Commercial Real Estate

Former Simon exec pleads guilty to fraud in kickback scheme

November 5, 2013
 IBJ Staff
Carmel resident Mark Palombaro, 55, likely faces prison time after admitting to his role in a scheme that prosecutors say netted him $766,000.
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Local developer plans six-story office building in Castleton

November 5, 2013
Scott Olson
Edgeworth Laskey Properties LLC, which has developed three buildings within Allison Pointe Park, bought the 10.5-acre parcel along Interstate 465 from a suburban Chicago company.
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Summit partners seek tax break for $14M distribution facility

November 4, 2013
They plan to spend $14 million to build the 542,000-square-foot warehouse on 33 acres on the city's west side. One condition of the tax abatement is finding a user that would create at least 50 jobs by 2018.
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Judge sentences attorney Page to probation, fine

November 4, 2013
Cory Schouten
Attorney and real estate developer Paul J. Page will serve two years of probation and pay a $10,000 fine for concealing the source of a $362,000 down payment on his purchase of a state-leased office building in Elkhart.
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Startup bakery seeking tax breaks on $78M project

November 4, 2013
 IBJ Staff
Dallas-based Specialty Bakery LLC plans to build a 226,778-square-foot production and distribution facility in southwest Indianapolis that would create 241 jobs by 2018.
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Kite reports smaller quarterly loss on much higher revenue

November 1, 2013
The Indianapolis-based real estate investment trust said that it lost $900,000 in the quarter, compared with a loss of $3 million during the same period a year earlier.
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Duke Realty reports smaller loss on gains from property sales

October 30, 2013
 IBJ Staff
The Indianapolis-based real estate firm held steady in the third quarter, maintaining high occupancy in its commercial buildings and increasing funds from operations.
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Four local firms vying to redevelop GM stamping plant site

October 30, 2013
Scott Olson
At least one of the proposals for the site, which has been vacant since 2011, would create a suburban-type office park in an urban environment.
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Marion County, Simon tangle over value of malls

October 29, 2013
Indiana Lawyer Staff, Dave Stafford
A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.
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Tom Wood dealership snaps up 15 acres near Anson

October 29, 2013
Scott Olson
The local auto group that sells 14 car brands could move its Toyota dealership from Lafayette Road to the Zionsville site, where the population is growing thanks to the Anson development.
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Ritzier hotels may lure top events, but year-round demand unclear

October 26, 2013
Anthony Schoettle
Indianapolis lacks a five-star hotel, a fact some hospitality experts think could hurt the city’s chances of landing the 2018 Super Bowl. But there’s no consensus on whether the city should go more upscale.
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Foreclosure suit tests HDG Mansur on a new frontRestricted Content

October 26, 2013
Greg Andrews
HGCC Lender LLC this month filed a $4.8 million foreclosure suit and asked a court to appoint a receiver for Hamilton Proper's 279-acre Hawthorns Golf & Country Club.
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Downtown Westin Hotel to kick off $14 million renovation

October 25, 2013
Anthony Schoettle
The four-star establishment plans to overhaul all 13 floors and 573 guest rooms, beginning in November, as its competitors trigger similar upgrades.
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Simon ups dividend after results top analysts' expectations

October 25, 2013
Bloomberg News
Strong demand for space in Simon's outlet malls helped boost occupancy at its U.S. properties to 95.5 percent, up from 94.6 percent a year earlier.
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Alumnus Simon pledges $5 million to Columbia biz school

October 24, 2013
David Simon, CEO of Simon Property Group Inc., graduated from Columbia Business School in 1985. His gift will help build 450,000 square feet of new facilities on its campus.
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Meridian Mark buildings in Carmel expected to hit market

October 22, 2013
Scott Olson
The two eight-story, granite-clad buildings are highly visible along the North Meridian Street corridor, which has become attractive to investors as the market's vacancy rate continues to fall.
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Simon’s 20-year run has made investors a bundle

October 19, 2013
Greg Andrews
Simon Property Group now is the largest real estate company in the world and has a stock market value of $59 billion. That’s $6 billion more than Eli Lilly and Co., not that Simon's hypercompetitive CEO, David Simon, has noticed.
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Athenaeum shelves redevelopment of adjacent lotRestricted Content

October 19, 2013
Scott Olson
Plans to redevelop a surface lot adjacent to the historic Athenaeum building have been shelved after proposals failed to meet financial expectations.
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Developer launching rehab of vacant College Avenue retail building

October 15, 2013
Scott Olson
Developer Larry Jones said he’ll spend about $600,000 to renovate the 6,700-square-foot eyesore at 1101 N. College Ave., which has sat empty since the early 1980s.
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Simon’s board wrongfully denied CEO pay vote, lawyers argue

October 14, 2013
Bloomberg News
Simon Property Group directors improperly refused to let shareholders vote on changes to the company's executive-compensation plan that resulted in a $120 million stock award to CEO David Simon, investors' lawyers argued Monday in court.
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$120M lawsuit over central Indiana factory moves ahead

October 14, 2013
Associated Press
The appeals court declined to hear an appeal from Getrag Transmission of a Tipton County judge's ruling that the lawsuit filed by Walbridge Construction should go to trial or settlement.
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Tower would be first big addition to east side of Indianapolis in decades

October 12, 2013
Jeff Newman
The proposed Market Square Tower—if it’s built as planned at 28 stories and 370 feet—will be one of the 10 tallest buildings in Indianapolis.
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Chicago firm building spec warehouse in Plainfield

October 10, 2013
HSA Commercial Inc. plans to break ground later this month on the 220,000-square-foot building in the Gateway Business Park near Columbia Road and Ronald Reagan Parkway.
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Former Simon executive faces fraud charge

October 10, 2013
Kathleen McLaughlin
Federal prosecutors in Pittsburgh have charged Mark Palombaro of Carmel with a single count of mail fraud in connection with a kickback scheme.
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Deborah Simon giving $100M to Pennsylvania prep school

October 10, 2013
 IBJ Staff, Associated Press
The contribution from the daughter of Simon Property Group co-founder Mel Simon is one of the largest gifts ever made to an independent school in the United States.
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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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