 Indiana retail market to gradually increase in the coming years, as stores including 9 in Central Indiana. Generative Growth evidenced by REIS’s retail supply and demand trends chart purchased 15 of the former Marsh stores, including two in below. According to REIS’s Q4 report, the average asking Indianapolis. Kroger purchased 11 former Marsh stores, rent was $15.55-per-square-foot in November 2017, up 1.3 investing $20 million in renovations and reopening seven percent year to date. Minimal rent growth is expected in the of them, two of which are located in Central Indiana. The coming years, as REIS forecasts rent growth to be less than 1 sudden Marsh closings put pressure on shopping center percent for the next two years. owners whose developments were anchored by a Marsh store. How the remaining vacant stores are absorbed will be Indianapolis Office Supply & Demand Trends interesting to watch in 2018. Expect tenants and landlords CompletedCompleted AbsorbedAbsorbed VacancyVacancy to find creative solutions while backfilling these locations. 800 5,000 18%14% Additional big-box stores will likely close in 2018, creating 16%12% 600 4,000 s V

more large vacancies throughout the market. acan 14%10% VACANCY RATE

s 14%

3,000 V acan 400 12%8% cy The city of Fishers and Whitestown experienced tremendous 2,000 Rate 10%6% cy retail activity in 2017. TopGolf, Portillo’s, and Ikea officially 200 1,000 Rate Suare Feet 000 8%4% opened in 2017 in Fishers, while The Yard at Fishers 0 0 6%2%

District, a $90 million planned food and entertainment Suare Feet 000 SQUARE FEET (000’S) SQUARE -1,000 4%0% district, is expected to break ground in the spring of 2018. -200-200 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 In Whitestown, two major retail developments are planned 2% that could change the retail landscape in that area. Gershman -400-400 0% ‘0202 03‘0404 05‘0606 07‘0808 09‘1010 11‘1212 13‘1414 15‘1616 17‘1818 19‘2020 21 Partners is behind one of the projects that could add nearly 1 Source: REIS, Inc. million square feet of high-end retail space off County Road 550 South. RealtyLink is planning to develop The Shoppes at Whitestown, a 300,000-square-foot retail development on more than 33 acres off Whitestown Parkway.

Communities such as Fishers and Carmel, which continue to invest in their downtowns, are experiencing tremendous growth. Another city, Brownsburg, broke ground in 2017 on an $80 million mixed-use project in its downtown. As for Indianapolis, IBJ is reporting more than 300,000 square feet of new retail space is anticipated for the downtown market from large mixed-use projects such as Bottleworks, and the second phase of CityWay.

The Yard at Fishers District Rendering, Fishers 48 RETAIL | CENTRAL INDIANA

Notable Transactions

LEASE PROPERTY SF TENANT TYPE Fishers Station Shopping Center 123,000 Kroger Relocation 116th & Allisonville, Fishers 4016 E. 82nd St., Indianapolis 50,817 Main Event Entertainment New 227 W. Michigan Rd., Indianapolis 50,300 Kroger New 6331 Crawfordsville Rd., Indianapolis 33,500 The Factory D1 Training New

SALE PROPERTY SF BUYER SALE PRICE The Bridges; Strategic Capital Partners/ 191,728 $132.8 Million 11581-11599 Spring Mill Rd., Carmel Rubenstein Partners 2715 Madison Ave., Indianapolis 157,708 Group RMC $69.0 Million Peltz Shoes; 132,000 Square Deal Capital N/A 998 Gerdt Ct., Greenwood Franklin Point Retail Center; 111,550 Keystone Group N/A 6869 E. Southport Rd., Indianapolis Riverplace Center; 74,414 Select Income REIT $41.1 Million 152-180 W. Logan St., Noblesville

Project Updates

PROJECT RETAIL SF STATUS COMPLETION The Shoppes at Whitestown 300,000 Proposed Q2 ‘18 Whitestown Pkwy., Whitestown IKEA 289,000 Completed Q4 ‘17 11400 IKEA Way, Fishers CI RETAIL Meijer 193,000 Completed Q2 ‘17 6939 W. Broadway, McCordsville Fishers Station Shopping Center 123,000 Under Construction Q1 ‘18 116th & Allisonville, Fishers Topgolf 65,000 Completed Q4 ‘17 9200 E. 116th St., Fishers

Fishers Station Rendering, Fishers 49 MULTI-HOUSING CENTRAL INDIANA

THOUSANDS OF NEW JOBS CREATING DEMAND FOR MORE APARTMENT UNITS

Market Activity In 2017, the Indiana Economic Development Corporation (IEDC) secured 293 commitments from companies across the country to locate or grow in Indiana. Collectively, this would mean more than $7 billion in investments, and 30,158 new jobs in the coming years, the highest tally in IEDC history.

Companies expanding and adding thousands of jobs throughout the region is contributing greatly to the growth of the multi-housing market in Central Indiana. More than 2,380 market-rate apartment units completed construction in 2017. One of the more iconic projects completed in 2017 was 360 Market Square by developer Flaherty & Collins. The $121 million, mixed-use development consisted of 292 apartment units, and a new 40,000-square-foot Whole Foods store in downtown Indianapolis.

Construction doesn’t seem to be slowing down as more than 360 Market Square Rendering, Indianapolis 2,200 units were under construction at the beginning of 2018. The largest project, in terms of number of units, is phase two of The Residences at CityWay. The $135 million, mixed-use development is expected to add 400 units to downtown Indianapolis.

One of the biggest developments for the apartment community was Indianapolis-based apartment developer Milhaus Development LLC raising $245 million in equity investments to help fuel its plan to build thousands of new units across the U.S. over the next few years. Milhaus CEO Tadd Miller said he expects the company to soon announce up to four new Indianapolis projects.

With new development working its way through existing tier one sites, both urban and suburban, anticipate activity to pick up in smaller infill developments. For example, in Broad Ripple Village, five new developments through various stages of construction are between 35 and 151 apartment units. Park at Pulliam Square Phase II Rendering, Indianapolis

50 MULTI-HOUSING | CENTRAL INDIANA

Notable Transactions

SALE PROPERTY UNITS BUYER SALE PRICE Lake Castleton Apartments Sterling Group and Virtus Real 1,261 $90.6 Million 7601 Carlton Arms Dr., Indianapolis Estate LLC Coppertree Apartments 772 Lighthouse Group $28.0 Million 2202 Fair Oaks Dr., Indianapolis Stone Lake Lodge 648 Phi-Stonelake LLC N/A 2913 E. Hanna Ave., Indianapolis Avery Point Apartments 512 Steadfast Apt REIT III $44.8 Million 8525 Laurel Valley Dr., Indianapolis Ashford at Keystone 455 Summit Equity Investments Inc. $36.0 Million 6630 Glenbrook Dr., Indianapolis

Project Updates

PROJECT UNITS STATUS COMPLETION INVESTMENT Residences at CityWay Phase II 400 Under Construction 2019 $135 Million 336 S. Delaware St., Indianapolis The Park at Pulliam Square Phase II 334 Under Construction Q3 ‘18 $70 Million 307 N. Pennsylvania, Indianapolis Avant Apartments 303 Under Construction Q1 ‘18 $80 Million 12890 Old Meridian St., Carmel 360 Market Square 292 Completed Q4 ‘17 $121 Million 360 Market St., Indianapolis The Vue 248 Under Construction Q1 ‘18 $28 Million 718 E. Georgia St., Indianapolis The Arbuckle 208 Under Construction 2019 $40 Million 300 N. Green St., Brownsburg Olivia on Main 203 Completed Q1 ‘17 $30 Million 1111 W. Main St., Carmel CI MULTI-HOUSING Looking Ahead

Central Indiana has positioned itself well for the future. Indianapolis being named on Amazon’s Top 20 list for its new HQ2 campus is helping solidify Central Indiana as the “Silicon Valley of the Midwest.”

The tech industry has been a leading driver for the region’s growth. Indianapolis was named one of the 20 metropolitan areas in the U.S. with the largest growth in tech jobs, adding nearly 5,000 jobs from 2013 to 2015, according to Brookings Institution.

As Indianapolis continues to grow, so will the outlying cities. Expect Carmel, Fishers, Greenwood, and many other cities to benefit not only from the growth of Indianapolis, but also from their own investments committed to growing Downtown Indianapolis their own communities. 51 PROFESSIONALS

A SEASONED AND TALENTED TEAM OF REAL ESTATE PROFESSIONALS

VISION. PURPOSE. VALUES. In this business, integrity is everything. We see our integrity as a capital asset; we call it Capital Integrity. It’s our Vision, our Purpose and our Values. It’s what you can expect from every member of the Bradley Company team. Accountability. Dependability. Capital Integrity. It’s what sets us apart. Get to know Bradley Company.

CREATING REAL VALUE IN PROPERTY. A seasoned and talented team of real estate professionals serving the Midwest region since 1978. We provide innovative services for all commercial real estate needs. Bradley Company is committed to, and actively invests in, the growth and prosperity of our local communities.

With regional offices throughout Indiana and Michigan, we employ nearly 250 knowledgeable professionals. Our experienced team manages 10± million square feet of commercial property including office, retail, industrial and medical office buildings among our many clients. In addition, we act as brokerage agents forover550 commercial properties. We also manage more than 3,000 multi-housing units varying from conventional to student and associations.

WEST MICHIGAN

GRAND RAPIDS MIKE LOPATIN DREW NELSON SALLY TUCKER 161 Ottawa Ave. NW, Investments Office & Retail Managing Director Suite 308 [email protected] [email protected] [email protected] Grand Rapids, MI 49503 Grand Rapids Grand Rapids Grand Rapids T | 616.254.005 JODI MILKS, CCIM JEFFERY TUCKER KEVIN VANHAITSMA KALAMAZOO Retail & Office Office & Retail Office & Investments 729 Academy St., [email protected] [email protected] [email protected] Kalamazoo Grand Rapids Grand Rapids Kalamazoo, MI 49007 T | 269.327.0089

52 NORTHERN INDIANA

ELKHART TYLER BINKLEY TODD DICKARD JOHN MESTER JAMIE RUIZ 300 NIBCO Pkwy., Industrial & Retail Office & Industrial Retail & Office Senior VP, Tax Consulting Suite 250 [email protected] [email protected] [email protected] [email protected] Elkhart, IN 46516 Fort Wayne Merrillville South Bend South Bend T | 574.522.7100 ANNA BOWMAN DAN DICKEY, CCIM, RPA MARK NEAL GARY SALYER Office & Retail President, Northeast IN Principal Retail & Land FORT WAYNE [email protected] [email protected] [email protected] [email protected] 111 E. Ludwig Rd., Fort Wayne Fort Wayne South Bend Warsaw Suite 101 Fort Wayne, IN 46825 ROSS BROWN STEVE ELLISON JIM NICKSIC BAILEY SEXTON T | 260.423.4311 Office & Retail Industrial & Retail Office & Retail Industrial [email protected] [email protected] [email protected] [email protected] Merrillville South Bend Merrillville South Bend MERRILLVILLE 359 W. 84th Dr. Merrillville, IN 46410 DENNIS CALLISON KARA MCGUIRE STEVE NICKSIC DAN SKODRAS, CPA T | 219.650.6500 VP, Brokerage Services Executive VP Office & Retail Investments [email protected] [email protected] [email protected] [email protected] Fort Wayne South Bend Merrillville South Bend SOUTH BEND 112 W. Jefferson Blvd., Suite 300 JANEE CARLILE THERESE GEISE JOHN O’BRIEN, CCIM JENA MAE SMOROSKE South Bend, IN 46601 Director, Brokerage Support Office & Retail Industrial & Retail Office & Retail T | 574.237.6000 [email protected] [email protected] [email protected] [email protected] South Bend Elkhart South Bend South Bend WARSAW STEVE CHEN CHRIS HICKEY KIENAN O’ROURKE TERRI THOMPSON 523 S. Buffalo St. Office & Industrial Land Office & Industrial Director Property Management Warsaw, IN 46580 [email protected] [email protected] [email protected] [email protected] T | 574.267.2323 Fort Wayne South Bend Fort Wayne South Bend

GREG CONKLING GAGE HUDAK STAN PHILLIPS BRAD TOOTHAKER, CPM, SIOR Land & Investment Office & Retail Retail & Office President & CEO [email protected] [email protected] [email protected] [email protected] Fort Wayne South Bend Fort Wayne South Bend

MIKE DAHM MARTIN HUTTENLOCKER GREG PINK RUDY YAKYM III Investment & Industrial Retail Industrial & Office Senior VP, Brokerage [email protected] [email protected] [email protected] [email protected] Fort Wayne Fort Wayne South Bend South Bend

LUCAS DEMEL JOHN JESSEN MATT REARDON KIRK ZUBER Retail & Investment Office & Investment Investment & Industrial Industrial & Retail [email protected] [email protected] [email protected] [email protected] Fort Wayne South Bend Merrillville Warsaw

TOM DEITCHE ROD LUDWIG, CPM ALEX REED Managing Director VP, Multi-Housing Office & Retail [email protected] [email protected] [email protected] Fort Wayne South Bend Warsaw

MICHELLE DEVINE JEREMY MCCLEMENTS PAUL REFAKIS Land & Office Industrial Industrial & Retail [email protected] [email protected] [email protected] Merrillville Elkhart Fort Wayne

CENTRAL INDIANA

INDIANAPOLIS W. SHAWN CONWAY, CCIM JONATHAN HARDY, CCIM JIM LOGAN JANICE PAINE 8604 Allisonville Rd., Bioscience Advisor Managing Director Investments Suite 150 [email protected] [email protected] [email protected] [email protected] Indianapolis, IN 46250 Indianapolis Indianapolis Indianapolis Indianapolis T | 317.352.6650 DAVID ELLIS, CCIM GREGG LINDER KELLY MARTIN Retail & Investment VP, Corporate Services Industrial [email protected] [email protected] [email protected] Indianapolis Indianapolis Indianapolis

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