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Real Estate & Retail
Marsh merger muddied: Federal filings show grocer wants to ponder richer offer, but legalities might prevent it
June 5, 2006
Matthew KishA new federal filing suggests Marsh Supermarkets Inc.'s board wants to negotiate with a second potential buyer, even though
it's already agreed to be sold to a Florida private equity firm. The original buyer, Boca Raton, Fla.-based Sun Capital Partners,
says merger talks with the new suitor, a partnership between Dallasbased Cardinal Paragon Inc. and New Yorkbased Drawbridge
Special Opportunities Advisors LLC, would violate the agreement already in place unless Sun Capital grants Marsh permission
to enter the discussions. And...
MoreCommercial real estate brokers can now file liens: New law to help resolve commission disputes
May 29, 2006
Jennifer WhitsonCommercial real estate brokers have a new weapon in disputes over unpaid commissions. A state law that goes into effect July
1 gives them the right to file a legal claim against property, known as a lien, when they think they're due commissions that
haven't been paid. Previously, their only option was to take the more drastic step of filing a lawsuit. "Where it's less than
a $50,000 commission, it's just not practical to file a lawsuit to recover fees,"...
MoreConrad high-rise condos sell fast: Only 4 of 15 residences left; biz leaders among buyers
May 29, 2006
Jennifer WhitsonEli Lilly and Co. President John Lechleiter is among the wealthy buyers who have snapped up all but four of the 15 private
residences perched atop the Conrad Hotel downtown. Lechleiter will be on the 23rd floor, one level from the top. Pete Piazza,
president of Piazza Produce Inc., will be on the 22nd. And insuranceindustry executive Jack Mead will be on the 21st. The
15 residences fill the top six floors of the new $100 million tower. They start...
MorePlug in professionals when tasks seem overwhelming:
May 29, 2006
Sharon O\'donoghueRunning a small business is daunting, to say the least. Small-business owners wear many hats and are expected to be a master
of everything: from hiring workers to coordinating group health coverage, from developing marketing materials to hitting sales
goals, from assessing technology needs to making tax and insurance payments, from issuing invoices to paying vendors-all while
keeping an eye on cash flow. Whew. Larger businesses may rely on individuals or entire departments responsible for each task.
For small-business owners,...
MorePROFILE ALEX INTERMILL: Life is an ongoing adventure for local attorney
May 29, 2006
-Della PachecoPROFILE ALEX INTERMILL Life is an ongoing adventure for local attorney As an attorney, Alex Intermill is used to the hectic
pace of corporate law. So you'd think that in his spare time, he'd just want to kick back and relax. You'd be wrong. The 33-year-old
is an environmental and real estate attorney with Indianapolis-based Bose McKinney & Evans as well as the town attorney for
Pendleton, in Madison County. He gets his adrenalin pumping by competing in mountain bike...
MoreStandard Life turns page, rolls with changes: A year after sale, firm improves rating, makes profit
May 29, 2006
Tom MurphyStandard Life Insurance Company of Indiana has much to celebrate as it passes the one-year anniversary of its sale to Capital
Assurance Corp. Profitability, a rating upgrade and product launches all are among the positives the company can tout since
it gained new life and left behind old owner Standard Management Corp. last June. Standard Life notched a $15.8 million profit
last year, due mostly to a gain from the sale of its life insurance business. Subtract that, though, and...
MoreECONOMIC ANALYSIS: Wanted: a broader view on public-policy issues
May 29, 2006
Patrick BarkeyThere's nothing wrong with self-interest in politics. We elect representatives to look out for our interests, after all. So
when legislation and policies affect things that matter to us-especially if it's a matter of financial interest-many of us
squawk, scream or otherwise throw a fit. And we hope to get noticed. But in policy debates in Indiana in recent years, we've
been getting lazy. It's easy enough to defend your interests, of course, but it's much harder to convince those...
MoreVacancies and sales spike at Circle Centre: Analysts say mall attracting higher-end shoppers
May 29, 2006
Matthew KishVacancies at Circle Centre mall hit a five-year high in 2005. But so did salesper-square foot. How does one reconcile the
discrepancy? Observers say the mall is luring more high-end consumers with trendier shops despite having a big chunk of open
space. "They've been incorporating and attracting more productive and upscale retail concepts," said Terry Sweeney, vice president
of real estate development for Indianapolis Downtown Inc. The 10-year-old mall posted $393 in sales per square foot in 2005,
up from...
MoreIllinois Building in danger?: Preservationists fear for landmark's future; owner mum on its fate
May 22, 2006
Jennifer WhitsonAfter sitting vacant for at least three years, the Illinois Building at the southeast corner of Market and Illinois streets
is gaining attention as one historic preservation group tries to forestall any plans that might include tearing it down. The
Historic Landmarks Foundation of Indiana added the building to its "10 Most Endangered" landmarks list earlier this year.
The group said it's ringing the alarm bells due in part to what Landmarks employees are hearing. "We have heard from a...
MoreBULLS & BEARS: Nation's hefty trade deficit puts value of dollar at risk
May 22, 2006
Ken SkarbeckWhenever anyone starts talking about foreign currencies and the U.S. dollar, you can usually see eyes-including mine-glazing
over. Nevertheless, now may be a particularly useful time for investors to gain awareness on this topic. Currently, a number
of wise investment thinkers share a growing concern that the U.S. trade deficit, currently running at an unprecedented 7 percent
of GDP (the country's output of goods and services), will eventually trigger a dollar decline. At Berkshire Hathaway's annual
meeting a couple of...
MoreStringtown-the next downtown success story?: Trio of real estate investors are betting on the burg
May 22, 2006
Jennifer WhitsonDrive around the roughly 50 blocks of Stringtown, a small, working-class neighborhood on the city's near-west side, and you'll
come across some cute, rehabbed, two-bedroom houses for rent. But there are also signs of neglect-boarded-up houses with siding
falling off, cars up on blocks, and broken windows. In the neighborhood just west of White River and the Indianapolis Zoo,
a few real estate investors are wagering that the tight-knit district is ready to blossom. The burg stretches from the river...
MoreCrown Hill nearing new deal: About 70 acres expected to sell for $5.2M
May 15, 2006
Jennifer WhitsonAn announcement on new development for 70 acres of woodlands held by Crown Hill Cemetery and Funeral Home may come within
weeks, bringing to a close a controversial land deal that some environmental and neighborhood groups hoped to stall. Crown
Hill leadership is talking with three developers that have submitted competing proposals for mixed-use projects, cemetery
President Keith Norwalk said. He declined to name the developers or provide details on their proposals but called an announcement
"fairly imminent." The price...
MorePurchase offer expected for Winona Hospital: Three interested parties check out empty facility
May 15, 2006
Tom MurphyVacant Winona Memorial Hospital could attract a written purchase offer as soon as this summer, and at least three potential
buyers are already researching a deal. Among the property's attributes are a layout that's well-suited for health care uses,
said Gus Miller, a principal with NAI Olympia Partners, an Indianapolis real estate firm listing the site for $8 million.
But the layout, with ceiling heights of only 8 feet, also limits the former hospital's appeal to businesses outside health
care....
MoreVOICES FROM THE INDUSTRY: Investors often end up being their own worst enemies
May 15, 2006
Ed SnyderIn recent years, an increasing number of researchers, particularly in the field of psychology, have come to believe that investors
undermine their investment and financial goals through such emotionally biased-even irrational-behaviors as overconfidence,
a herd mentality, bias toward recent market results, and an excessive aversion to risk. Eliminating such biases is difficult,
but investors can mitigate their impact by following several time-tested investing and financial planning principles. Think
long term Invest for the long term. Investing in riskier assets, such...
MoreCHRIS KATTERJOHN Commentary: Now we have a plan-let's use it
May 15, 2006
For years, Indiana politicians-at least the smart ones-have talked about the importance of economic growth and development,
and behind the scenes business leaders have replied, "Duh. How about coming up with some kind of plan?" This was always a
hot button for Dave Goodrich, retired real estate executive and former head of Central Indiana Corporate Partnership. In his
days at CICP, Goodrich would bend the ear of anyone willing to listen about the need for a plan. Well, how does...
MoreDaniels' economic development plan calls for pricey tools: Three incentive funds would cost more than $100M
May 8, 2006
Peter SchnitzlerIndiana's days of economic development on the cheap may soon be finished. Three major new business-incentive funds are on
the Indiana Economic Development Corp.'s wish list, each bearing a significant price tag. The General Assembly will decide
next year whether to provide the more than $100 million IEDC requests to form them. Plans for the three funds are tucked into
Gov. Mitch Daniels' comprehensive new state economic development plan, "Accelerating Growth," released April 25. It aims to
bring Hoosiers' lagging...
MoreBEHIND THE NEWS: California investor arrives with a splash-and a past
May 8, 2006
Greg AndrewsRemember the name Judah Hertz. The Californiabased real estate investor last month became a sizable player in the downtown
Indianapolis office market, buying the Gold Building and 251 East Ohio for more than $40 million. But he has bigger aspirations
here-and the cash to carry them out. "We like Indianapolis a lot," Hertz said. "We're definitely interested in purchasing
more buildings in Indianapolis." Plain-vanilla pension funds buy and sell buildings here all the time. By contrast, the 56-year-old
Hertz is...
MoreBULLS & BEARS: Marsh, Suros deals a study in how to value businesses
May 8, 2006
Ken SkarbeckTwo recent Indianapolis business deals have provided local investors with excellent case studies in business valuation. What
is truly instructive is that these acquisitions are polar opposites based on the valuation methods employed and in the future
expectations the buyers have for these two businesses. They are the announced purchase of Marsh Supermarkets Inc. for $88
million by Florida-based Sun Capital Partners and the acquisition of Suros Surgical Systems for $240 million by Massachusetts-based
Hologic Inc. In the Marsh acquisition,...
MoreNew funds target life sciences: MidPoint concentrates on agricultural technology; Heron aims at broader market
May 1, 2006
Peter SchnitzlerTwo new locally based venture capital funds believe Indiana is ripe with opportunity for biotech deals. With $20 million under
management, Heron Capital LLC is broadly focused on the whole Hoosier life sciences market. Attempting to raise $30 million,
the Mid-Point Food & Ag Fund LP has a narrower concentration: high-technology related to farming and nutrition. "We're very
excited about our prospects," said Heron Managing Director Greg Maurer. "We have a number of deals in the hopper, some of
which...
MoreLand drove Marsh sale: Sun Capital has backup in real estate if grocery biz fails
May 1, 2006
Matthew KishWhen Marsh Supermarkets Inc. put itself on the block in November, the company's stock dove. When it cut future executive compensation
$28 million a month later, the stock continued falling. When it terminated 25 executives and closed two groceries and six
convenience stores, shares slipped yet again. Nothing, it seemed, could stop the downward spiral. Then a footnote appeared
in the Fishersbased company's fiscal third-quarter financial report Feb. 21. It said an appraisal showed the company's real
estate was worth...
MoreCleveland tech firm going west: Parker Hannifin falls short of employment promises, plans to leave Intech Park
May 1, 2006
Tom MurphyA Cleveland-based technology giant plans to move its Intech Park operation next month, leaving behind some attractive office
space and a broken promise to create jobs. Parker Hannifin Corp. will consolidate its Indianapolis location into a California
site, spokesman Jim Cartwright said. It should empty its 30,700-square-foot offices in the park's Intech 10 building by the
end of June. The move will have no impact on Parker Hannifin's Tell City production facility, which employs about 100 people
who make industrial...
MoreLongtime developer undergoes changes: Shopping centers prove fruitful for Zinkan & Barker
April 24, 2006
Scott OlsonStephen Zinkan is one persistent fellow. The veteran real estate developer began knocking on the door of Cincinnati-based
The Kroger Co. in the early 1990s, in an attempt to build his firm's portfolio. He and Kelly Flynn had founded Flynn & Zinkan
Realty Co. in the early 1980s and carved a niche developing groceryanchored shopping centers. Amid the rejections, Zinkan,
56, implored Kroger to give him its toughest assignment. The corporation relented and handed him property at 71st Street and...
MoreScholar's Inn ready to rise: Starbucks-like strategy: 'Bread for the masses'
April 24, 2006
Matthew KishScholar's Inn bakers load delivery trucks with more than 5,000 loaves of bread each week. And each time head bread baker Jeff
Duez rolls a rack of apricot almond bread out to the loading dock, he ducks his head. A 5-foot-high doorway separates the
bakery's Bloomington kitchen from the ramp where delivery trucks pull up twice daily. That's one of the many inefficiencies
co-owner Lyle Feigenbaum addressed when he purchased a 10,000-squarefoot production facility the company will fire up this...
MoreRequired agent, broker education now available online: Rule change gives them option of Web or classroom
April 24, 2006
Scott OlsonIndiana real estate agents and brokers need not venture outside the comforts of their homes to complete continuing-education
requirements, thanks to a rule change allowing providers to offer courses online. Licenses expire every two years, and 16
hours of continuing education must be completed in that span for professionals to remain in good standing. The Indiana Real
Estate Commission adopted the change that took effect April 1. "Rather than having to go to a hotel room or a physical classroom...
MoreTower's leasing power should weather storm: Brokers say One Indiana Square will remain attractive
April 24, 2006
Scott OlsonSeveral downtown leasing agents doubt the storm damage incurred at One Indiana Square will have a significant impact on the
tower owners' ability to attract future office tenants. In fact, a few contend their quick response to containing the fallout
from displaced occupants could even make the building more attractive. "There are a lot of people who never have this challenge
put in front of them," said Jeff Harris, president of locally based Meridian Real Estate and a former marketing...
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Cats out of the bag. The object of the game is to get acquired. That means the company has no idea how to grow beyond a certain point. Email is a 1990s technology. I have laughed at this company since day one. Such a small bit player. If it was anywhere but here, it wouldn't be newsworthy.
Esther, Indy has passed Chicago in the local government corruption arena. Don't downgrade us. We're No. 1 in the Midwest.
Does the buyer get to keep the recent Accu-Chek J.D. Power award? Be careful, those Swiss cannot be trusted. Last June they pimped Mayor Ballard and former Governor Daniels at a media op, announcing plans to invest "$300 million at its Indianapolis headquarters, creating up to 100 new jobs by 2017," only to turn around and close the Roche Nutley, NJ facility and eliminate 1000 jobs there later the same week. It seems that healthcare can be innovated only as long as money is to be made. Right now Roche seems to have big eyes for China: there are many Chinese in China and potential billions in Swiss francs! Since Roche is having difficulty with US insurance companies swallowing the bill for overpriced cancer drugs (with debatable efficacy) why not sell insurance to the Chinese and market the drugs to them there? There is a name for these sort of business practices however proper decorum precludes it use in this forum.
Same kind of Luddites who oppose I-69. Guessing their 501(c)(4) application probably sailed right through the IRS.