Real Estate & Retail

Leading Edge ready to expand its territory: South-side real estate player eyes regional growthRestricted Content

August 18, 2008
Cory Schouten
The signs for Leading Edge Commercial Real Estate Services are hard to miss on the south side. And soon, they could be popping up all over central Indiana. The 3-year-old, Greenwood-based brokerage firm has grown from three employees to 14 and now is looking at adding two new offices, including one on the north side. The firm has more than 120 listings, up from about 60 at the start, mostly for office leasing and sales of smaller commercial properties. The...
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Developer pegs Plainfield for spec office building: Local real estate brokers question potential demandRestricted Content

August 18, 2008
Scott Olson
Now a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building. Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer. Infrastructure work...
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Huguenard a billion-dollar broker: Senior vice president at Colliers one of the nation's top deal-makersRestricted Content

August 18, 2008
Cory Schouten
John E. Huguenard is on a roll. He's got $1 billion in active industrial listings and is on track to top his $700 million deal volume from last year. The low-key super-broker for the local office of commercial real estate powerhouse Colliers Turley Martin Tucker has closed 17 deals worth a total of $250 million already this year. And that's no fluke: Huguenard, 45, has sold or leased more than 100 million square feet of industrial property in more than...
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Slump leaves empty feeling for subdivision residents: Developers struggling to finish what they startedRestricted Content

August 18, 2008
Scott Olson
The marketing material for the Sedona Woods community in Fishers boasts that once word gets out, home lots are sure to sell out quickly. In hindsight, the statement couldn't have been further off the mark. Roughly four years later, the subdivision that ultimately was to contain hundreds of homes built by Davis Homes LLC remains unfinished. And now, after the local builder ceased operations in late July, completion could take even longer. Sedona Woods at Promise Road and 136th Street...
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Murky motive adds intrigue to Old National loan saga

August 18, 2008
Greg Andrews
In the buttoned-down world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing for personal gain.
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VOICES FROM THE INDUSTRY: An open letter to the commercial lending communityRestricted Content

August 18, 2008
Brian Mann
Dear lenders: Perhaps you have seen the recent headlines that declared suburban Indianapolis among the best places in the country to live and raise a family. Perhaps you've also taken note that there are a lot of things happening in our communities. Big projects abound in the Indi anapolis area, including Lucas Oil Stadium and the Midfield Terminal at Indianapolis International Airport. People are so excited about the new stadium they lined up for hours trying to get a tour...
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Nordstrom new north-side store targets tonier shoppersRestricted Content

August 18, 2008
Gabrielle Poshadlo

Come Sept. 19, Nordstrom Inc.'s got a brand new bag--and, well, shoes, hat and ensemble to match--as the department store opens a second Indianapolis location, in the Fashion Mall at Keystone. Residing in Parisian's former quarters, the new store is poised to burnish the mall's reputation as the region's highest-end shopping destination.

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Strip centers feeling sting of housing market slump: Developers cutting back on new retail projectsRestricted Content

August 18, 2008
Scott Olson
Those ubiquitous retail strip centers are beginning to wither under a housing slump that has cast a dark cloud over much of the U.S economy. Heavily dependent on new-home construction, strip-center developments have been hurt by tough residential real estate conditions that have spread into the commercial arena and dampened retail activity. Nationally, the volume of strip-center investment transactions is down 77 percent from a year ago, according to a June commercial report from the Chicago-based National Association of Realtors....
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Slump leaves empty feeling for subdivision residents: Developers struggling to finish what they startedRestricted Content

August 18, 2008
Scott Olson
The marketing material for the Sedona Woods community in Fishers boasts that once word gets out, home lots are sure to sell out quickly. In hindsight, the statement couldn't have been further off the mark. Roughly four years later, the subdivision that ultimately was to contain hundreds of homes built by Davis Homes LLC remains unfinished. And now, after the local builder ceased operations in late July, completion could take even longer. Sedona Woods at Promise Road and 136th Street...
More

BEHIND THE NEWS: Murky motive adds intrigue to Old National loan sagaRestricted Content

August 18, 2008
Greg Andrews
In the buttoneddown world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing for personal gain. There are no allegations, for instance, of setting up fictitious borrowers to scoop up bank cash on his...
More

VOICES FROM THE INDUSTRY: An open letter to the commercial lending communityRestricted Content

August 18, 2008
Brian Mann
Dear lenders: Perhaps you have seen the recent headlines that declared suburban Indianapolis among the best places in the country to live and raise a family. Perhaps you've also taken note that there are a lot of things happening in our communities. Big projects abound in the Indi anapolis area, including Lucas Oil Stadium and the Midfield Terminal at Indianapolis International Airport. People are so excited about the new stadium they lined up for hours trying to get a tour...
More

Strip centers feeling sting of housing market slump: Developers cutting back on new retail projectsRestricted Content

August 18, 2008
Scott Olson
Those ubiquitous retail strip centers are beginning to wither under a housing slump that has cast a dark cloud over much of the U.S economy. Heavily dependent on new-home construction, strip-center developments have been hurt by tough residential real estate conditions that have spread into the commercial arena and dampened retail activity. Nationally, the volume of strip-center investment transactions is down 77 percent from a year ago, according to a June commercial report from the Chicago-based National Association of Realtors....
More

Leading Edge ready to expand its territory: South-side real estate player eyes regional growthRestricted Content

August 18, 2008
Cory Schouten
The signs for Leading Edge Commercial Real Estate Services are hard to miss on the south side. And soon, they could be popping up all over central Indiana. The 3-year-old, Greenwood-based brokerage firm has grown from three employees to 14 and now is looking at adding two new offices, including one on the north side. The firm has more than 120 listings, up from about 60 at the start, mostly for office leasing and sales of smaller commercial properties. The...
More

Developer pegs Plainfield for spec office building: Local real estate brokers question potential demandRestricted Content

August 18, 2008
Scott Olson
Now a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building. Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer. Infrastructure work...
More

Huguenard a billion-dollar broker: Senior vice president at Colliers one of the nation's top deal-makersRestricted Content

August 18, 2008
Cory Schouten
John E. Huguenard is on a roll. He's got $1 billion in active industrial listings and is on track to top his $700 million deal volume from last year. The low-key super-broker for the local office of commercial real estate powerhouse Colliers Turley Martin Tucker has closed 17 deals worth a total of $250 million already this year. And that's no fluke: Huguenard, 45, has sold or leased more than 100 million square feet of industrial property in more than...
More

Hundreds turn out for White auction

August 11, 2008
More than 1,000 people from nine states attended an auction Saturday of hundreds of items seized from Christopher P. White, the founder of bankrupt developer Premier Properties USA Inc.
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Strip-mall developer scales back as housing slump hurts small retail centersRestricted Content

August 4, 2008
Cory Schouten

A local developer known for its strip centers has stopped building new projects, scaled back its staff, and is trying to unload several of its properties in an apparent bid to survive. Williams Realty Group earlier this year shuttered its custom-home-building operation, DayMarc Homes, and now observers are wondering if owners Dave Crockett and Marc Freije can keep the rest of Williams afloat.


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BEHIND THE NEWS: News from the front lines: More tough times aheadRestricted Content

August 4, 2008
Greg Andrews
The past 12 months have been hard to take, with all the gloom-anddoom headlines about the weak housing market, subprime credit crisis and softening economy. We're all ready for some good news. Unfortunately, I can't provide it here. That's because executives on the front lines of Indiana business-those most tuned in to the twists and turns of the state's economy-aren't ready to call a turnaround yet. In second-quarter conference calls with analysts, the executives are trumpeting their firms' ability to...
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Hat World shows sign of recovering from lackluster yearRestricted Content

August 4, 2008
Chip Cutter

The locally based headwear retailer Hat World made a name for itself by snatching up competitors and opening hundreds of stores around the country. However, after sluggish sales in the fiscal year that ended Feb. 2, the company--a unit of Nashville, Tenn.-based Genesco Inc.--says it plans to open fewer stores than usual this year so officials can put their focus back on existing operations.


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Marsh sues Roche over sublease dealRestricted Content

July 28, 2008
Cory Schouten

Two giants of local business are preparing to slug it out in court over a soured sublease deal. Marsh Supermarkets filed suit in Hamilton County this month to enforce a deal with Swiss pharmaceutical and medical-equipment powerhouse Roche to sublease the grocer's entire 148,000-square-foot headquarters in Fishers. The deal, worth more than $47 million over 18 years, is one of the largest of its kind in central Indiana in years.


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Mortgage industry under more scrutiny: Tougher rules don't include yield-spread premiumsRestricted Content

July 28, 2008
Scott Olson
A housing crunch resulting from a flood of foreclosures has cast the spotlight on the deceptive practices that cause borrowers-particularly those with weak credit-to unknowingly pay more than necessary for a mortgage. The Federal Reserve earlier this month unanimously approved new lending rules in an attempt to tighten standards and prevent another such crisis. The changes will apply to all mortgage lenders and take effect Oct. 1, 2009. In the subprime category, a lender will have to assess a borrower's...
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Government officials dangle incentives, attracting firms across county linesRestricted Content

July 28, 2008
Peter Schnitzler

Marion County economic development officials are proud of their latest headquarters attraction. Bowen Engineering Corp. will inject 103 high-paying jobs into the Indianapolis economy immediately. And over time, the company expects to add another 138. Their average salaries will top $70,000. The deal didn't require Mayor Greg Ballard to travel to Japan, or even to another state. Bowen Engineering is moving all of 8.4 miles, from its former home in Fishers to the 8800 block of North Meridian Street.


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BEHIND THE NEWS: Former Carmel exec goes from fast lane to jail cellRestricted Content

July 28, 2008
Greg Andrews
Just a few years ago, Carmel businessman Edward Okun was living the high life. By last year, his personal holdings had grown to include four mansions, a helicopter, three airplanes, 20 automobiles, and a 130-foot yacht. Today, Okun is in a Virginia jail, is represented by a public defender, and faces the prospect of spending the rest of his life behind bars. And, angry investors say, rightfully so. They charge-and government investigators agree-that Okun financed his lavish lifestyle by misappropriating...
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Independent coffee shops feeling perkier than StarbucksRestricted Content

July 28, 2008
Chip Cutter

At a time when Starbucks is closing hundreds of stores nationwide, he and other local independent coffeehouse owners say they're doing just fine, largely because they're infusing their stores with personality and offering consumers an experience chain stores can't replicate.

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10 local Starbucks will be among 600 nationwide closingsRestricted Content

July 21, 2008
Cory Schouten
At least 10 local Starbucks stores are slated to close by early next year as part of a 600-store nationwide purge. The chain has named only 50 of the stores it plans to close, including two in Indiana, but it has notified the others. Those include at least six in Indianapolis and stores in Carmel, Greenwood and Beech Grove.
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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

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