IBJNews

Butler Automotive snaps up 96th Street parcel for dealership

Back to TopCommentsE-mailPrintBookmark and Share

One of the largest undeveloped parcels in the desirable Keystone Crossing trade area has been sold and is on its way to becoming a car dealership.

An affiliate of Butler Automotive Group bought more than 19 acres at the northwest corner of East 96th Street and Randall Drive in late December and is seeking permission from Carmel to build a structure that would house Butler Hyundai.

The two-story, 37,500-square-foot dealership would be built on the south half of the property and would be flanked by two outlots. The Carmel Plan Commission will hold a preliminary hearing on Butler's plans Feb. 19. If all goes well, approval could come a month later.

Tim Ochs, an attorney at Ice Miller who represents Butler, said his client anticipates starting construction this year. Butler Hyundai would move from its location adjacent to Butler Toyota, which is south of 96th Street and closer to Keystone Avenue.

There are more than a dozen car dealerships along that stretch of 96th Street.

What will happen to the 10 acres immediately north of the newest one is unclear. Butler immediately relisted that property and the two outlots with Michael P. Sloan, a broker with The Broadbent Group who facilitated Butler's purchase of the site.

The outlots, both of which front 96th Street, are listed for $1.4 million and $1 million. The 10 acres north of the dealership are listed for $300,000 an acre. The entire 19-acre site was listed with Sloan for $4.9 million when Butler bought it, though it's not clear what the automotive group paid.

Sloan began marketing the tract and another 13.6 acres at the northeast corner of Keystone and Interstate 465 in May 2011. He was hired to sell them by John Tyner, whose family has had large land-holdings in the area for generations.

Sloan said the Tyner family once owned the land that North Central High School sits on, and John Tyner and his siblings used to own most of the land along the north side of 96th Street between Randall Drive and Gray Road to the east. John Tyner died July 3 at age 82.

Sloan still has the listing for the 13.6-acre tract closer to I-465. It's listed for $5.9 million and has generated interest from hotel companies, office space developers and car dealerships, Sloan said. He said the Tyner family trust that owns the property doesn't want to sell it piecemeal, so he anticipates lining up multiple buyers for a simultaneous closing.

As for the property he now has listed for Butler, he said the first priority is to sell the outlots. "We have had interest from several fast food and sit-down restaurants, banks and gas stations," Sloan said in an e-mail.

The northern half of that parcel abuts the Williamson Run subdivision. Sloan said its probably most suited for recreational or apartment use.

The broader Keystone Crossing trade area is one of the richest in the state. In 2011, before the commercial real estate market began shaking off the effects of the recession, one broker described the area like this: "It's bulletproof. It's been a true powerhouse for 20 years."

ADVERTISEMENT

  • Randall Drive
    Mike, Randall drive will still hook up with 96th but west bound turns only. To turn east, vehicles southbound on Randall will make a jog to the west just north of 1 acre outlot, then turn south on road between outlot & dealership leading to stop light in front of hh gregg.
  • Randall Drive
    Are they going to realign Randall Drive with the hh gregg traffic signal? Should be a condition of development agreement!

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. This is still my favorite Mexican restaurant in town. What I do love about the new version is it is much quieter than the most recent version. TV's were off, the music wasn't too loud, and the wait staff were not hyperactive like they had been the past few times I had been there. I just wish they would bring back the MOLE for the enchiladas!

    2. Not a bad paper. There is a need for local community news and city government issues. Don't really need the owner's constant national political rants. We all know where they stand by now.

    3. What nice people. Menard should've known better than to team up with the guy who robbed and drove Conseco to ashes. I'm surprised Timothy Durham isn't involved in this.

    4. Hello, I am Maris Peters, currently living in Texas city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in August 2014 and i needed to refinance and pay my bills. I tried seeking loans from various loan Companies both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $65,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm or company with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr William David. He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: Davidloanfirm@yahoo.com

    5. It is beyond me how anyone can think this was a "bad deal" for the state! If they could take the money back then, yes, but they can't! Protections were built in the agreement. Now, if they roll the roads up and take them away, I will agree that it was a bad deal. Otherwise, the only way to have paid for the infrastructure that was badly needed was for the state to issue bonds....that is a four letter synonym for debt folks!!

    ADVERTISEMENT