Commercial Real Estate

Simon boosts forecast as quarterly results exceed expectations

October 25, 2011
Bloomberg News
Indianapolis-based shopping mall giant Simon Property Group Inc. reported funds from operations that beat analyst estimates and raised its full-year forecast as income from rents rose.
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East 10th Street retail gets a boost

October 25, 2011
Scott Olson
Two veterans of vintage retail are teaming up to open a store on a near-east-side corridor that’s getting renewed attention from the 2012 Super Bowl Legacy Project.
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Indianapolis neighborhood striving for LEED statusRestricted Content

October 22, 2011
Scott Olson
Designation to east-side project would go beyond building certification.
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Carmel mayor's next goal: Build posh, $32M hotelRestricted Content

October 22, 2011
Cory Schouten
The principal developer of Carmel's City Center, Pedcor Cos., is working with city officials on plans for a four-star boutique hotel that likely would cost at least $32 million to build and may require an additional city subsidy.
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Duke Realty selling 82 office buildings for $1.1B

October 21, 2011
 IBJ Staff
The sale includes buildings with a combined 10.1 million square feet of space in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa. None of the properties are in Indiana.
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Jillian’s arcade games, bowling alley up for auction

October 20, 2011
An auction to liquidate the downtown entertainment complex will be held Oct. 26 to sell more than 100 arcade games, a nine-lane bowling alley and 12 pool tables. Jillian's operators owed the landlord roughly $700,000 in unpaid bills.
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Kilroy’s gets liquor approval for Broad Ripple location

October 20, 2011
The Indiana Alcohol and Tobacco Commission voted 3-0 to give Kilroy's a liquor permit for the location at 821 Broad Ripple Ave. despite protests from a neighborhood group.
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Real estate brokerage sues IU Health over commissions

October 20, 2011
Scott Olson
CBRE Inc. accuses the local hospital system of cheating it out of consulting fees that could top seven figures related to several building projects.
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City taking redevelopment bids for key Mass Ave properties

October 18, 2011
Scott Olson
The city-owned properties targeted for redevelopment are at 555 N. New Jersey St., the site of Indianapolis Fire Department administrative offices and Station No. 7, and at 501 N. New Jersey St., the location of Firefighters Credit Union.
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Texas investors buy northeast-side hotel

October 18, 2011
Tom Harton
A couple from suburban Houston bought the 187-room Ramada Inn in an online auction for $1.3 million and have rebranded it as ExtendASuites.
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Airport gas station could fuel retail in proposed complex

October 14, 2011
Chris O'Malley
Restaurants, a medical clinic and even a dog kennel are ripe for consideration on an 11-acre airport site slated for a gas station. Airport officials have asked for proposals from developers by Oct. 25.
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Lawrence Township school district buildings in play

October 11, 2011
Tom Harton
The district is beginning an evaluation that could result in three buildings being sold and part of another being renovated for private-sector tenants.
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Apartments, retail planned for Virginia Ave. corridorRestricted Content

October 8, 2011
Cory Schouten
Call it Extreme Makeover: Holy Rosary. Just about every building and corner along a four-block stretch of Virginia Avenue in this historic neighborhood southeast of downtown is under construction or will be soon.
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Waiting for construction industry to recoverRestricted Content

October 8, 2011
Tawn Parent
The recession officially ended more than two years ago. But the number of local construction jobs is still down 27 percent from 2007 levels. Will the industry ever feel relief? Some segments might not recover in a big way until 2013.
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Agency urges complete overhaul of Pan Am Plaza garage

October 7, 2011
Indianapolis' Department of Code Enforcement made the recommendation Friday afternoon after citing safety concerns posed by possible structural deficiencies.
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Developer proposes $22M project for Keystone Towers site

October 6, 2011
Scott Olson
The Whitsett Group LLC's plans call for a $22 million project that would include nearly 140 apartments and a retail component on the property where Keystone Towers stood. The company submitted the lone bid to the city to redevelop the site.
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Commission approves demolition for Indy East Motel

October 6, 2011
Francesca Jarosz
The Indianapolis Historic Preservation Commission unanimously approved the demolition of the former motel at 5585 E. Washington St.—with a few conditions. Developers plan an $8.7 million project for the site.
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Lottery says it overspent on amenities for new office

October 5, 2011
Associated Press
Indiana lottery officials say they overspent on their new headquarters and will sell some of their equipment after reports raised questions about the lavish facility.
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Simon Property Group gets new $4B credit facility

October 5, 2011
Associated Press
Indianapolis-based shopping mall giant Simon Property Group Inc. has received a new $4 billion unsecured revolving credit facility.
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California firm's Park 100 portfolio goes back to lender

October 4, 2011
Tom Harton
California-based Blue Real Estate lost the last big chunk of its Indianapolis portfolio last week when a lender took control of Blue’s 360,000-square-foot, seven-building portfolio in Park 100.
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Report holds next steps for Pan Am Plaza garage

October 3, 2011
Francesca Jarosz
Part of the Pan Am Plaza parking garage has reopened after being closed for several hours for emergency repairs late last week, but a report will reveal whether more extensive work is needed to restore the garage to a structurally sound state.
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Parking already at a premium at Rivers Edge shopping centerRestricted Content

October 1, 2011
Cory Schouten
The 617 parking spaces at the newly renovated Rivers Edge shopping center meet the minimum commercial-zoning allotment—but just barely.
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Investor Buffett gets behind east-side revitalization project

September 28, 2011
Scott Olson
Warren Buffett joined other investors and Indianapolis community leaders Wednesday morning for a ribbon-cutting ceremony at the $27 million East Village at Avondale apartment project.
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Developer zeroes in on troubled Irvington site

September 27, 2011
Tom Harton
A developer that wants to replace a vacant Irvington motel with an $8.7 million apartment building could get permission as early as next week to clear the site for redevelopment.
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Circle Centre resolves lease dispute with Cinnabon

September 26, 2011
An attorney for the downtown Indianapolis mall has filed to dismiss the complaint, saying the two sides have resolved the dispute through an out-of-court settlement.
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