Commercial Real Estate

Buyer of Illinois Building envisions conversion into upscale hotelRestricted Content

November 16, 2013
Scott Olson
A high-profile local developer has bought the Illinois Building and is considering offers to convert the downtown landmark into a boutique hotel that could be the city’s first five-star lodge.
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Kite Realty raises $217.3M in secondary share offering

November 14, 2013
The local rest estate investment firm says it will use some of the proceeds to repay debt and the rest to fund part of its recent $307 million purchase of nine Southern retail properties.
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Former Mayor Peterson joins Kite Realty board

November 12, 2013
 IBJ Staff
The former two-time mayor is better known for politics and public policy, but he spent many of his early years working in his family’s commercial real estate company.
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Uptown Business Center headed to sheriff's sale

November 12, 2013
Scott Olson
The building in SoBro is at the center of a lengthy court feud in which the owner had attempted to delay foreclosure by filing to reorganize assets—a strategy that a bankruptcy judge rejected last month.
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Former Marsh exec joins local Colliers officeRestricted Content

November 9, 2013
Former Marsh Supermarkets Inc. executive Bill Marsh has joined the Indianapolis office of Colliers International as vice president of retail services.
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Kite Realty to pay $307M for 9 retail properties

November 6, 2013
The Indianapolis-based real estate firm said the properties total 2 million square feet and are mostly located in Florida, Georgia and Texas. The acquisition would bump the size and value of Kite's portfolio by about 20 percent.
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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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