Commercial Real Estate

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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McNamara moving from Broad Ripple after 57 years

July 7, 2011
Scott Olson
The florist is moving from the Broad Ripple retail space it has occupied since 1954. Local developer Buckingham Cos., which purchased the property in 2000, is preparing for the redevelopment of Monon Place.
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Lender's suit says homebuilder owes $12.8M on loans

July 5, 2011
Scott Olson
M&I Bank filed the suit against J. Greg Allen, charging he defaulted on two loans he took out to buy 73 acres of land on the northeast corner of Emerson Avenue and County Line Road on Indianapolis' south side.
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Marsh lands big tenant, will reoccupy headquarters

July 5, 2011
Tom Harton
Marsh Supermarkets is reoccupying a portion of its long-vacant headquarters building and has snagged a plum tenant to sublease most of the rest of the space.
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M&I Plaza revamping entry, lands King David and Main Street Deli as tenantsRestricted Content

July 2, 2011
 IBJ Staff
The main entrance is getting a $1 million makeover as the 28-story building prepares to welcome two new restaurant tenants.
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Local developer ready to start $18M project

July 1, 2011
Associated Press
Indianapolis-based Buckingham Cos. is expected to start construction this summer on an $18 million, 146-unit apartment building in downtown Columbus.
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Quail Run Apartments in Zionsville changes hands

June 29, 2011
Richmond, Va.-based McCann Realty Partners LLC bought the 166-unit complex with a $9.25 million loan. The sale marks the second time Quail Run has changed ownership in the past two years.
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Housing agency breaking ground on $30M Lugar Tower project

June 29, 2011
The project includes renovations to the 15-story apartment building in downtown Indianapolis, as well as the construction of two mixed-income buildings containing a total of 74 units at its base.
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Tanger buys outlet center from Simon Property

June 28, 2011
Associated Press
Tanger Factory Outlet Centers Inc. said Tuesday it bought an Ohio outlet shopping center from Indianapolis-based Simon Property Group Inc. for $134 million.
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Owner of several properties south of Mass Ave starts to divest

June 28, 2011
Tom Harton
The pending sale of two historic buildings and a vacant lot just south of Massachusetts Avenue is the first of what could be several deals in the area as one of its largest property owners begins to divest its holdings.
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Chambers quietly built Buckingham into real estate colossusRestricted Content

June 25, 2011
Cory Schouten
The North of South mixed-use project in downtown Indianapolis is just the latest development for Brad Chambers, who started out in the landscaping business.
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MARR: Farewell to a long list of great colleagues and mentorsRestricted Content

June 25, 2011
Danny Marr / Special to IBJ
Six people were key mentors and associates during real estate career in Indianapolis.
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$100M 'Bridges' project in Carmel wins approval

June 21, 2011
Cory Schouten
A proposal for a roughly $100 million mix of retail, office and apartments along Springmill Road south of 116th Street was OK'd Monday night by the Carmel City Council after numerous concessions.
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Tentative settlement reached in lawsuit over historic church

June 21, 2011
Tom Harton
A provisional settlement in a federal lawsuit filed last September against the city by St. John United Church of Christ gives parties in the case six months to find a buyer for the nearly 100-year-old church.
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Developer puts Cosmopolitan complex on block

June 20, 2011
Cory Schouten
The Cosmopolitan on the Canal, a 218-unit upscale apartment complex in downtown Indianapolis that cost more than $33 million to build, has been put on the market by Flaherty & Collins Properties.
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Bids opened for Keystone Towers demolitionRestricted Content

June 18, 2011
 IBJ Staff
Quotes came in way below city's $2 million budget.
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Report paints brighter picture for retail

June 14, 2011
Tom Harton
The real estate investment firm Marcus & Millichap says vacancy rates and tenant concessions in Indianapolis are falling while rents and sale prices are poised to rise.
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Effort to save minority car dealer lands Bill Mays in ditchRestricted Content

June 11, 2011
Greg Andrews
PNC Bank last month sued Mays, one of the city’s most prominent black businessmen, charging he defaulted on a $3.5 million loan he received in 2008 that has an unpaid balance of $2 million.
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Arizona project bankrupts local developer BodnerRestricted Content

June 11, 2011
Cory Schouten
Bruce Bodner, a quiet but prolific local developer who in the late 1990s bought and revitalized two of downtown’s most recognizable buildings, has filed for bankruptcy after making a doomed bet in Arizona.
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City to roll out plan for 16th Street tech corridor

June 10, 2011
Francesca Jarosz
The city of Indianapolis plans to announce a major initiative to turn a stretch of 16th Street northwest of downtown into a hub for biotechnology and other high-tech companies.
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Renaissance Bay heads for sheriff's sale

June 7, 2011
Cory Schouten
A $150 million project that slammed head-first into the recession is slated for a sheriff's sale later this month.
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Real estate deals picking up around Fashion MallRestricted Content

June 4, 2011
Cory Schouten
Owners of the Sheraton Indianapolis are converting one of its towers into luxury apartments, and developers are vying to replace the vacant Woodfield Centre.
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Multiple tenants likely needed to plug Nordstrom holeRestricted Content

June 4, 2011
Greg Andrews
Nordstrom occupies a staggering 210,000 square feet spread across three floors—60 percent more space than the Seattle-based chain occupies at the Fashion Mall at Keystone and likely more than any single retailer would be willing to lease.
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  1. The Walgreens did not get a lot of traffic. It was not located on the corner of the intersection, and not really visible from Emerson. Meanwhile the CVS there is huge and right on the corner. I am guessing a lot of people drove by a million times and never knew the Walgreens was there. Although, with the new Walmart market going in, that area could really see a lot of increase in traffic soon.

  2. You folks don't have a clue. There is a legal way to enter this country and to get aid. This left unchecked could run us to ruin quickly. I also heard that 'supporters' were getting major $$ to take them in? Who's monitoring this and guess who pays the bill? I support charitable organizations... but this is NOT the way to do it!

  3. Apparently at some time before alcohol has been served at the fair. The problem is that beer or wine used to be a common drink for people before soft drinks and was not thought to be that unusual. Since many folks now only drink to see how much they can drink or what kind of condition they can end up in it becomes more problematic. Go to Europe and its no big deal just as if you had sodas of milk to drink everyday. Its using common sense that is lacking now days.

  4. To address the epic failure of attracting race fans to both the Indy 500 and Brickyard 400 would take too much of my time to write. Bottom line Boles is clueless and obviously totally out of touch with the real paying fan base. I see nothing but death spin coming for the Brickyard, just like Indy. Get somebody in a place of power that understands what race fans want.

  5. I am a race fan through & through. It doesn't matter if it's Indy cars or Nascar. I love a great race. I go to several other tracks each year and you can see the entire track. I know Indy has tradition, but fans want to see the entire race. I sit in the Penthouse, am almost 60 years old, and would like to see a better TV screen in turn 1 so you can see the entire race. Then I think Indy needs to install an escalator so us old folks can make it up to the Penthouse and down again if we want more options to purchase food and drinks. Just a race fans opinion. Lights won't make the race any better, but you might be able to see the TV better at night. Turn 1's screen needs replaced with a better and bigger screen.

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