Commercial Real Estate

Simon’s options for Capital Shopping takeover dwindling

December 13, 2010
Bloomberg News
Simon Property Group Inc. may be running out of options in its quest to take over Capital Shopping Centres Group Plc and become the largest mall owner in the United Kingdom.
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British mall owner rejects Simon financing plan

December 13, 2010
Bloomberg News
Capital Shopping Centres Group Plc, Britain’s biggest shopping-mall owner, rejected a financing plan that would have given potential suitor Simon Property Group Inc. a larger stake in the company.
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Summit Realty plans to grow into new headquarters

December 11, 2010
Cory Schouten
Summit Realty Group is building out a new headquarters in a historic downtown building as its principals embark on an aggressive growth plan for the privately held company.
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Accounting change could have huge impact on real estate leasing

December 11, 2010
Scott Olson
Proposal requires companies to book leases as assets, and stands to shift the momentum to purchases.
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$7.5M Fletcher Arts project gets back on track

December 11, 2010
 IBJ Staff
Developer and architect Craig Von Deylen is finalizing plans for a mixed-use project just west of the intersection of Virginia Avenue and East McCarty Street.
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CB Richard Ellis names new managing director

December 10, 2010
The local office of the commercial real estate brokerage has named firm veteran John Merrill as its new managing director. He replaces David Reed, who left in late August.
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Lender seeking to foreclose on northwest-side hotel

December 9, 2010
Scott Olson
Colfin NW Funding LLC claims in a court filing that it is owed $6.4 million by the borrower that operates the Courtyard By Marriott Hotel Northwest under Indianapolis-based Schahet Hotels Inc.
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Cosmopolitan apartment fire prompts lawsuit

December 8, 2010
Scott Olson
The insurer for Indiana Landmarks is suing developer Flaherty & Collins, claiming negligence in a blaze that partially destroyed the apartment project and damaged the not-for-profit's adjacent headquarters.
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Builders of faulty Indiana bridge face state-work ban

December 7, 2010
Associated Press
A committee has recommended that the state highway department stop hiring Gary-based Superior Construction Co. and Indianapolis-based bridge designer RQAW Corp. over a northwestern Indiana highway that has been closed because of safety concerns.
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Duke poised to buy South Florida portfolio

December 7, 2010
Tom Harton
The purchase of the $500 million portfolio of industrial and office properties would continue Duke’s recent push into the South Florida market.
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Developer says Broad Ripple hotel will have 'green' elementsRestricted Content

December 4, 2010
 IBJ Staff
Developer Debra Stolen Hasbrook found the site at 6520 Westfield Boulevard while running on the Monon Trail.
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St. Francis Hospital project targets Greenwood's growth

December 4, 2010
 IBJ Staff
The $20 million facility would attempt to capture some of the 32-percent growth in population Greenwood experienced from 2000 to 2009.
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UPDATE: City Market has tentative deal with longtime tenant

December 2, 2010
Scott Olson
City Market operators have reached a tentative deal to settle a dispute with Grecian Garden's owners after alleging the eatery was late on its rent payments for several months. Details of the agreement were not disclosed.
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North of South financing clears first hurdle

December 2, 2010
Scott Olson
The Metropolitan Development Commission has approved an $86 million city loan to help fund the $155 million mixed-used development near the downtown campus of Eli Lilly and Co. The project still needs approval from the City-County Council.
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Feds sue developer Premier over raid on retirement accounts

December 1, 2010
Cory Schouten
Executives of defunct Indianapolis developer Premier Properties USA Inc. are negotiating to settle a lawsuit brought by the U.S. Department of Labor that claims the company raided employee retirement accounts in a last-ditch bid to save itself in early 2008.
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Kite plans to raise $65 million in stock offering

December 1, 2010
The Indianapolis-based real estate investment trust said it will sell 2.6 million shares of preferred stock at $25 each to repay debt, purchase property and use for general corporate purposes.
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Historic downtown building poised for overhaul

November 30, 2010
Tom Harton
DLZ Indiana closed in September on the century-old building at 157 E. Maryland St. and plans to spend nearly $2.3 million renovating it.
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Possible Simon bid boosts British mall owner's stock

November 26, 2010
Bloomberg News
Shares of Capital Shopping Centres Group Plc, Britain’s biggest mall owner, rose the most since the company went public in 1992 after saying Indianapolis-based Simon Property Group Inc. may offer more than $3.6 billion in cash for the company.
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Foreclosure washes away water park plans in Fishers

November 24, 2010
Scott Olson
Developer Puller Group has agreed to relinquish a high-profile property approved for a massive water park and retail project to lender Fifth Third Bank following a months-long legal battle over an $8.6 million loan.
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Keystone plans mixed-use project on Madison Avenue

November 23, 2010
Cory Schouten
A local developer is planning a $2 million mixed-use project for a vacant parcel along Madison Avenue just south of downtown.
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Geist apartment complex sale ends drought of Class A transactions

November 23, 2010
Tom Harton
Grande Reserve at Geist fetched $13.3 million, just shy of the asking price.
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Start of downtown North of South project in flux

November 22, 2010
Scott Olson
The developer of the $150 million mixed-use project in downtown Indianapolis had hoped to start construction by the end of the year. But delays in getting the project zoned properly likely will move the start date back.
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Diversity key to west-side revitalization plan

November 20, 2010
Francesca Jarosz
Over the last few months, a wave of events has given momentum to grass-roots efforts to revive the West 38th Street corridor and its broader neighborhood, which includes Lafayette Square Mall.
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Dow AgroSciences moves into new research facility

November 20, 2010
 IBJ Staff
The division of Dow Chemical has a 15-year lease with Indianapolis-based developer Browning Investments on the two-story building near West 96th Street.
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INSIDE DISH: Santorini to return in short order

November 19, 2010
Mason King
Santorini Fire watch videoOwner Taki Sawi received a crash course in getting a restaurant back on its feet after a catastrophic fire on Oct. 11. The Greek eatery is slated to reopen in mid-December.
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