Indiana Business-November, 2008

November, 2008
Indiana Business-November, 2008

Real Estate & Construction

“Medical activity is significant in Lake and Porter counties,” says David Lasser, president of Commercial In-Sites. In Merrillville, Progressive Healthcare just opened a $15 million, 37,000-square-foot, long-term acute care facility in Ameriplex at the Crossroads and Bone & Joint Specialists purchased a 16,000-square-foot medical building. St. Anthony Center recently opened Franciscan Point, a 60,000-square-foot outpatient center in Crown Point.

In Porter County, St. Anthony is slated to begin work on a $20 million redevelopment for an emergency care center; Memorial Hospital of South Bend and Community Hospital are planning 100-bed and 225-bed full-service facilities, respectively, along the State Road 49 Corridor; and, Coffee Creek Medical Park in Chesterton recently opened an outpatient surgical center and a medical office building.

While the medical sector is blooming, Lasser says there hasn’t been much activity in multi-story office development. “We tracked the Class A, multi-story office market in Northwest Indiana at 87-percent occupancy at the start of ’08, and it really hasn’t changed,” he says.”It’s a healthy number that shows opportunity for construction.”

One significant exception: Centier Bank opened a five-story bank building in Merrillville recently.

Two developers, South Bend-based Holladay Properties and Munster-based Becknell Development, LLC continue development in multi-use business parks. Ameriplex at the Crossroads in Merrillville and Ameriplex at the Port in Portage are Holladay projects, and NorthWind Crossings in Hobart is Becknell’s development.

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