Real estate deals

Foreclosure sought for downtown's Century Building

February 15, 2012
Scott Olson
The lender claims owner Blue Real Estate defaulted on an $8.5 million loan on the historic building after failing to make payments beginning in July 2011.
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Texas firm plans to move into Franklin distribution building

February 14, 2012
Scott Olson
Music wholesaler Anderson Merchandisers LP is expected to occupy a 703,000-square-foot warehouse formerly used by Best Buy.
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Broadbent sells part of Fashion Mall Commons

January 24, 2012
Tom Harton
The 86,634-square-foot building that houses a Kohl's department store fetched $15.3 million, or about $177 per square foot, according to a CoStar Group report.
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Brugge owners eye downtown buildings for brewery, eatery

January 10, 2012
Tom Harton
Owners of Broad Ripple’s Brugge Brasserie want to bring a new restaurant concept to the Massachusetts Avenue district downtown, where they also plan to relocate the craft brewery that supplies beer to Brugge.
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IndyFringe buys headquarters buildingRestricted Content

January 7, 2012
 IBJ Staff
The organizer of the IndyFringe Festival bought the building it has rented for three years and is raising money to expand it.
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Local developer rescues 1913 apartment building from wrecking ball

January 3, 2012
Cory Schouten
A local developer and historic preservation group have teamed up to save a 1913 apartment building near the Children's Museum from demolition.
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Design firms buy building on East Market StreetRestricted Content

December 31, 2011
 IBJ Staff
The one-story structure will serve as a studio and headquarters for Axis Architecture + Interiors and Rundell Ernstberger Associates LLC.
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Progress slow on variety of metro area deals

December 27, 2011
Tom Harton
Many projects we reported on here over the past year are still in progress, confirming that the real estate market is still sluggish.
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Krieg Bros. building sold to owner of nearby structure

December 22, 2011
Buyer Rick Coombes also owns the building at 111 S. Meridian St., the former home of Brenner Luggage, located just north of where the religious store operated for decades.
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Park Tudor land purchase puts stop to housing development

December 20, 2011
Tom Harton
The private school recently bought the 5.7 acres north of its campus that Dr. Bill Nunery, a local ophthalmologist, had planned to develop into an upscale residential enclave known as Grace Hill.
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Warnings about broker's tactics went unheeded

December 17, 2011
Cory Schouten
Several state employees openly questioned how John Bales' real estate brokerage did business long before the FBI launched an investigation that led to his indictment.
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Proposed Broad Ripple parking garage gets zoning OK

December 13, 2011
Scott Olson
The controversial project is a $15 million, three-story garage that the city of Indianapolis will subsidize with $6.3 million in parking meter revenue. The project also features a retail component, which neighbors say will lead to increased traffic.
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Carmel office/retail complex hurt by road project gets second chance

December 13, 2011
Tom Harton
Merchants Pointe, a two-building office/retail development at 116th Street and Keystone Parkway, is getting a fresh start after major road construction drove away tenants and caused a previous owner to default.
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Giant Super Bowl ads set to adorn downtown buildings

December 7, 2011
Cory Schouten
Downtown building owners are looking to cash in on the upcoming Super Bowl by selling space for massive temporary advertisements.
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New deals add to robust year in apartment sales

December 6, 2011
Tom Harton
The number of transactions has more than doubled compared with last year, a spike in deal flow caused by healthy occupancy rates and a combination of ample supply and low borrowing costs.
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Flaherty nears deal for Cosmopolitan investment

November 22, 2011
Cory Schouten
The developer of downtown's Cosmopolitan on the Canal is nearing a deal to sell a stake in the building to an investor in a move that could free up capital to launch a $24 million second phase.
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Mass Ave deal's brokerage fee raising eyebrowsRestricted Content

November 19, 2011
Cory Schouten
A real estate brokerage picked by the city to spearhead redevelopment of a prime Mass Ave parcel occupied by the Indianapolis Fire Department stands to collect a million-dollar-plus payday if it closes the deal.
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Buyers edging back into Indianapolis commercial real estateRestricted Content

November 5, 2011
Cory Schouten
Most buyers are bottom-fishers, investors looking for better returns or companies wanting their own building.
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Duke Realty's massive office sale wins praise on Wall Street

November 5, 2011
Greg Andrews
Investors have bid up shares of Duke Realty 13 percent since the company announced it was selling a huge portfolio of office buildings for $1.1 billion.
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Rivers Edge spawns new retail center across 82nd StreetRestricted Content

October 29, 2011
 IBJ Staff
Veritas Realty is betting more restaurants and retailers are interested in opening stores near Nordstrom Rack and The Container Store.
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Duke Realty selling 82 office buildings for $1.1B

October 21, 2011
 IBJ Staff
The sale includes buildings with a combined 10.1 million square feet of space in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa. None of the properties are in Indiana.
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Jillian’s arcade games, bowling alley up for auction

October 20, 2011
An auction to liquidate the downtown entertainment complex will be held Oct. 26 to sell more than 100 arcade games, a nine-lane bowling alley and 12 pool tables. Jillian's operators owed the landlord roughly $700,000 in unpaid bills.
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Real estate brokerage sues IU Health over commissions

October 20, 2011
Scott Olson
CBRE Inc. accuses the local hospital system of cheating it out of consulting fees that could top seven figures related to several building projects.
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Texas investors buy northeast-side hotel

October 18, 2011
Tom Harton
A couple from suburban Houston bought the 187-room Ramada Inn in an online auction for $1.3 million and have rebranded it as ExtendASuites.
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Apartments, retail planned for Virginia Ave. corridorRestricted Content

October 8, 2011
Cory Schouten
Call it Extreme Makeover: Holy Rosary. Just about every building and corner along a four-block stretch of Virginia Avenue in this historic neighborhood southeast of downtown is under construction or will be soon.
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  1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

  2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

  3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

  4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

  5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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