Real estate deals

Developer requesting $1M over Broad Ripple project delays

June 25, 2014
Scott Olson
Browning Investments Inc. is seeking the damages from opponents of its proposed $30 million apartment-and-retail projects for costs related to construction delays due to a pending appeal.
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Washington Prime buys Clay Terrace stake from Lauth

June 17, 2014
 IBJ Staff
Simon Property Group spinoff Washington Prime Group on Monday announced deals worth about $326 million involving at least seven shopping centers, including Clay Terrace in Carmel.
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Cornerstone sinks $4M into Carmel medical office building

May 27, 2014
Scott Olson
The Indianapolis-based developer bought the building on Old Meridian Street early this year from The Spine Institute—its only tenant at the time—and now has the facility fully leased.
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Precedent Office Park owner cashes out at steep loss

May 3, 2014
Scott Olson
The owners of the 19-building Precedent Office Park are poised to unload the massive property, but at a price much cheaper than what they gave nine years ago during the height of the real estate boom.
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Broad Ripple landmark has new owner

April 22, 2014
Scott Olson
Monon Housing Partners LLC bought what's known as Mustard Hall near the southeast corner of Broad Ripple and Guilford avenues and is seeking tenants for the building.
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Chatham Tap crew buying ex-church for brewery, restaurant

April 19, 2014
Scott Olson
The owners of two popular pubs on Massachusetts Avenue are delving into the trendy micro-brewery business with plans for a brewery and restaurant in a historic former church a few blocks away.
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City christens Market East cultural district downtown

April 16, 2014
 IBJ Staff
The area—roughly 14 square blocks—anticipates a passel of new development on and around the former site of Market Square Arena.
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Kite sells three retail properties for $35.2 million

April 9, 2014
Indianapolis-based Kite Realty Group Trust, which is in the midst of a major merger, had decided that the three properties scattered across the country were "non-core assets."
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Anderson businessman pays $7.9M for prime farmland

April 9, 2014
Associated Press
More than 800 acres of prime farmland in Delaware and Madison counties sold during open bidding on Tuesday for $7.9 million.
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Angie's List to take big chunk of Landmark Center

March 27, 2014
Chris O'Malley
The move into nearly 100,000 square feet of office space is intended to consolidate Angie's off-campus workers downtown. It's a boon to struggling Landmark Center, which has been hemorrhaging tenants.
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'Architecturally significant' Cummins HQ likely won't scrape downtown skyline

March 26, 2014
Scott Olson
The engine maker's planned global distribution headquarters downtown will seem modest compared to a 28-story apartment complex slated for across Market Street, but the firm has a strong history of promoting breath-taking architecture.
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City to consider $7.7M bond issue to assist Broad Ripple project

March 18, 2014
Scott Olson
Browning Investments Inc. says that it is seeking $5.7 million from the bond issue to help finance Canal Pointe, its controversial $30 million apartments-and-retail project.
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Home-remodeling firm giving new life to vacant Carmel center

March 18, 2014
Scott Olson
The vacant, 14,500-square-foot property in the heart of the city has been purchased by a local home-remodeling company, which plans to occupy half the building and lease the rest.
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Red Cross rethinking downtown HQ design, delaying land swap

March 10, 2014
Scott Olson
Re-examination of the scope of the not-for-profit group's project has stalled progress on a three-way property exchange that would clear the way for a massive apartment project on Massachusetts Avenue.
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Weaver's site sale could lead to Broad Ripple village-park connector

February 21, 2014
Scott Olson
Weaver's Lawn & Garden Shop at 1316 Broad Ripple Ave. has been in business for decades. Now that family members have sold the property, local leaders hope the land eventually can serve as a recreational link.
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New Jersey firm pays $30.2M for Plainfield warehouse

February 20, 2014
Chambers Street Properties purchased the 622,440-square-foot distribution center completed early last year. Hartz Pet Products occupies the entire space.
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Kite paying $1.2B for rival real estate developer

February 10, 2014
 IBJ Staff
Kite Realty Group Trust will remain in Indianapolis after the purchase, which will balloon its holdings to 131 properties covering 20 million square feet of shopping center space in 26 states.
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Westfield center brings nearly $3.6MRestricted Content

January 25, 2014
Marcus & Millichap listed the property at 701 E. Main St., which brought nearly $3.6 million, or 95 percent of the asking price.
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North-side office buildings sell for $25 million

January 9, 2014
Scott Olson
Cincinnati-based Neyer Properties has made its first foray into the Indianapolis market by purchasing two buildings near Keystone at the Crossing. A $2 million renovation is in the works.
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Greenwood firm buys building near Lucas Oil Stadium

January 7, 2014
Scott Olson
The Alderson Commercial Group of Greenwood bought the building at 425 W. South St. late last year and plans to move into it in April. It last housed the Super Bowl Host Committee.
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Century-old Mass Ave landmark changes hands

December 31, 2013
Scott Olson
The Marott Center was built in 1906 as one of the first multi-level department stores in Indiana and is listed on the National Register of Historic Places.
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Owners of Regions Tower putting building on the market

December 17, 2013
Scott Olson
Office brokers say the 662,000-square-foot-building, downtown's third largest, could fetch more than $60 million, or about $100 a square foot.
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Activity at AmeriPlex gaining steam

December 10, 2013
Scott Olson
The west-side industrial park, one of the city's largest, is experiencing robust construction activity that includes more than just distribution centers.
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Meridian corridor office complex sells for close to $43 million

December 9, 2013
Mason King
The buyer, Equus Capital Partners, has made a habit of purchasing large-scale, Class A office properties on the north side of the city.
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Final piece of city land-swap deal almost done

December 6, 2013
Scott Olson
Indianapolis Fire Department Credit Union officials are set to sign off on a deal with the city to build a facility downtown near College Avenue. That would clear the way for a $43 million project on the credit union's current Mass Ave site.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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