Commercial Real Estate

Big ambitions for small planning firm

September 24, 2011
Andrew Smith
Eden Collaborative, the three-man company Adam Thies founded in 2004, is working to revitalize St. Clair Place on Indianapolis’ east side, among other projects.
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Industrial-market sales this year end deal drought

September 20, 2011
Tom Harton
Through the first eight months of this year, there were at least seven sales of large industrial properties in the market, compared with zero last year.
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Owner finding new tenants for former Macy'sRestricted Content

September 17, 2011
Cory Schouten
High-end custom homebuilder Moussa Khoury and a partner bought the former Macy's store at Washington Square Mall in 2009 for about $775,000. They paid cash since commercial lending had vanished. Two years later, the investment has begun paying off.
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Downtown Hyatt upgrades hotel roomsRestricted Content

September 17, 2011
 IBJ Staff
The renovation, which will be finished in January, includes all 499 guest rooms and suites and the hotel's corridors.
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Pan Am Plaza damage subject of court battles

September 15, 2011
Chris O'Malley
The owner of Pan Am Plaza’s parking garage, which the city partially closed on Wednesday over safety concerns, has fought legal battles over the damage with Indiana Sports Corp. and Central Parking System.
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Texas firm buys water-park hotel on northwest side

September 15, 2011
 IBJ Staff
General Hotels Corp. has finalized the sale of the Caribbean Cove Hotel & Water Park, averting closure of the 344-room hotel and saving 266 jobs.
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City closes downtown plaza after parking deemed unsafe

September 14, 2011
Associated Press
The city of Indianapolis has closed Pan Am Plaza and part of a parking garage below it near the Indiana Convention Center and Lucas Oil Stadium because the structural integrity of the parking facility poses a safety risk.
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Owner of East Market Street buildings eyes apartment conversion

September 13, 2011
Tom Harton
Crown Property Group is issuing a request for proposals for two East Market Street buildings that now are used for office space.
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Indianapolis building owners, managers pressed to protect birdsRestricted Content

September 10, 2011
Chris O'Malley
The Audubon Society has documented hundreds of birds killed downtown in the past two years as birds are attracted to the city lights and then fly into windows.
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New owners aim for big profit after buying IPS school on the cheap

September 6, 2011
Cory Schouten
The buyers of former IPS School 64 stand to make hundreds of thousands of dollars if they manage to flip the property they bought for just $20,000.
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Tax bills spur eBay listing for Anderson office buildings

September 5, 2011
 IBJ Staff and Associated Press
Two investors stung by soaring property taxes have listed three Anderson office buildings on eBay in hopes of drumming up interest in the $4.5 million package deal.
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Jack in the Box revives local expansion pushRestricted Content

September 3, 2011
 IBJ Staff
The burger chain has applied for zoning approval to build a restaurant near 16th and Meridian streets, just south of CVS drugstore. It would be one of 10 stores it plans to open here.
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Analysts react positively to Finish Line purchase

September 1, 2011
Scott Olson
The Indianapolis-based retailer's acquisition of an 18-store specialty running chain should produce better results than some past miscalculations, analysts say.
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Lauth's Eaglepoint fattens up on racing teams

August 30, 2011
Scott Olson
David Powers Motorsports, John Force Racing, Don Prudhomme Racing and Vance & Hines together occupy roughly 320,000 square feet of space at the park.
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Receiver appointed in $16.8M foreclosure suit

August 29, 2011
Scott Olson
Lender Merrill Lynch Mortgage Trust is foreclosing on several Indianapolis commercial properties, including two retail centers, owned by Greenwood developer Presnell Cos.
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Circle Centre wants Cinnabon out of mall

August 29, 2011
Scott Olson
A lawsuit filed by the downtown Indianapolis mall accuses Cinnaworks LLC, a franchisee of Cinnabon, of failing to pay its $6,751-per-month rent.
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Keystone Towers tumble down

August 28, 2011
 IBJ Staff and Associated Press
Keystone Watch VideoHundreds of people watched from nearby as explosives brought down a long-shuttered Indianapolis apartment tower near the Indiana State Fairgrounds that had become a neighborhood eyesore and a haven for crime.
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Developer rolls out $40M plan for Keystone siteRestricted Content

August 27, 2011
Cory Schouten
A local developer has acquired the northwest corner of 86th Street and Keystone Avenue and is working on plans for a $40 million apartment and retail project.
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Experts say options abound for former GM stamping plantRestricted Content

August 27, 2011
Cory Schouten
The 2-million-square-foot GM Indianapolis Metal Center, closed this year, sprawls over more than 100 acres on the west bank of the White River and enjoys some of the best views of the downtown skyline.
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First step: Tear stamping plant downRestricted Content

August 27, 2011
Jeff Gearhart / Special to IBJ
Tear it down and clean it up was the message delivered by a former redevelopment director from South Bend as she spoke to representatives from cities who were about to lose their GM plants.
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GM site ripe for manufacturing or a judicial centerRestricted Content

August 27, 2011
Chris Barnett / Special to IBJ
The Urban Land Institute panel’s plan for the General Motors plant site ignores some realities in favor of presenting a relatively predictable New Urbanism redevelopment plan.
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'Expand the smorgasbord' at former GM siteRestricted Content

August 27, 2011
Gordon Hendry / Special to IBJ
Indianapolis has a rich history of turning challenging redevelopment projects into local success stories, and I have no doubt the GM Stamping Plant will become part of that history as officials determine the best uses for the expansive site near downtown.
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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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