NORTHWEST INDIANA

MARKET STUDYth annualCOMMERCIAL REAL ESTATE24

2016-2017

CENTRAL INDIANA

NORTH CENTRAL INDIANA

NORTHEAST INDIANA

NORTHWEST INDIANA

WEST MICHIGAN

Cass St. Joseph BranchBerrien

Van BurenKalamazoo

Calhoun

Allegan EatonBarry

IoniaOttawa

Kent

Montcalm

Muskegon

Bartholomew

Monroe

DecaturOwen

FranklinClayVigo

UnionRushFayette

Putnam

Hendricks Marion HancockParke

WayneHenry

Ver

mill

ion

BooneMontgomeryHamilton

Randolph

Fountain

DelawareMadison

TiptonClinton

WarrenHoward

BlackfordJay

Grant

BentonCarroll

CassWhiteWells

Adams

Miami

HuntingtonWabash

Pulaski FultonNewton

AllenJasper

Whitley

Starke KosciuskoMarshall

Noble DeKalbLake

Porter

LaGrange SteubenLaPorte

ElkhartSt. Joseph

Brown

Morgan JohnsonShelby

Tippecanoe

Lake Michigan

/company/bradley-company @bradley_company /bradleycompanyCRE @bradleycompany

TABLE OF CONTENTS

RESEARCH | ANALYSIS

STEVEN HEATHERLYsheatherly@bradleyco.com

GAGE HUDAKghudak@bradleyco.com

LUCAS DEMELldemel@bradleyco.com

LAYOUT | DESIGN

JONATHAN KITCHENSjkitchens@bradleyco.com

MICHELLE MOREYmmorey@bradleyco.com

KYLIE CURTISkcurtis@bradleyco.com

02 11PRESIDENT’S LETTER RETAIL

05INDUSTRIAL

14MULTI-HOUSING

09OFFICE

16SERVICES & PROFESSIONALS

2

PRESIDENT’S LETTER

As a regional leader of commercial real estate services in the Midwest, we understand that critical market knowledge is foundational to the value we provide to our clients. This 24th Edition of our Market Study reflects the collective insights and experience of

the growing team of skilled Bradley Company professionals.

We first thank our sponsors, who are recognized in the back of this report, for helping deliver this 24th Edition that again provides in-depth analyses on the regions we serve throughout Indiana and Michigan. Within this report you will find market activity from several aspects of our business, which reflect the local, regional, and national economic landscape. While we continually look for ways to enhance our insight into the regions we cover, we believe this study to be an invaluable tool for anyone with exposure to the commercial real estate industry.

Our pursuit of excellence, to be the premier commercial real estate service provider in the Midwest, has led to the expansion of our geographic footprint as well as the evolution of our lines of business through the addition of talent. In 2016 we made significant strides to expand our presence in two leading Midwest markets, Indianapolis and Grand Rapids, where we have deepened our talent pool with many new, seasoned professionals in our brokerage and property management lines of business. These professionals bring a wealth of experience and technical expertise that augment our platform to meet an increasingly sophisticated set of client requirements as they seek to gain insights into real estate markets and best advantage their investor or occupier needs. With a presence in eight primary markets from West Michigan through North and Central Indiana, the Bradley Company platform is well positioned to serve the regions’ dynamic, economic growth.

While on the surface 2017 is poised to be a year of improved, yet modest, growth in our markets, the current expansion of the US economy is in its seventh year, with forecasted GDP hovering just above 2%. Equity markets have been robust, with several indexes topping historic highs in recent quarters, as the labor market approaches a return to full employment. Aging demographics are playing in to skilled labor challenges in many sectors. The prospect of Federal tax and regulatory reform could unleash additional capacity, however, on the balance, a tempered climate for international trade could cool opportunities for economic expansion.

The two recent Federal interest rate bumps of 25 basis points to reach a 1% total rate and two more increases anticipated in 2017 have spurred active real estate owners to either sell, or lock in low rates and convert from even lower floating rates. This is in direct correlation to what will be rising cap rates and, thus, shrinking real estate values. However, as real estate has been a favored asset class as a tangible investment and significant capital has been parked on the sidelines for this category, cap rates will likely not move up at a matched pace to interest rates, which will mean shrinking investment margins. This environment will require better management and will rely on a continued moderate supply creation environment.

E-commerce continues to disrupt traditional retail practices, with total sales in 2016 estimated at nearly $400 billion, up about 15% year over year, far outpacing the 2.9% increase in overall retail sales. The implications for real estate in a mobile economy places demands on the need for additional warehouse facilities to serve growing logistics and distribution needs. Ironically, the competition from the online market has led many national retail anchors to reduce their physical footprint while online retailers, such as Amazon, have opened their first brick and mortar stores to strengthen their dominance.

Across the country, population centers continue to trend toward urban density, which translates to an unprecedented volume of multi-family construction in the urban cores of major metropolitan centers as well as secondary and tertiary communities. Simultaneously, traditional suburban retail and office centers are being creatively redeveloped into mixed-use town centers that combine complimentary uses for residential, office, medical, retail, and entertainment uses in a pedestrian friendly format. The evolving consumer patterns and tenant requirements have driven a need for new mixed-use redevelopment construction.

3

PRESIDENT’S LETTER

Bradley J. Toothaker, CPM, SIORPresident & CEO

The industrial sector is performing extremely well, with market vacancies remaining at or near historically low levels in most markets, fueled by consumer products and e-commerce distribution as the largest demand drivers for industrial space in 2017. Growth in the manufacturing and goods-producing sectors will be areas to watch as the new presidential administration focuses to spur these fields.

In 2015, the Indiana Economic Development Corporation launched the Regional Cities Initiative, a challenge to the State’s seven regions to compete for three $42 million place-making grants with a purpose to improve the quality of life in these communities by attracting new residents and investment to the state. The $126 million in collective, state, local, and private matching funds is poised to leverage over $2.1 billion in investment across the North Central, Northeast, and Southwest regions of the state. As much of this investment will occur in the form of new or rehabilitated real estate, the impact in the communities served by Bradley Company will be transformational. 2017 is poised to be a watershed year as many of the landmark projects spurred by the Regional Cities’ effort become open for business.

In Central Indiana, 2016 was a historic year for the industrial market, where net absorption hit its highest total ever in the market. Downtown Indianapolis continued its growth trajectory, as evidenced by Salesforce expanding into the former Chase Tower building, occupying 250,000 square feet and renaming the building to Salesforce Tower.

In North Central Indiana, the RV industry continues to pave the way for economic growth. RV shipments hit their highest total in 40 years, ending 2016 with 430,691 total units shipped with momentum continuing throughout 2017 and shipments expected to total 438,000 units.

In Northwest Indiana, the region’s economic growth is expected to increase and with the South Shore Commuter Rail line approving a $1 billion capital plan that outlines improvements over the next five years to increase capacity, expedite travel times and expand and renew the fleet. The economic impact of these upgrades are expected to be over $2 billion annually, once completed.

For Northeast Indiana, Downtown Fort Wayne has been the focus of regional market attention. Projects such as the Skyline Tower and Cityscape Flats mark the first significant residential projects developed in the past five years for the downtown market. The new riverfront development, combined with the proposed $100 million arena, are expected to add new energy to the downtown and surrounding areas.

West Michigan markets continue to see companies making large capital investments. Pfizer and Stryker are investing over $100 million in their campuses, while the largest data center in the eastern United States, Supernap, continues its $5 billion campus at the site of the former Steelcase Pyramid building in Grand Rapids.

As we delve much deeper in to the statistics and facts of our markets herein, we hope you find our 24th edition useful and beneficial in your everyday decisions. Should you wish to further engage in any of our data and information contained herein, feel free to contact us. Bradley Company’s team of professionals look forward to a prosperous growth year for all!

Warm regards,

NORTHWEST INDIANA The Northwest Indiana Region is noted for its heavy industrial market. It is home to the nation’s largest steel mill and integrated steelmaking complex, Gary Works and ArcelorMittal Indiana Harbor, respectively. The region also boasts a strong tourism industry, as well as a recent hotel boom. Per a recent Business and Economic Outlook, experts predict the region will increase 1.5 percent in economic growth, add 1,500 new jobs, and increase $450 million in Gross Metropolitan Product in 2017.

NewtonJasper

Starke

Lake

Porter

LaPorte

St. Joseph

Lake Michigan

DEMOGRAPHICS BY COUNTY1Population 1Households

1Median HH Income

2Labor Force

2Unemployment Rate

County 2016Annual Growth

Rate*2016

Annual Growth

Rate*2016

Annual Growth

Rate*2015 January ‘17

Lake 497,324 0.11% 188,528 0.10% $50,413 2.36% 230,072 6.6%

Porter 169,354 0.53% 63,600 0.49% $61,368 3.45% 84,161 5.5%

Laporte 113,309 0.17% 43,557 0.32% $48,034 2.24% 48,522 6.6%

Northwest 779,987 0.21% 295,685 0.22% $52,042 2.45% 362,755 6.2%

Tourism: $1.62-billion-dollar annual economic impact on local economy

Hotel Boom: $73+ million being invested | 13 new hotels planned, adding 1,200 roomsSix total hotels added between 2004-2015Radisson at Star Plaza, Merrillville: Iconic hotel in Northwest Indiana being razed, with a new luxury hotel to be erected at the same site.

1Source: ESRI BAO | 2Source: STATS Indiana | *2016-2021 Projected Annual Growth Rate

4

NORTHWEST INDIANA | INDUSTRIAL

LARGEST STEEL MILLS IN NORTHWEST INDIANA

1. ArcelorMittal Indiana Harbor Largest integrated steelmaking facility in North America

2. United States Steel Corporation – Gary Works U.S. Steel’s largest manufacturing plant

3. ArcelorMittal Burns Harbor ArcelorMittal’s 2nd largest USA facility

5

The steel industry plays a vital role in Northwest Indiana, employing over 18,000 people in the region. In a recent Pittsburgh Post-Gazette article, U.S. Steel’s president and CEO announced that the company will invest $200 million into a series of small projects designed to improve the quality and quantity of steel its mills can produce. This could potentially impact the region, as U.S. Steel’s largest manufacturing plant is in Gary, Indiana.

The BP Refinery in Whiting is planning more investments into its facility. Hundreds of millions of dollars will be invested in the multi-year project, which is expected to help boost the region’s economy. The Whiting Refinery is BP’s largest inland refinery in the United States, which generated $135 billion in economic activity in the U.S. in 2014. The region’s proximity to the Chicago market continues to

impact activity in bulk distribution/warehouse facilities. Limited availability of Class A warehouse/distribution facilities is adding pressure on developers to meet the growing demand. Developers are seeking new sites for industrial development, such as the new Northwest Indiana Industrial Complex in Gary, whose Phase I includes the construction of a $4 million, 75,000-square-foot shell building. Three additional shell buildings are planned for the park, totaling over 212,500 square feet. Expect to see additional industrial/business parks develop throughout the region in the coming years.

Industrial Clusters

HAMMOND

VALPARAISO

MICHIGAN CITY

LAPORTE

MERRILLVILLE

GARY

> Gary Works

Sources: ArcelorMittal Indiana Harbor Website, United States Steel Corporation Website, ArcelorMittal Burns Harbor Website

1

2

3

“Northwest Indiana’s history was forged by steel and the industry continues to be a driving force in the region today. While national steel production has been declining, the steel industry in Northwest Indiana has been growing. In 2015, Indiana produced 23.2 million tons of steel, or 42% more than the state produced in 1991, with most of this steel produced in Northwest Indiana. Over this same time, the share of American steel produced in Indiana rose from 20% to 27%.

“While the challenges that faced the American steel industry during the 1970s and 1980s began with overseas competition, they ultimately reflected progress in automation, technology and productivity. To meet these challenges, the steel industry in Northwest Indiana invested and continues to invest aggressively in new technology and innovation and is in an excellent position to grow.”

MICAH POLLAK – ASSISTANT PROFESSOR OF ECONOMICS, INDIANA UNIVERSITY NORTHWEST

NORTHWEST INDIANA | INDUSTRIAL

Availability & Asking Rates

Land AnalysisThe average Indiana transitional land value in June 2016, as reported by Purdue University, was approximately $10,000 per acre, down from $11,800/ac reported in June 2015. Transitional land is land moving out of agricultural production and into a commercial or residential use. Transitional land values are volatile and have a wide range of values, depending on location. High-yield land under crop production in the northern part of the state sold for nearly $8,200/ac. in 2016, according to Purdue. Transitional land consumption is often driven by changing, growing and or improving demographics and infrastructure improvements, among other things. The Bradley Land Group specializes in land sales throughout the company footprint. Members of the BLG provide sale and consulting services to owners who have land in the path of growth and who have a desire to sell. For more information, contact bradleylandgroup@bradleyco.com.

0

1M

2M

3M

4M

Q1 ‘14 Q3 ’14 Q1 ’15 Q3 ’15 Q1 ’16 Q3 ‘16

Available Square Feet

6

Asking Rates - $/SF NNN

MFG FLEX WHSE

County ‘15 ‘16 ‘15 ‘16 ‘15 ‘16

Lake $4.20 $4.87 $7.06 $7.11 $5.69 $6.52

Porter - - $8.70 $7.80 $6.21 $5.75

LaPorte $2.25 $2.25 - - $2.70 $3.22

NORTHWEST INDIANA | INDUSTRIAL

Notable Transactions

ADDRESS CITY SF TENANT TYPE OFF MARKET Hammond Enterprise Center; 4531 Columbia Hammond 100,200 ANCO Steel Company New Q3 ‘16

NorthWind Crossings; 6451 NorthWind Pkwy. Hobart 84,415 Calpipe Industries New Q3 ‘16

6750 Daniel Burnham Dr. Portage 73,500 Polymer Logistics New Q2 ‘16

3232 Calumet Ave. Hammond 66,000 British Petroleum Renewal Q4 ‘16

6451 NorthWind Pkwy. Hobart 53,861 Foremost Group Spec prelease Q4 ‘16

ADDRESS CITY SF SALE PRICE BUYER OFF MARKET

6575 Daniel Burnham Dr.* Portage 148,125 $8,000,000 Clark Northwest Partners Q2 ‘16

4001 Montdale Park Dr. Valparaiso 123,757 $2,601,000 ARDAGH Inc. Q2 ‘16

6410 AmeriPlex Dr.* Portage 116,310 $15,650,000 Broadstone FC Portage, LLC Q1 ‘16

6675 Daniel Burnham Dr.* Portage 100,805 $6,400,000 Clark 6675 Building, LLC Q2 ‘16

6625 Daniel Burnham Dr.* Portage 65,962 $4,750,000 Addison 6625 Building, LLC Q2 ‘16

Sale

Lease

*Investment sale

7

SOUTH SHORE WEST LAKE CORRIDOR AND DOUBLE TRACK NWI

Project Details:

• 9-mile railroad extension from Hammond south to Dyer

• Positive Train Control safety project

• Rerouting railroad’s approach to the South Bend International Airport

• New rail cars

Project Impact:

• $1.1 billion investment with new services expected to begin in 2022

• Add approximately 1,984 jobs to Northwest Indiana economy

• Generate approximately $2.5 billion in economic output and $1.3 billion in gross regional product

Sources: NWI Times & Policy Analytics, LLC > South Shore Regional Map

Growth & Development

NORTHWEST INDIANA | INDUSTRIAL

8

PotashCorp, Hammond• Completed in April 2016• $90 million, 179,600-square-foot distribution center• Largest rail yard construction project in the

Chicagoland Area in 100 years

Garmong Construction Services, Valparaiso• 80,000-square-foot shell building• Expected to be completed mid-2017

MonoSol; Duneland Facility, Portage• Opened in April 2016• $95 million, 300,000-square-foot production facility• Phase II and III expected to begin construction in 2017

NB Coatings, Hobart• $4.7 million, 124,000-square-foot warehouse and

distribution facility • Located in the NorthWind Crossings Industrial park• Expected to move all operations into new facility in

early 2017

2016 NOTABLE PROJECTS 2017 NOTABLE PROJECTS4 PROJECTS TOTALING 504,000 SQUARE FEET UNDER CONSTRUCTION

4 PROJECTS TOTALING 682,600 SQUARE FEET COMPLETED

Rendering

> Chase Bank, Merrillville

9

NORTHWESTINDIANA | OFFICE

The healthcare industry continues to play a vital role in the Northwest Indiana office market. Projects such as Franciscan Alliance’s new $175 million hospital in Michigan City, Franciscan’s new $46 million cancer center in Munster, Community Health’s plans for three new hospitals, a new 115,000-square-foot specialized stroke and rehab hospital in Crown Point, and the recent increase in assisted living/nursing home developments, are expected to cause a ripple-effect on other healthcare-related companies throughout the region. In addition, expect to see medical office users compete for space proximal to these new developments.

Traditional office space is mostly scattered throughout the region, comprised of certain clusters such as the I-49 corridor, the Town of Merrillville, and the Purdue Research Park at the AmeriPlex at the Crossroads. At the new Oxbow Landing development in Hammond, construction on a 37,200-square-foot Class A office building is nearing completion, while an additional building is planned for the site. A recent investment in one of Merrillville’s prominent buildings, Chase Bank at 8585 Broadway, helped revitalize the building, landing a good-sized tenant. The challenge for the region continues to be the number of

functionally obsolete office buildings. The lack of quality spaces makes it difficult to attract new tenants. Investors continue to test the market, but until the office market stabilizes, it is expected that new construction projects for traditional office space will be limited in 2017.

HAMMOND

GARY

VALPARAISO

MERRILLVILLE

MICHIGAN CITY

LAPORTE

Office Clusters

NORTHWEST INDIANA | OFFICE

ADDRESS CITY SF TENANT TYPE OFF MARKET

5240-5265 Fountain Dr. Crown Point 15,000 NWICAC Renewal Q1 ‘16

400 Teegarden LaPorte 9,530 IU Health LaPorte Renewal Q1 ‘16

ADDRESS CITY SF SALE PRICE BUYER OFF MARKET

9111 Broadway* Merrillville 20,672 $3,200,000 Broadfield, LLC Q4 ‘16

163 Lincolnway* Valparaiso 15,118 $1,650,000 Courtney Morgan, LLC Q2 ‘16

11450 Broadway* Crown Point 13,192 $4,441,190 Crown Point SC, LLC Q1 ‘16

15 Washington St. Valparaiso 12,523 $650,000 Blaney Kenneth Sr Q2 ‘16

Notable TransactionsSale

Lease

*Investment sale

10

Availability & Asking Rates

ATG Real Estate is nearing completion on a 37,200-square-foot office building in Hammond, Indiana. The three-story facility is currently the only Class A office space available in the City of Hammond. As of January 2017, the building signed on four tenants, bringing the occupancy close to 50 percent. ATG Real Estate announced plans to construct another building at a second site in the Oxbow Landing development.

0

200K

400K

600K

800K

1M

1.2M

1.4M

Q1 ‘14 Q3 ’14 Q1 ’15 Q3 ’15 Q1 ’16 Q3 ‘16

Available Square Feet

$6

$8

$10

$12

$14

$16

Q1 ‘14 Q3 ’14 Q1 ’15 Q3 ’15 Q1 ’16 Q3 ‘16

Asking Rates - $/SF NNN

Growth & Development

> 2929 Carlson Drive Rendering, Hammond

NORTHWESTINDIANA | RETAIL

The region’s retail market rebounded in 2016. With a variety of new developments, highly sought after locations became more attractive, commanding higher rental rates. New franchises entered the market, while existing restaurants such as IHOP, Five Guys, and Noodles & Company, expanded throughout the region.

Shops on Main in Schererville and the Porter’s Vale Shopping Center in Valparaiso have been thriving, as seen through the acquisition of major tenants such as Nordstrom Rack, Whole Foods, and HomeGoods. These areas are expected to continue their positive momentum throughout 2017.

As several municipalities, such as Munster, Gary, and Winfield construct strategic plans to help guide their cities’ future, anticipate increased retail activity along their main corridors over the next several years.

LaPorte County’s retail activity continues to progress. Recent developments along the Franklin Street corridor in Michigan City, and the New LaPorte Landing development indicate a growing interest in these areas. One can expect to see additional developments occur in these areas throughout 2017.

11

HAMMONDGARY

VALPARAISO

MERRILLVILLE

MICHIGAN CITY

LAPORTE

Retail Clusters

> Shops on Main, Schererville

NORTHWEST INDIANA | RETAIL

ADDRESS CITY SF TENANT TYPE OFF MARKET

6283 U.S. Highway 6 Portage 7,157 D&D Napa Inc. New Q1 ‘16

1918 165th St. Hammond 2,666 Teachers Credit Union New Q3 ‘16

ADDRESS CITY SF SALE PRICE BUYER OFF MARKETGateway Promenade, 7925-31 Indianapolis Blvd. Hammond 110,000 Undisclosed DealPoint Merrill & SVN International Q4 ‘16

7951-8007 Calumet Ave. Munster 49,603 $12,650,000 Calumet Munster Shopping Center, LLC Q3 ‘16

3002 N. Calumet Ave. Valparaiso 48,845 $5,300,000 3002-28 Calumet Development, LLC Q2 ‘16

12937-12939 Wicker Ave. Cedar Lake 27,314 $2,100,000 Cedar Lake Partners, LLC Q3 ‘16

Notable TransactionsInvestment Sales

Lease

12

Availability & Asking Rates

500K

1M

1.5M

2M

Q1 ‘14 Q3 ’14 Q1 ’15 Q3 ’15 Q1 ’16 Q3 ‘16

Available Square Feet Asking Rates - $/SF NNN

New Construction Second Generation

County < 10,000 SF > 10,000 SF

Lake $27.10 $12.56 $11.11

Porter $18.50 $12.97 $8.17

LaPorte $25.00 $12.13 $9.06

NORTHWEST INDIANA | RETAIL

13

Growth & Development

2016 NOTABLE PROJECTS 2017 NOTABLE PROJECTS

RenderingBob’s Discount Furniture, Merrillville• New 43,000-square-foot store• 1st Indiana store for Bob’s Discount Furniture • Located along U.S. 30

Ashley HomeStore, Merrillville

• New 35,000-square-foot store• Opened in May 2016

The Promenade at Founders Square, Portage• $37 million mixed-use development• Developed by Holladay Properties• Entire plan includes nine buildings totaling 271,706

square feet

Shops on Main Phase II, Schererville

• Phase II includes 71,000 square feet of new construction retail space

• Expected to become available in early 2017• Overall project started in May 2013, and includes more

than 200,000 square feet of retail space

LAKE COUNTY46 apartments totaling 11,997 units

Average Year Built: 1977

PORTER COUNTY31 apartments totaling 5,353 units

Average Year Built: 1984

LAPORTE COUNTY12 apartments totaling 1,998 units

Average Year Built: 1980

14

NORTHWESTINDIANA | MULTI-HOUSING

Occupancy & RentMainly due to new developments such as the Lakes of Valparaiso and the Preserve at Grande Oaks, rental rates have steadily increased over the past couple of years. Leveled occupancy rates indicate a stable multi-housing market for the region. Unlike other regions, Northwest Indiana has not seen a surge in the construction of new conventional multi-housing projects. Instead, more senior housing developments are occurring, tailoring towards retiring baby boomers. As municipalities construct their cities’ future, expect to see additional mixed-use developments like the Promenade at Founders Square. These developments capitalize on the ability to attract residents in high density areas, while providing them with amenities focused on live, work, and play environments.

Q2 ‘11

Q4 ’11

Q2 ’12

Q4 ’12

Q2 ’13

Q4 ‘13

Q2 ’14

Q4 ‘14

Q2 ‘15

Q4’ 15

Q2 ‘16

Q4 ’16

Occupancy Rate

90%

94%

96%

98%

100%

92%

Source: Yardi

$400

$600

$800

$1,400

$1,000

$1,200

2011 2012 2013 2014 2015 2016

Avg. Rental Rates Per Unit | Porter County

$400

$600

$800

$1,400

$1,000

$1,200

2011 2012 2013 2014 2015 2016

Avg. Rental Rates Per Unit | Lake County

COMPLEX ADDRESS TOTAL UNITS SALE PRICE PRICE/UNIT OFF MARKET

Broadmoor County Club 3944 W. 77th Pl., Merrillville 264 $18,733,300 $70,959 Q1 ‘16

Hickory Ridge Lake 1718 W. 55th Ave., Merrillville 360 $15,625,000 $43,403 Q3 ‘16

Notable Transactions

15

NORTHWESTINDIANA | MULTI-HOUSING

NORTHWEST INDIANA | MULTI-HOUSING

Growth & Development2016 NOTABLE PROJECTS 2017 NOTABLE PROJECTS

1 PROJECT TOTALING 304 UNITS UNDER CONSTRUCTION

1 PROJECT TOTALING 407 UNITS COMPLETED

The Promenade at Founders Square, Portage• Holladay Properties began work on the new $37

million, mixed-use development in downtown Portage• The plan includes nine buildings, and will add

304 apartments units and commercial space once completed

The Lakes of Valparaiso, Valparaiso• The $50 million Lakes of Valparaiso apartment

complex opened in March 2016• The new 407-unit, luxury apartment complex features

high-end amenities and spans across 55 acres

Rendering

BRADLEY COMPANY SERVICES & PROFESSIONALS

A seasoned and talented team of real estate professionals serving the Midwest region since 1978.

Founded in 1978, Bradley Company is a diversified real estate firm offering clients a full range of commercial brokerage and asset services. 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 for over 550 commercial properties. We also manage more than 3,000 multi-housing units varying from conventional to student and associations.

CREATING REAL VALUE IN PROPERTY.

BROKERAGE

• Commercial sales and leasing• Property marketing• Proprietary market research• Market/competitive analyses• Strategic planning• Property positioning• Analytics and consulting• Buyer and tenant representation

CAPITAL MARKETS

• Real estate finance advisory• Creative debt and equity capital

solutions• Financial model and packaging• Extensive rolodex of local,

regional and national debt and equity providers

MULTI-HOUSING

• Property management• Leasing• Resident relations• Financial management• Maintenance, repair and capital

planning• Grant writing and funding source

management• Strategic planning• Development and market rent

studies• Receivership

TAX CONSULTING

• Property assessment and comparison

• Property tax monitoring and control

• Property evaluation• Analysis• Tax liability savings• Review business uses of property

ASSET SERVICES

• Property management• Financial management and

administration• Lease administration and

tenant relations• Receivership• Contract management• Cost containment• Parking management• Route maintenance

CORPORATE SERVICES

• Integrated facility management• Project management• Portfolio strategy/planning• Alternative workplace solutions• Space management• Energy management• Lease administration• Safety & compliance• Vendor & contract management• Asset management

16

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NORTH CENTRAL INDIANA

SOUTH BEND112 W. Jefferson Blvd., Suite 300 South Bend, IN 46601T | 574.237.6000F | 574.237.6001

ELKHART300 NIBCO Pkwy., Suite 250 Elkhart, IN 46516T | 574.522.7100

WARSAW523 S. Buffalo St. Warsaw, IN 46580T | 574.267.2323

ALEX REED Office & Retailareed@bradleyco.com

KIRK ZUBER Industrial & Retailkzuber@bradleyco.com

GARY SALYER Retail & Landgsalyer@bradleyco.com

MATT WETZELLand & Retailmwetzel@bradleyco.com

JEREMY MCCLEMENTS Industrialjmcclements@bradleyco.com

THERESE GEISE Office & Retailtgeise@bradleyco.com

RUDY YAKYM IIISenior Vice President, Brokerageryakym@bradleyco.com

GREG PINKIndustrial & Office gpink@bradleyco.com

LUCAS DEMELRetail & Investmentldemel@bradleyco.com

PATRICK MAGLIOZZIIndustrial & Landpmagliozzi@bradleyco.com

KARA MCGUIRE Executive Vice Presidentkmcguire@bradleyco.com

GAGE HUDAK Office & Retailghudak@bradleyco.com

MICHAEL ZINK Vice President, Multi-Housingmzink@bradleyco.com

JOHN O’BRIEN, CCIM Industrial & Retailjobrien@bradleyco.com

AUTUMN PSAROS Retailapsaros@bradleyco.com

AL KOCH Retail & Officeakoch@bradleyco.com

JANEE CARLILE Director, Brokerage Supportjcarlile@bradleyco.com

JOHN MESTER Retail & Officejmester@bradleyco.com

JOHN JESSEN Office & Investmentjjessen@bradleyco.com

JENA MAE SMOROSKE Office & Retailjsmoroske@bradleyco.com

STEVE ELLISON Industrial & Retailsellison@bradleyco.com

BRAD TOOTHAKER, CPM, SIOR President & CEObtoothaker@bradleyco.com

SCOTT FORD Executive Vice Presidentsford@bradleyco.com

MARK NEAL Principalmneal@bradleyco.com

JAMIE RUIZ Vice President, Tax Consulting & Business Developmentjruiz@bradleyco.com

DAN SKODRAS, CPA Managing Director, Corporate Services & Investmentsdskodras@bradleyco.com

INDIANAPOLIS8604 Allisonville Rd., Suite 150Indianapolis IN 46250T | 317.588.1334

CASEY CUPP Marketing Directorccupp@bradleyco.com

DAVID ELLIS Retail & Investmentdellis@bradleyco.com

BILLY MCCLAMROCH Officebmcclamroch@bradleyco.com

ALEX COHN Officeacohn@bradleyco.com

W. SHAWN CONWAY Biosciencesconway@bradleyco.com

JIM LOGAN Managing Directorjlogan@bradleyco.com

CENTRAL INDIANAINDIANAPOLIS

SOUTH BEND

ELKHART

WARSAW

JEFF NORRIS Senior Vice President, CASjnorris@bradleyco.com

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FORT WAYNE111 E. Ludwig Rd., Suite 101 Fort Wayne, IN 46825T | 260.423.4311

STAN PHILLIPS Retail & Officesphillips@bradleyco.com

STEVE CHEN Office & Industrialschen@bradleyco.com

TYLER BINKLEY Industrial & Retailtbinkley@bradleyco.com

KIENAN O’ROURKE Office & Industrialkorourke@bradleyco.com

MIKE DAHM Investment & Industrialmdahm@bradleyco.com

PAUL REFAKIS Industrial & Retailprefakis@bradleyco.com

KALAMAZOO277 S. Rose St., Suite 3500 Kalamazoo, MI 49007T | 269.327.0089

GRAND RAPIDS250 Monroe Ave., Suite 426 Grand Rapids, MI 49503T | 616.254.0005

JODI MILKS, CCIM Retail & Officejmilks@bradleyco.com

JEFFREY TUCKER Office & Retailjtucker@bradleyco.com

DREW NELSON Office & Retaildnelson@bradleyco.com

SALLY TUCKER Managing Directorstucker@bradleyco.com

KEVIN VANHAITSMA Office & Investmentskvanhaitsma@bradleyco.com

MIKE LOPATIN Investmentsmlopatin@bradleyco.com

MITCHELL PATZER Office & Retailmpatzer@bradleyco.com

NORTHWEST INDIANA

MERRILLVILLE359 W. 84th Dr. Merrillville, IN 46410T | 219.650.6500

STEVE NICKSIC Office & Retailsnicksic@bradleyco.com

TONYA O’ROURKE Office & Landtorourke@bradleyco.com

TODD DICKARD Office & Industrialtdickard@bradleyco.com

ROSS BROWN Office & Retailrbrown@bradleyco.com

MATT REARDON Investment & Industrialmreardon@bradleyco.com

MICHELLE DEVINE Land & Officemdevine@bradleyco.com

JIM NICKSIC Office & Retailjnicksic@bradleyco.com

WEST MICHIGAN

NORTHEAST INDIANAFORT WAYNE

MERRILLVILLE

KALAMAZOO

GRAND RAPIDS

ANNA BOWMAN Office & Retailabowman@bradleyco.com

DAN DICKEYPresident, Northeast INddickey@bradleyco.com

GREG CONKLING Land & Investmentgconkling@bradleyco.com

TOM DEITCHE Managing Directortdeitche@bradleyco.com

DENNIS CALLISON Vice President, Brokerage Servicesdcallison@bradleyco.com

19

Member FDIC

ServiceExcellence

Relationship Banking

LocalDecision Making

Family Values

BEST Bank for Business

Since 1895

Indiana’s Largest Private Family-Owned Bank

(574) 243-2822 • CENTIER.COM

303 County Road 17, Elkhart108 N. Main St., South Bend

537 N. Oak Dr., Plymouth

255 East Day Road, Mishawaka, IN

Action, meet results.Too many law firms mistake activity for action. As they churn away on unnecessary tasks, your matters drag on. At Barnes & Thornburg, we are focused on keeping things moving and helping your business grow. Delivering results you can count on.

Uncommon Value

ATLANTA CHICAGO DALLAS DELAWARE INDIANA LOS ANGELES MICHIGAN MINNEAPOLIS OHIO WASHINGTON, D.C.

btlaw.com

20

LET US HELP YOUR

BUSINESS GROW Call Judd McNallyCHIEF LENDING OFFICER

574-400-4606

Independent of the University

www.klcpas.com

Elkhart/Goshen - 574.264.2247South Bend - 574.289.4011St. Joseph - 269.983.0131

Your Business. Your Family. Your Future. Accounting for Your Every Need.

Tax Consulting l Estate Planning l RetirementBusiness Succession l Assurance l Business Valuation

Litigation Support l Bookkeeping l Management Search

21

www.greatlakescapital.com

develop | invest

Stephen A. StuderPARTNER sstuder@kdlegal.comSELECTED TO THE 2017 INDIANA SUPER LAWYERS® LIST

Scott J. FandrePARTNER sfandre@kdlegal.com

John LloydOF COUNSEL jlloyd@kdlegal.com

Christopher D. LongPARTNER clong@kdlegal.comSELECTED TO THE 2017 INDIANA SUPER LAWYERS® LIST

Paul G. ReisPARTNER preis@kdlegal.com

www.kriegdevault.com

Krieg DeVault is honored to be named to the 2016 Midwest Real Estate News “BEST OF THE BEST” “Top Law Firms” list for Real Estate Transactions Completed*

*2016 Best of Best List Top Law Firm data collected by Midwest Real Estate News for total 2015 transactions completed.

J. Brian HittingerPARTNER jhittinger@kdlegal.com

Krieg DeVault LLP4101 Edison Lakes Parkway Suite 100Mishawaka, Indiana 46545P: 574.277.1200

Lori JeanPARTNER ljean@kdlegal.com

John B. BaxterPARTNER jbaxter@kdlegal.comSELECTED TO THE 2017 INDIANA SUPER LAWYERS® LIST

© 2017 Krieg DeVault LLP. Krieg DeVault LLP, Indianapolis , IN is responsible for this content.

®

Krieg DeVault LLP8001 BroadwaySuite 400Merrillville, Indiana 46410P: 219.227.6100

Sarah E. JonesASSOCIATEsjones@kdlegal.com

Stephanie T. EckerlePARTNER seckerle@kdlegal.comSELECTED TO THE 2017 INDIANA SUPER LAWYERS® RISING STARS LIST

Andrew C. StrobelASSOCIATE astrobel@kdlegal.com

OUR NORTHERN INDIANA REAL ESTATE PRACTICEBEST BESTOF TH

E“

“

22

Elkhart401 W. High St.

Elkhart, IN 46516574-293-2341

Angola101 Growth Pkwy, Ste. A

Angola, IN 46703 260-638-5012

Mishawaka4215 Edison Lakes Pkwy.

Mishawaka, IN 46545574-257-2711

Our financial strength is undisputed and our local experience is undeniable.

$5.0 billion Investment Portfolio

Your client’s money is safe with us.

If you’re not using Fidelity, can you be certain your client’s money is safe?

FIVE CONVENIENT LOCATIONS IN NORTH CENTRAL INDIANA TO SERVE YOU:

Warsaw108 W. Main St.

Warsaw, IN 46580 574-268-0065

Syracuse905 S. Huntington St.Syracuse, IN 46567

574-457-4845

Duke Mabry, Sr. Account Executive | C: 574-532-2066 | E: duke.mabry@fnf.com

Elkhart401 W. High St.

Elkhart, IN 46516574-293-2341

Angola101 Growth Pkwy, Ste. A

Angola, IN 46703 260-638-5012

Mishawaka4215 Edison Lakes Pkwy.

Mishawaka, IN 46545574-257-2711

Our financial strength is undisputed and our local experience is undeniable.

$5.0 billion Investment Portfolio

Your client’s money is safe with us.

If you’re not using Fidelity, can you be certain your client’s money is safe?

FIVE CONVENIENT LOCATIONS IN NORTH CENTRAL INDIANA TO SERVE YOU:

Warsaw108 W. Main St.

Warsaw, IN 46580 574-268-0065

Syracuse905 S. Huntington St.Syracuse, IN 46567

574-457-4845

Duke Mabry, Sr. Account Executive | C: 574-532-2066 | E: duke.mabry@fnf.com

23

LOANS DEPOSITS INSURANCE INVESTMENTSERVICES

©2017 Teachers Credit Union. The cost of membership is $12, $7 membership fee and $5 initial deposit. TCU Insurance Agency, LLC is a subsidiary of TCU Insurance products are offered through various approved carriers. Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. FR-1659016.1-1216-0119

Your savings federally insured to at least $250,000and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NCUA

Business ServicesBusiness Services

• Business Share Draft Accounts• Account Protection and Security• Electronic ACH Services• Internet Banking• Bill Payment and Presentment• Remote Deposit• Merchant Services• Commercial Real Estate• Equipment Loans• Working Capital Loans• Approved SBA Lender• Business and Commercial Insurance• Employee Benefits Programs from

TCU Insurance Agency• Health Savings Accounts• Investment and Trust Services

tcunet.com/mybusiness

24

10± million commercial square

feet managed

Commercial Management

Over 50 brokers in 8 o�ces & an average

of 700 listings per year

Brokerage

Over $1 million saved in tax liabilities

since 2011

Real EstateTax Consulting

Over $1.5 billionin experience

CapitalMarkets

3,000± Conventional, A�ordable, Senior,

Student and Special Needs units under management

Multi-Housing

Strategic partner serving corporate clients in all classes

of property

Corporate Services

Founded in 1978, Bradley Company is a diversified real estate firm providing commercial brokerage services, commercial and multi-housing management, real estate tax consulting, maintenance services, project and facilities 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.

250+ 35+ $160M+EMPLOYEES YEARS IN BUSINESS

VALUE OF BROKERAGE TRANSACTIONS IN 2016