Commercial Real Estate and Office Complexes and Commercial Leases and Development/Redevelopment and Real Estate Investment Trust and Real estate deals and Real Estate & Retail

Developer to move HQ to Carmel, create 25 jobs

April 8, 2013

A Cicero-based developer of senior housing and care properties will move its headquarters to Carmel later this month and begin hiring an estimated 25 new employees.

Mainstreet Property Group LLC will invest $800,000 to lease and equip 7,120 square feet of office space at 14390 Clay Terrace Blvd., according to firm officials. The company, which currently employs 20 workers, will begin hiring for additional real estate development and management officials later this year.

Founded in 2002, Mainstreet has been one of the fastest-growing companies in central Indiana in recent years. It currently has some $200 million in projects under construction.

In June 2012, Mainstreet launched an initial public offering for affiliated company HealthLease Properties Real Estate Investment Trust that raised $110 million.
Mainstreet, the largest shareholder in HealthLease, develops properties for the REIT’s portfolio. HealthLease, which posted revenue of $25 million in 2012, holds 15 facilities in the United States and Canada, with an additional 13 to come after the expected close of a $141.7 million acquisition.

“We’ve had a great run in Cicero … but our growth and the June 2012 launch of our public REIT necessitated us to look at a move,” said Zeke Turner, Mainstreet chairman and CEO, in a prepared release. "Clay Terrace offers a desirable, functional space with a closer proximity to our employees and our partners.”

The Indiana Economic Development Corp. offered Mainstreet up to $325,000 in conditional tax credits and up to $20,000 in training grants based on the company’s current plans. These tax credits are performance-based, meaning the company is not eligible to claim incentives until employees are hired.

In a recent installment of IBJ's "Leading Questions" video series, Turner discussed the risky process of taking HealthLease public, as well as some somewhat unorthodox elements of his management style.
 

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