Commercial Real Estate

Simon Property's quarterly profit rises on improving retail sales

February 4, 2011
 IBJ Staff and Bloomberg News
Earnings for the Indianapolis-based shopping mall owner increased to $217.9 million in the fourth quarter, up from $91.5 million in the fourth quarter of 2009. Funds from operations, a key measurement used by real estate investment trusts, also improved.
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Lender seeks to foreclose on Castleton Plaza

February 1, 2011
Scott Olson
German American Capital Corp. claims the owner of the strip mall, Castleton Plaza LP—a subsidiary of Broadbent Co.—owes it $10 million. The lender is requesting the property be sold at a sheriff's sale to help satisfy the debt.
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Integra Bank's auditor says situation may be dire

February 1, 2011
 IBJ Staff
Monday’s announcement is the latest ominous news for Integra, which is at risk of becoming the second Hoosier financial institution to fail since the financial crisis began in 2008.
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St. Louis firm pursuing local retail, industrial properties

January 31, 2011
Tom Harton
Bianco Properties has purchased its fourth Indianapolis property in less than five years and is pursuing more deals here.
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Fix-up list is long as Indianapolis prepares for 2012 Super Bowl

January 29, 2011
Chris O'Malley
Plenty of opportunities await city officials bent on making downtown shine for the massive event.
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Duke Realty reports strong year-end results

January 27, 2011
Cory Schouten
Duke Realty Corp. reported a fourth-quarter profit almost 70 percent above last year's figure as it closed out its best leasing year since 2007 and finished with its highest annual portfolio occupancy rate since 2004.
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Ritter’s Frozen Custard franchisees reopening stores

January 25, 2011
Scott Olson
As a new owner revamps the Ritter's business plan, at least four of the frozen custard stands in the area have either opened or are set to reopen in the same locations where they previously operated.
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Brenwick turns over commercial sales, leasing at Village of West Clay

January 25, 2011
Tom Harton
Ambrose Property Group, a commercial leasing and development company headed by former Duke Realty Corp. broker Aasif Bade, took over for Brenwick, which is primarily a residential developer, at the beginning of the year.
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Legislation seeks RFP option for selling state landRestricted Content

January 22, 2011
Cory Schouten
The bill would allow the Indiana Department of Administration to sell real estate using a request for proposals, in addition to existing options for competitive bids or an auction.
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NAI Olympia vets join brokerage startup AllianceRestricted Content

January 22, 2011
Cory Schouten
If Alliance grows as fast as projected, it could break into the city’s top-10 largest commercial real estate brokerage companies for 2011, based on IBJ’s Book of Lists.
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Analyst says spurned Simon still has plenty of potentialRestricted Content

January 22, 2011
Greg Andrews
Simon Property Group Inc. used multibillion-dollar buyouts to become the nation’s largest public real estate company. So should investors be worried its last two acquisition bids have gone bust?
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Investment firm buys former bank branch

January 22, 2011
 IBJ Staff
C.H. Douglas & Gray will relocate to 71st & College building previously owned by PNC Bank.
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Mass Ave property owner gets foothold on Virginia Avenue

January 18, 2011
Tom Harton
A downtown advocate who renovated and repopulated a commercial building on what was once a desolate stretch of Massachusetts Avenue hopes to do the same on Virginia Avenue, where he just closed on the purchase of three contiguous commercial buildings totaling 15,000 square feet.
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Council committee to consider North of South bonds

January 17, 2011
Scott Olson
Approval would let city issue $98 million in bonds to finance its portion of the $155 million North of South mixed-use project set to be built on 14 acres north of South Street between Delaware Street and Virginia Avenue.
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Community Health plans $12M east-side medical complex

January 17, 2011
Construction is set to begin soon on Community Health Pavilion, a three-story, 55,000-square-foot medical building to be built on six acres at 7910 E. Washington St.
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Not much optimism in commercial real estate outlook

January 13, 2011
Cory Schouten
Another challenging year is in store for commercial real estate thanks to high unemployment, a still-struggling housing market and an unforgiving credit environment, Cassidy Turley plans to report Thursday at its annual State of Real Estate event.
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Analyst predicts modest year for REIT returns

January 12, 2011
Associated Press
Goldman Sachs & Co. analyst Jonathan Habermann expects a return of 5 percent to 10 percent this year after last year's 29-percent total return for REIT stocks.
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Citimark rejoins development game

January 11, 2011
Tom Harton
The company last month broke ground on an 8,000-square-foot medical building near 86th Street and Allisonville Road. The project is the first of three buildings it plans to develop as part of Gardens at Castle Creek.
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Trail Side funding finally closes

January 11, 2011
Tom Harton
Financing for construction of a $10 million, mixed-use building at 875 Massachusetts Ave. closed Dec. 22, allowing developers to proceed with the project after a funding snag nearly killed it.
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Simon Property abandons offer for Capital Shopping

January 11, 2011
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping mall owner, abandoned its $4.5 billion bid for Capital Shopping Centres Group Plc after the British company resisted Simon’s takeover interest.
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Sara Lee to lease 281,000 square feet in Plainfield

January 10, 2011
 IBJ Staff
Sara Lee Corp. has signed a lease for about 281,000 square feet of space at Plainfield Business Center at Airwest. The Illinois-based maker of food products will establish a new distribution center in the space in February.
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Real estate brokers scrambling for national partnershipsRestricted Content

January 8, 2011
Cory Schouten
Top commercial real estate firms have been playing a name game of late, picking up or dropping national affiliations in a broad realignment of the city’s brokerage business.
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INSIDE DISH: Recess owner keeps it simple, plans expansion

January 7, 2011
Mason King
Recess Watch VideoAfter initial trepidation over its chef-centric concept and urban location, Recess' Greg Hardesty plans to open another school-themed eatery.
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Simon target's valuation 'out of reach' for Indianapolis firm

January 7, 2011
Bloomberg News
Capital Shopping Centres Group Plc, the U.K.’s biggest shopping mall owner, said it is worth as much as $9.64 a share to a bidder, almost 50 percent more than an offer from Indianapolis-based Simon Property Group Inc.
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D-A Lubricant moving from Indianapolis to Lebanon

January 5, 2011
Scott Olson
Company will purchase 23 acres and have Duke Realty Corp. build a 225,000-square-foot industrial facility in Lebanon Business Park. The move should be completed by December.
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