Real Estate & Retail

Creditor pursues troubled Premier's property

March 10, 2008
Cory Schouten
Wachovia Bank has begun foreclosure proceedings on one of Premier  Properties  USA Inc.’s most prized developments, a giant Ohio lifestyle center anchored by Target and J.C. Penney.
More

Local restaurants add sites, consider taking on chainsRestricted Content

March 10, 2008
Jennifer Whitson
Several local eateries are going through a growth spurt, adding locations despite central Indiana diners' reputation for being addicted to national chains. Ironically enough, the expansions could be the first step in transforming the local restaurants into chains themselves.
More

Creditor pursues Premier propertyRestricted Content

March 10, 2008
Cory Schouten
Wachovia Bank has begun foreclosure proceedings on one of Premier Properties USA Inc.'s most prized developments, a giant Ohio lifestyle center anchored by Target and J.C. Penney. The Charlotte, N.C.-based bank also is foreclosing on a vacant former Wal-Mart store in front of Premier's Metropolis mall in Plainfield.
More

City doles out incentives to Defender Direct:Restricted Content

March 3, 2008
Cory Schouten
The city plans to designate part of an office park near 96th Street and Keystone Avenue as an "economic revitalization area" to provide tax abatements for a local company that sells ADT security systems and Dish Network subscriptions. The company, Defender Security Co., has pledged to more than triple its Indiana work force-adding more than 1,100 new jobs-over the next 10 years. The state offered the company up to $6 million in tax credits and $345,000 in training grants to...
More

Browning eyes airport landRestricted Content

March 3, 2008
Chris O'Malley
Browning Investments is contemplating developing a business park just north of Indianapolis International Airport in what would be the largest development to date in the so-called Minnesota Street corridor.
More

Rug dealers' going-out-of-business sales aren't always what they seemRestricted Content

March 3, 2008
Tracy Donhardt
Phony going-out-of-business sales long have plagued Oriental rug retailing here and across the country, dealers say. The industry is susceptible because Oriental rugs can cost thousands of dollars, and many consumers lack the expertise to judge whether a rug's quality matches its price.
More

Airport may pay $8.8 million for hotel: Deal pending; Westin won't open until at least 2009Restricted Content

February 25, 2008
Jennifer Whitson
The Indianapolis Airport Authority board this month approved spending up to $8.8 million to help fund construction of a hotel connected to the midfield terminal set to debut Oct. 28. But delays in finalizing a deal with developer Mansur Real Estate Services means the $50-million-plus Westin will not be ready for guests until August 2009 at the earliest. The airport board picked Indianapolis-based Mansur to build the hotel nearly a year ago. "We're still talking about what it's going to...
More

Office tower bounces back: Renovated National City Center recovering from loss of SimonRestricted Content

February 25, 2008
Scott Olson
Once reeling from the loss of its largest tenant, National City Center now has a rising occupancy rate amid a major renovation that is resuscitating the aging office building. Indianapolis-based Simon Property Group Inc. vacated 182,000 square feet in National City Center by moving to its new headquarters a block away in the fall of 2006. The departure left the 16-story tower at the southwest corner of Washington and Illinois streets 28-percent unoccupied after years of being nearly full. Owner...
More

Housing slump puts Gramercy project in Carmel on hold:

February 25, 2008
Scott Olson
The deteriorating housing market and Carmel's plans to build more roundabouts have led The Buckingham Cos. to put the brakes on its ambitious Gramercy development project. The $500 million project set to begin in the spring now has no timetable. But when construction ultimately commences, it likely will begin with the commercial and retail portions rather than the home-building portion, as was originally planned, said Clyde Lee, a spokesman for the local developer. "They have revised the plans," Lee said....
More

BEHIND THE NEWS: How a smart businessman invested his way into prisonRestricted Content

February 25, 2008
Greg Andrews
In 1994, Indianapolis real estate entrepreneur Mark Ristow read some investment advice that changed his life. In the book "Beating the Street," Peter Lynch, the former star mutual fund manager, described a "can't lose proposition (almost)" called bank-conversion investing. The game: Buying stock in mutual, depositor-owned banks when they convert into public companies. Depositors get in at the initial-public-offering price, often a discount. So "the next time you pass a mutual savings bank or an S&L that's still cooperatively owned,"...
More

Right time for REITs?: Some predict beaten-down sector is ready for another winning streakRestricted Content

February 25, 2008
Cory Schouten
For seven years, real estate investment trusts delivered returns that clobbered the overall stock market. Then, last year, the winning streak came to an end. Between January 2007 and January 2008, REITs as a whole lost 24 percent of their value. An index of the companies took a bigger hit than most every other sector. Among local REITs, Duke Realty Corp. was the hardest hit, with its stock price falling 44 percent, from about $41 to $23, during the one-year...
More

Kite lands in hot retail spotRestricted Content

February 25, 2008
Cory Schouten
Another high-profile local developer is making a move to capitalize on the city's hottest retail corridor, joining mall giant Simon Property Group Inc. and upstart Premier Properties USA Inc. Kite Realty Group Trust paid $18.3 million for Rivers Edge shopping center, a 111,000-square-foot property just east of Clearwater Crossing.
More

VOICES FROM THE INDUSTRY: Protestors shouldn't control community developmentRestricted Content

February 25, 2008
Brian Mann
N e i g h b o r h o o d activists in Pittsburgh are fighting a development that would bring a grocery store, job training center, youth programs and other social services to the area of the Pittsburgh Penguins' $290 million arena. The Pittsburgh group was planning a march in protest. Is retail and commercial development next to a sports arena a bad idea? A Cambridge, Mass., neighborhood group was opposed to the development of three townhomes, arguing...
More

Commentary: A story we all should heedRestricted Content

February 11, 2008
Mickey Maurer
Last month, Brightpoint Inc. Chairman and CEO Bob Laikin was honored with Indiana University's Distinguished Entrepreneurs-In-Residence Award. If the selection committee was looking for an executive with pluck, it chose well. The IU Kelley School of Business hosts the Distinguished Entrepreneurs-In-Residence program to inspire students and help them learn about the challenges of starting or expanding an emerging business. Laikin's tumultuous and exciting journey left the students as dizzy as a day-long ride on the Kings Island Beast. Laikin founded...
More

Winona trustee still fighting hospital creditors, ex-ownerRestricted Content

February 11, 2008
J.K. Wall
Paul Gresk, the bankruptcy trustee overseeing the liquidation of Winona Memorial Hospital, is pushing for a showdown in court to prove his claims that Winona's former owner, Leland Medical Centers Inc., illegally transferred more than $4 million out of Winona.
More

Law firms making green push: Environmental teams provide marketing boostRestricted Content

February 11, 2008
Scott Olson
The next generation of environmental law is coming to a firm near you. Many law firms have existing practices that counsel clients on the complexities of complying with air and water permits or cleaning up contaminated properties. But now that the corporate sector is embracing "green" initiatives quicker than Al Gore accumulates carbon credits, environmental law is becoming as sexy as, say, intellectual property. Two of the city's largest firms-Ice Miller LLP and Baker & Daniels LLP-recently unveiled so-called "green"...
More

Trustee inches toward redeveloping property portfolioRestricted Content

February 11, 2008
Peter Schnitzler
Center Township Trustee Carl Drummer and his predecessors have stockpiled more than money over the years. The trustee's office also holds a portfolio of mostly undeveloped properties worth at least $10 million. Several key parcels have been on the trustee's books-and off the tax rolls-for decades. Drummer has made some progress in finding uses for the properties since an IBJ special report first questioned his holdings in November 2006. But it would have to be measured in inches. The most...
More

Financial crisis offers opening for banks' market-share reshufflingRestricted Content

February 4, 2008
Cory Schouten
Market observers rank today's credit crisis on par with some of the ugliest moments in U.S. banking history. News service Bloomberg predicted fourth-quarter lending losses could make it "the worst earnings period for the financial industry since the Great Depression." Yet amid the carnage, financial institutions are sniffing around for opportunities.
More

Developer with environmental bent has $20M pipeline of projectsRestricted Content

February 4, 2008
Cory Schouten
Expensive suits and luxury cars are standard issue for most developers, but not for the owners of locally based Casa Verde LLC. Three of four owners sport beards. They build only Leadership in Energy and Environmental Design, or LEED, certified projects. But don't let the hippie image mask the company's mission: Make green by building green.
More

Pedestrian bridge to state park still in the works: White River venues think hotel complex will be a boostRestricted Content

February 4, 2008
Jennifer Whitson
Developers of the $425 million hotel complex downtown still are working out plans for a pedestrian bridge spanning Washington Street that will connect it to White River State Park. Merrillville-based White Lodging Co. and Indianapolis-based REI Real Estate Services proposed a connector-either a bridge or an underground tunnel-in early designs of the convention hotel complex at the southwest corner of West and Washington streets. Although later site plans did not include the link, REI President Mike Wells said the developers...
More

Memo: Unpaid contractors demanding payment from Premier Properties

January 28, 2008
Cory Schouten
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal, security and interior design—more signs of financial troubles for the developer of Metropolis in Plainfield and the proposed Venu project in Indianapolis.
More

INVESTING: How to remain rational amid market's turmoilRestricted Content

January 28, 2008
Ken Skarbeck
We can let the mar ket mouthpieces and economists debate whether we are offi cially in a bear market or a recession, but investors don't need labels to know times are tough. One year ago at this time, the financial world was idyllic Credit was cheap and plentiful. The largest private equity takeover in history was nearing completion, with Sam Zell selling his Equity Office Properties for $40 billion to the Blackstone Group (signaling the market top for real estate...
More

Busy year, no whoppers: Deals were numerous in 2007, but lack of blockbuster holds overall price tag downRestricted Content

January 28, 2008
Scott Olson
The Indianapolis area didn't experience a monster-size business transaction in 2007 like it has in recent years, but that doesn't mean the deal-makers weren't busy. IBJ's annual list of Big Deals tracked more large business transactions involving Indianapolis-area companies than ever before in 2007, even though the total dollar amount of the deals was dramatically lower than the previous year's. Deals compiled by the Indianapolis Business Journal that closed in 2007 totaled $23.4 billion, well below the $38.5 billion posted...
More

Local builders slash jobs, offices to survive housing slumpRestricted Content

January 28, 2008
Cory Schouten
At the market's peak, builders churned out more than 12,000 new homes a year in central Indiana. In the current slump, new-home production has dropped to fewer than 7,000 per year, leaving builders with no choice but to slash prices, eliminate hundreds of jobs, and look to unload huge chunks of office space.
More

Firm that sells sunglasses for large heads lands Wal-Mart dealRestricted Content

January 28, 2008
Jennifer Whitson
In March 2006, USA Today picked up a local newspaper's profile of Indianapolis-based Fatheadz Inc., the company Rico Elmore and two partners founded in 2005 to sell eyeglass frames for larger heads. That eventually led to the company's big break: A Wal-Mart Stores Inc. executive read the article and ordered buyers to track down Fatheadz to make a deal.
More
Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT