2021: A Year in Review
It’s no secret that there was a lot of uncertainty going into 2021 for the commercial real estate industry due to what was brought on by the global pandemic the year prior. Many industries suddenly found themselves working remotely, and in doing so left many office spaces vacant. On the retail front, many consumers opted to shop from the comfort of their own homes, negatively impacting commercial properties categorized in the retail sector. On the other side of things, we saw a booming industrial market due to the influx of online businesses needing warehouse spaces to store in-demand supplies. New developments and the upward housing market have aided in land sales.
In the Fort Wayne and Northeast Indiana markets, our firm saw those statistics come to light, while others ended up surprising us. Here at Sturges Property Group, our team of commercial real estate professionals remained positive and continued to work hard despite it all, and at the end of 2021, we went out with a bang and celebrated bringing over $100 million in commercial real estate sales and leases to Northeast Indiana.
In this blog, we’ll look at 2021 one last time to proudly share with you some of our biggest deals in every commercial category and some of our biggest wins. After all, we did this together!
2021 Industrial Deals
Industrial was our firm’s hottest category in 2021, having sold and leased 1.5 million square feet of space in this sector alone. Here are some of our biggest and best industrial deals:
John Caffray, VP of Brokerage & Andrew Eckert, Broker:
505 E Main St, Silver Lake, IN | 236,334 SF | Sale
Andrew Eckert, Broker:
927 W Connexion Way, Columbia City, IN | 17,000 SF | Sale
Bill Cupp, Senior Broker:
2500 Marion Dr, Kendallville, IN | 284,510 SF | Sale
Neal Bowman, SIOR, Senior Broker & Phil Hagee, Listing Manager:
4012 Merchant Rd, Fort Wayne, IN | 16,730 SF | Sale
Kevin Ellis, Broker:
5123 & 5125 Executive Blvd, Fort Wayne, IN | 7,000 SF | Lease
2021 Investment Deals
In 2021, investors from major cities and states turned their eyes to Fort Wayne and Northeast Indiana because of its promising growth. Our firm has proudly made various investment deals last year!
Brad Sturges, President:
10307 Dupont Circle W, Fort Wayne, IN | 13,073 SF | Sale
Andrew Eckert, Broker:
340 Northpoint Ave, Huntington, IN | 2,000 SF | Sale
Kevin Ellis, Broker:
3202 Caprice Ct, Fort Wayne, IN | 3,200 SF | Lease
Robert Doyle, Broker:
Creative Framing | Business Sale
Neal Bowman, SIOR, Senior Broker & Phil Hagee, Listing Manager:
Industrial Portfolio | 128,400 SF Combined | Sale
2274 CR 75, Butler, IN
4214 E US Hwy 6, Kendallville, IN
6886 CR N 400 E, Kendallville, IN
2021 Land Deals
We made some exciting land transactions last year and have sold over 114 acres of land in total. Sturges Property Group is so ecstatic to see what these buyers have in store for them!
Barry Sturges, CEO:
10500 Diebold Rd, Fort Wayne, IN | 8.4 Acres
Barry Sturges, CEO & John Caffray, VP of Brokerage:
3955 W Washington Center Rd, Fort Wayne, IN | 24.599 Acres
John Caffray, VP of Brokerage:
6501 & 6515 Stellhorn Rd, Fort Wayne, IN | 2.58 Acres
Kevin Ellis, Broker:
6707 High Point Dr, Fort Wayne, IN | 1.94 Acres
Neal Bowman, SIOR, Senior Broker & Phil Hagee, Listing Manager:
2821 Business 30 E, Columbia City, IN | 25 Acres
2144 SR 8, Auburn, IN | 40.03 Acres
2021 Office Deals
Going into 2021, office projections were uncertain and were thought to decline drastically. However, our stats at the end of the year were not the case in Northeast Indiana. Sturges Property Group sold and leased over 561,000 square feet of office space in 2021, amounting to over $50 million in sales and leases from offices alone.
Barry Sturges, CEO:
403 Smaltz Way, Auburn, IN | 19,022 SF | Lease
Brad Sturges, President:
111 E Wayne St, Suite 600, Fort Wayne, IN | 17,458 SF | Lease
John Caffray, VP of Brokerage:
4900 Beaner Blvd, Suite A, Gas City, IN | 7,550 SF | Lease
Andrew Eckert, Broker:
200 E Main St, Fort Wayne, IN | 1,990 SF | Lease
Kevin Ellis, Broker:
11635 Coldwater Rd, Fort Wayne, IN | 5,786 SF | Lease
Robert Doyle, Broker:
4304 Flagstaff Cove, Fort Wayne, IN | 1,500 SF | Sale
3303 Trier Rd, Fort Wayne, IN | 10,200 SF | Sale
Neal Bowman, SIOR, Senior Broker & Phil Hagee, Listing Manager:
3575 Moreau Ct, Suites 100, 120A & 130, South Bend, IN | Lease
2021 Retail Deals
Of all the commercial real estate categories, retail was projected to take the biggest hit in 2021. While somewhat true, many retail businesses continued to thrive despite the odds. Many exciting new retail businesses popped up in Fort Wayne and Northeast Indiana, and we were more than happy to have supported them.
Brad Sturges, President:
840 S Calhoun St, Fort Wayne, IN | 1,991 SF | Lease | Insomnia Cookies
John Caffray, VP of Brokerage:
2630 S Western Ave, Marion, IN | 23,987 SF | Sale
Andrew Eckert, Broker:
1007 W 7th St, Auburn, IN | 9,600 SF | Lease | Chow Hound Pet Supplies
Kevin Ellis, Broker:
1014 W 7th St, Auburn, IN | 17,911 SF | Lease | Harbor Freight
1530 Wells St, Fort Wayne, IN | Lease | Meraki Collective
Neal Bowman, SIOR, Senior Broker & Phil Hagee, Listing Manager:
1603 N Wells St, Fort Wayne, IN | Ophelia's
2894-A E Dupont Rd, 2896 E Dupont Rd, and 2892 E Dupont Rd, Fort Wayne, IN | Leases | Elements Massage, Hotworx, Athletico
Struggles of 2021
We asked our brokers as well about some of their challenges in the past year of 2021 and some of the most prominent were finding different kinds of inventory to sell, or listings, in other words. Some brokers shared their pain points of the struggle to find investment deals for clients. They also believed that in 2021, expansion and new business were difficult for potential new tenants because of last year’s labor shortage and supply chain issues.
Business isn’t always perfect, especially in commercial real estate when so much of the market fluctuates for better and worse. Yet despite these challenges, Sturges Property Group’s industry experience and drive for excellence keep us going no matter what comes our way. Our team-focused strategy helps us collaborate and brainstorm ways to overcome these many struggles.
Biggest Wins in 2021
Over $100 million in sales and leases
A total of 2,365,024 SF of spaces sold and leased in 2021
Over 590,000 SF of new listings in 2021
Projections
Going into 2022, our team brainstormed and came up with projections regarding the commercial real estate market in Fort Wayne and Northeast Indiana. Here are some of our thoughts:
- Industrial spaces will continue to drive prices and be in demand due to their limited inventory
- Low inventory will promote new developments and investments in the Midwest
- Similar labor and supply issues are forecasted
- Interest rates will likely increase resulting in lower returns on investments
From Everyone at Sturges Property Group... Thank You!
Despite some of the uncertain 2020 projections caused by the pandemic, we’re so fortunate to have seen that Fort Wayne and Northeast Indiana remained afloat and saw a healthy market balance in 2021. Especially here at Sturges Property Group, our team remained hard at work to service our clients in the best ways possible. We’re proud to be closing our 2021 chapter in celebration of fantastic sales and leases, an excellent team, and in the last year, being so grateful to have established great bonds with stellar clients and business partners alike.
We look forward to serving you further in 2022!
If you’re looking for a full-service commercial real estate firm, look no further than Sturges Property Group. Call us today at 260-424-8448 and find out just what makes our firm stand out above the rest!
