Commercial Real Estate

Fire heavily damages Aristocrat restaurant

August 25, 2011
The restaurant at 5212 N. College Ave. sustained $1.5 million in damage. Firefighters were called to the two-story, 6,000-square-foot building early Thursday morning.
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Real estate firms push to avoid notice in Obama tax rewrite

August 24, 2011
Bloomberg News
The industry, which includes Indianapolis-based REITs Simon Property Group Inc. and Duke Realty Corp., is guarding against a potential proposal from the Obama administration that would impose new taxes on partnerships and similar companies
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Greenwood developer target of foreclosure suit

August 24, 2011
Two Indianapolis-area retail centers are listed in a $16.8 million lawsuit that includes a total of six properties owned by the Presnell Companies of Greenwood.
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Broad Ripple group doubles down in fight over Kilroy's

August 23, 2011
Cory Schouten
Members of the Broad Ripple Village Association are vowing to continue their fight against a new Kilroy's Bar n' Grill after they were denied a chance to speak out about the plan at a public hearing.
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City to give Angie's List $4.6M to buy properties for expansion

August 16, 2011
Kathleen McLaughlin
Money for real estate acquisition is a major component of the $7.1 million in incentives the city of Indianapolis offered Angie's List Inc. for expanding its headquarters campus to accommodate 500 more employees.
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Local architecture firm moving HQ to former church

August 16, 2011
Cory Schouten
The architecture firm A2SO4 plans to spend about $1 million to renovate a long-vacant former Catholic church near the Lockerbie neighborhood as its new headquarters.
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Eastgate owner plots unusual office-space strategy

August 9, 2011
Cory Schouten
The owner of the former Eastgate shopping center has begun marketing a third phase of its mall overhaul: About 225,000 square feet of emergency backup office space.
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Owner attempting to foreclose on Walker Theatre property

August 8, 2011
Scott Olson
Theater directors agreed to purchase the property north of the theater on contract in January 2006. Officials hoped to use the land to accommodate an expansion that never materialized.
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Kite sees smaller loss, more revenue in 2nd quarter

August 4, 2011
 IBJ Staff
Kite Realty Group Trust saw a smaller loss and higher revenue in the second quarter compared to the same quarter a year ago, the Indianapolis-based real estate investment trust announced late Thursday.
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North of South gets a new name: CityWay

August 3, 2011
Cory Schouten
The $156 million mixed-use development at Delaware and South streets in Indianapolis has a new name designed to reference both the project's downtown locale and the urban "way of life" it will offer.
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Former Nordstrom space could find Super Bowl use

August 2, 2011
Scott Olson
The massive space in Circle Centre mall vacated by high-end retailer Nordstrom could be used to host corporate events surrounding the big game.
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Developer of government building sees potential for more

August 2, 2011
Tom Harton
Ambrose Property Group broke ground last month on a 13,000-square-foot building at Intech Park that will house about 75 Social Security Administration employees.
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Keystone Towers implosion set for late August

August 1, 2011
 IBJ Staff
The long-vacant Keystone Towers apartment complex will be imploded Aug. 28 at 8 a.m., the Department of Metropolitan Development announced Monday afternoon.
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Meridian latest brokerage to make affiliation move

August 1, 2011
Cory Schouten
The commercial real estate brokerage Meridian Real Estate is picking up the NAI Global affiliation previously held by Olympia Partners, which folded in January after a 20-year run.
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Precedent joins ranks of battered developersRestricted Content

July 30, 2011
Cory Schouten
The Precedent Cos.—the local developer of The Precedent Office Park, Mount Comfort Commercial Park and several upscale residential communities in Hamilton and Johnson counties—is winding down operations in an out-of-court restructuring.
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Lenders attempting to foreclose on Broadbent headquarters

July 28, 2011
Scott Olson
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.'s purchase and renovation of a building on East Washington Street downtown.
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Duke Realty suffers loss on lower revenue

July 28, 2011
The Indianapolis-based real estate investment trust said it lost $29 million in its latest quarter, compared with a loss of $42.4 million in the same time frame a year earlier.
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Prospects bright for Borders replacements

July 26, 2011
Cory Schouten
Brokers expect strong demand from other retailers, in part because the failed bookstore chain carefully chose its real estate, opting for locations near concentrations of affluent and educated consumers.
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Simon Property results improve as U.S. retail sales advance

July 26, 2011
Bloomberg News
Indianapolis-based Simon Property Group Inc. said funds from operations rose 20 percent in the second quarter as rents and occupancies increased. The company raised its forecast for the year.
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Borders liquidation another blow to retail real estate

July 21, 2011
Bloomberg News
Borders Group Inc.’s proposed liquidation will increase available U.S. retail space by about 6.3 million square feet as the industry struggles with near-record vacancy rates and stagnant rents.
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Irvington scores Ossip, set for streetscape project

July 19, 2011
Tom Harton
The Irvington retail trade area stands to get a big boost from two projects set to begin this fall: Ossip Optometry’s renovation of a historic building and a $2.9M makeover of East Washington Street designed to make the business district a draw for pedestrians.
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Jillian’s set to vacate ground floor of downtown building

July 15, 2011
Scott Olson
An unidentified restaurant and bar is set to sign a lease by Sept. 1 to assume the Meridian Street space Jillian's has agreed to relinquish as part of a lease dispute with its landlord. The entertainment complex will continue to operate on the second and third floors.
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Buyer snaps up 175-acre Golf Club of Indiana

July 12, 2011
Cory Schouten
An investment group has acquired the Golf Club of Indiana in southern Boone County near Zionsville and is planning improvements to the 175-acre property.
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Lenders battling Broadbent legal strategyRestricted Content

July 9, 2011
Cory Schouten
Developer George P. Broadbent sold The Broadbent Co. to his wife for $50,000 in March 2010 as he faced a barrage of lawsuits threatening his control over the real estate company he co-founded in 1972. He has also transferred several properties to her.
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City exploring Mass Ave redevelopment options

July 8, 2011
Scott Olson
Property that houses Indianapolis Fire Department facilities on North New Jersey Street, bordering Massachusetts Avenue, could be sold to private developers. In turn, city police and fire services could be better connected.
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