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Real Estate & Retail
VOICES FROM THE INDUSTRY: Tenants-in-common pacts grow as investment vehicle
February 20, 2006
Michael A.The real estate boom has created vast amounts of wealth for investors nationwide. As those investors seek to capitalize on
that appreciation by selling properties, they will often reinvest in other real estate in order to delay the related tax bill
through a likekind exchange. Internal Revenue Code Section 1031 allows taxpayers to defer income taxes on the sale of property
if the proceeds are reinvested in similar or "like-kind" property. In the case of real estate, nearly all real...
MoreNew FBI facility: tough case to crack: Government struggling to find site to build field office for bureau
February 20, 2006
Tammy LieberThe highly-sought-after job of developing a new building for the FBI's Indianapolis field office is still in play, but it's
hampered by the federal government's inability to find a site for the building. A bevy of local and national developers are
expected to throw their hats in the ring to develop the building, which the Government Services Agency says needs to be 110,000
square feet. For the winner, it would be a high-profile project and one of the more significant...
MoreBEHIND THE NEWS: Consumer spending spree gives spark to Simon stock
February 13, 2006
Greg AndrewsIt's becoming almost ho-hum for Simon Property Group Inc. Another year, another round of eye-popping returns for the company's
shareholders. The Indianapolis-based mall owner, by far the nation's biggest real estate investment trust, just closed the
book on 2005, a year when funds from operations-a key measure of REIT performance-zipped up another 13 percent. Simon shares
last year rose 18 percent. Including reinvested dividends, the stock in 2005 returned 23 percent. It was the fifth year in
a row the...
MoreCity's cultural districts take artful approach: Five areas use $250,000 in grants on original public art projects
February 13, 2006
Matthew KishTwo wall-size murals now welcome people to Massachusetts Avenue. An abstract sculpture that looks like an Alexander Calder
tribute sits on a bridge in the Canal District. A towering blue and green obelisk marks the north end of Broad Ripple on College
Avenue. The works aren't part of an elaborate conspiracy by a renegade public artist. They're the result of two years of careful
planning by the city's Cultural Development Commission. In 2003, the commission designated five areas of the...
MoreDeveloper casts eye beyond downtown: New company led by Brian Knapp to look beyond condos in metro area
February 13, 2006
Tammy LieberA former Simon Property Group Inc. executive known in recent years for downtown condominium developments is launching a new
development company that puts him closer to his retail roots. Brian F. Knapp, president of Dinmont Development LLC, recently
created Diverse Development Co. LLC to focus on real estate beyond downtown's borders. He'll continue to serve as Dinmont's
president at least until its current projects are completed. Those projects, both joint ventures with locally based Hearthview
Residential Inc., are the 40-unit...
MoreOmni Severin seeks lot for expansion: Downtown parking garage, grand ballroom on drawing board
February 13, 2006
Matthew KishThe Omni Severin Hotel has confirmed it's negotiating to buy the surface parking lot immediately east of the hotel, which
it wants to redevelop into a parking garage capped by a 12,000-square-foot ballroom. Tourism officials love the idea, but
some parking lot managers say it's unnecessary. "We're buying it for a reason," said Chris Ratay, the hotel's area director
of sales and marketing. "This would allow us to have our own parking facility." Today, the hotel's valets run across the...
MoreEx-Winona owner under fire: Leland Medical Centers CEO faces fraud accusations, questions about his own bankruptcy
February 13, 2006
Tom MurphyAccusations of fraud and other misconduct are piling up against the former owner of Winona Memorial Hospital. Two companies
recently joined Winona's creditors in questioning money transfers made by Texasbased Leland Medical Centers Inc., which owned
the nowdefunct Indianapolis hospital from 2002 until a short time before it closed in 2004. Meanwhile, lawyers sorting through
the liquidation of Winona still have no explanation for why Leland took $3.6 million from the struggling Indianapolis hospital
before it slid into bankruptcy and...
MoreCHRIS KATTERJOHN The case of the missing passport Commentary:
February 6, 2006
Friday, 7:30 a.m.: I arrive at Indianapolis International Airport for a 9:01 a.m. flight to Puerto Vallarta, Mexico, where
I'll be attending a conference, and realize I have left my passport at home. I ask myself, "How could I be so stupid?" Friday,
7:35 a.m.: I check in at the American Airlines ticket desk, then call my brother, who is already at work. I ask him for a
"huge favor," whereupon he leaves work, goes to my house to retrieve...
MoreCompensation takes stage in state leasing contracts: Meridian Asset, Resource to cap fees on state leases
February 6, 2006
Tammy LieberNew contracts between the state of Indiana and two local commercial real estate brokerages signal the beginning of an overhaul
of how the state handles its real estate. Resource Commercial Real Estate and Meridian Asset Development will, at least for
the next year, broker leases on behalf of the state. State agencies pay nearly $40 million each year to lease space in nearly
every county. In many cases, agencies or the Indiana Department of Administration handle leasing duties, but IDOA...
MoreABDUL-HAKIM SHABAZZ: Indy Works, part deux (the sequel)
February 6, 2006
As someone who enjoys a good film, I always worry when Hollywood tries to produce a sequel. The producers figure they raked
in millions on an idea, so they run it again and again until it's run into the ground. Mayor Bart Peterson is hoping to pass
Indianapolis Works '06 through the Indiana General Assembly this session. How successful will this sequel be? Let's look at
all the players and find out. Last session, GOP lawmakers gave the mayor police...
MoreIPOs take minor dip in 2005: Analysts stay optimistic; 3 Indiana companies set to go public in early '06
January 30, 2006
Scott OlsonThree Indiana companies took the plunge to go public last year, two less than the number that did so in 2004. The state's
slight dip in initial public offerings mirrors the slump in activity nationally. But Indiana appears to be off to a fast start
for 2006. Three other Hoosier companies filed to go public late last year, but had yet to complete their IPOs by year's end.
Overall, the number of companies that went public on the major U.S....
MoreSPORTS: Crazy-with-grief Colts fans, you're now on the air
January 30, 2006
Bill BennerWelcome to WIBJ Radio. I'm Beebee, your host of "Sports Geeks." Our first caller is Fred from Franklin. Fred? Beebs, man,
here's how we handle those low-life, stomp-onour-hearts, marshmallow-soft Indianapolis Colts. We take their new stadium away.
I mean, they are not worthy. So until they reach the Super Bowl, I say keep 'em in the Dome. Fred, what do we do with that
big hole? Fill it in with water so the bean company can have beachfront property. Let's...
MoreAppliance biz heads north: Clark to open Castleton store, compete with H.H. Gregg Fine Lines for high-end customers
January 30, 2006
Matthew KishThe high-end appliance retailer Clark Appliance Showcase will open a store practically in the back yard of its closest competitor
in early March. Does the move signal a turf battle between two local retailers that cater to homeowners willing to pay luxury
car prices for a kitchen? Not really. The local market for products such as $10,000 Viking ranges is growing so fast that
executives at Clark and H.H. Gregg think there's room for both on the northeast side. "It's...
MoreBusy year, but no record: A Wellpoint deal leads list for second year in row, but 2005 lacks blockbuster
January 30, 2006
Peter SchnitzlerFor the second year in a row, a giant Wellpoint deal led the pack. As much money was involved in Wellpoint's $6.7 billion
acquisition of WellChoice Inc. as in the rest of the list combined. It was a huge deal by most any company's standard-except
Wellpoint's. The year before, Wellpoint's $22.7 billion merger with Anthem Inc. led all deals and then some. Thanks to that
single mega-deal, 2004's $31 billion list total shattered all previous local merger and acquisition records....
MoreBEHIND THE NEWS: Call puts Smulyan on spot; fellow execs know feeling
January 30, 2006
Greg AndrewsEmmis Communications Corp. didn't have the best news to report when it rolled out fiscal third-quarter financial results Jan.
9. Expect radio revenue next quarter to increase just 1 percent to 2 percent, the company said, even as expenses climb more
than 5 percent. Then, on the investor conference call that followed, Wachovia Securities analyst Marci Ryvicker didn't think
CEO Jeff Smulyan was his regular, upbeat self. "Jeff, your tone is less optimistic than it's usually been," she said on...
MoreECONOMIC ANALYSIS: Americans' spending binge is ultimately unsustainable
January 30, 2006
Patrick BarkeyAmericans don't save much these days. Twenty years ago, our 9-percent rate of savings was troubling and somewhat embarrassing,
compared with the double-digit savings rates of other industrialized economies. But that rate seems sky-high compared with
today. If savings rates remain as low as they've been the last few months, we may have to rename them. Dis-saving rates? It's
an odd-sounding word, if it even is one. But what else do you call a negative savings rate? According to the...
MoreBEHIND THE NEWS: Call puts Smulyan on spot; fellow execs know feeling
January 23, 2006
Greg AndrewsEmmis Communications Corp. didn't have the best news to report when it rolled out fiscal third-quarter financial results Jan.
9. Expect radio revenue next quarter to increase just 1 percent to 2 percent, the company said, even as expenses climb more
than 5 percent. Then, on the investor conference call that followed, Wachovia Securities analyst Marci Ryvicker didn't think
CEO Jeff Smulyan was his regular, upbeat self. "Jeff, your tone is less optimistic than it's usually been," she said on...
MoreBusy year, but no record: A Wellpoint deal leads list for second year in row, but 2005 lacks blockbuster
January 23, 2006
Peter SchnitzlerFor the second year in a row, a giant Wellpoint deal led the pack. As much money was involved in Wellpoint's $6.7 billion
acquisition of WellChoice Inc. as in the rest of the list combined. It was a huge deal by most any company's standard-except
Wellpoint's. The year before, Wellpoint's $22.7 billion merger with Anthem Inc. led all deals and then some. Thanks to that
single mega-deal, 2004's $31 billion list total shattered all previous local merger and acquisition records....
MoreSPORTS: Crazy-with-grief Colts fans, you're now on the air
January 23, 2006
Bill BennerWelcome to WIBJ Radio. I'm Beebee, your host of "Sports Geeks." Our first caller is Fred from Franklin. Fred? Beebs, man,
here's how we handle those low-life, stomp-onour-hearts, marshmallow-soft Indianapolis Colts. We take their new stadium away.
I mean, they are not worthy. So until they reach the Super Bowl, I say keep 'em in the Dome. Fred, what do we do with that
big hole? Fill it in with water so the bean company can have beachfront property. Let's...
MoreECONOMIC ANALYSIS: Americans' spending binge is ultimately unsustainable
January 23, 2006
Patrick BarkeyAmericans don't save much these days. Twenty years ago, our 9-percent rate of savings was troubling and somewhat embarrassing,
compared with the double-digit savings rates of other industrialized economies. But that rate seems sky-high compared with
today. If savings rates remain as low as they've been the last few months, we may have to rename them. Dis-saving rates? It's
an odd-sounding word, if it even is one. But what else do you call a negative savings rate? According to the...
MoreIPOs take minor dip in 2005: Analysts stay optimistic; 3 Indiana companies set to go public in early '06
January 23, 2006
Scott OlsonThree Indiana companies took the plunge to go public last year, two less than the number that did so in 2004. The state's
slight dip in initial public offerings mirrors the slump in activity nationally. But Indiana appears to be off to a fast start
for 2006. Three other Hoosier companies filed to go public late last year, but had yet to complete their IPOs by year's end.
Overall, the number of companies that went public on the major U.S....
MoreAppliance biz heads north: Clark to open Castleton store, compete with H.H. Gregg Fine Lines for high-end customers
January 23, 2006
Matthew KishThe high-end appliance retailer Clark Appliance Showcase will open a store practically in the back yard of its closest competitor
in early March. Does the move signal a turf battle between two local retailers that cater to homeowners willing to pay luxury
car prices for a kitchen? Not really. The local market for products such as $10,000 Viking ranges is growing so fast that
executives at Clark and H.H. Gregg think there's room for both on the northeast side. "It's...
MoreBike Line, Broad Ripple firm plan Mass Ave purchases: Two sales would be latest in owner-occupant trend
January 16, 2006
Tammy LieberTwo buildings on Massachusetts Avenue downtown are slated to change hands in coming weeks as two Broad Ripple businesses stake
their claims on the resurging corridor. The first deal scheduled to close is the sale of 409 Massachusetts Ave., owned for
the last 15 years by advertising firm Young & Laramore. Elizabeth Dillon, owner of RN Specialties, plans to move her growing
10-year-old company and its 21 employees into the 17,000-square-foot building after minor renovations to the ad agency's former...
MoreGrowing numbers facing 'rich' tax: Alternative minimum tax reaching middle class
January 9, 2006
Scott OlsonThe number of Americans subject to the alternative minimum tax is expected to skyrocket this year unless Congress passes a
retroactive safeguard. The tax, designed to prevent the rich from skirting taxation, threatens more middle-class families
every year because of inflation. But because federal lawmakers failed to extend a "patch" that normally protects the less-than-wealthy
from the AMT, it is estimated that 16 million more taxpayers could fall into its grasp this year. The AMT is catching many
local taxpayers...
MoreDaniels' team shakes up pension fund for teachers: Retirement plan may risk more on private equity
January 9, 2006
Peter SchnitzlerUnder Gov. Mitch Daniels, Indiana is renewing its commitment to making sure teachers receive their pensions. But in the process,
the state may also put their pension principal at greater risk. State Budget Director Chuck Schalliol said the $7.5 billion
Indiana State Teachers' Retirement Fund is considering expanding its holdings in private equity. The enormous pension fund
already allocates 5 percent of its assets, or $240 million, toward such investments, which include venture capital, real estate
and leveraged buyouts. Highly...
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The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!
I'm still waiting for the list of available, high quality apartments in the Village.
This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.