Real Estate & Retail

Trustee working to determine Premier assets

June 11, 2008
Cory Schouten
A bankruptcy trustee is planning an auction of Premier Properties USA Inc.'s remaining office furniture while struggling to get a handle on what other assets remain for the defunct developer.
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Business leaders battle over real estate left behind by Payton WellsRestricted Content

June 9, 2008
Cory Schouten
The Malibus and Impalas disappeared from Payton Wells Chevrolet more than 18 months ago, but the controversy over the defunct dealership at 1510 N. Meridian St. is far from being in the rearview mirror for some of the city's top businesspeople and developers. A court battle over the dealership's properties could determine when and how the roughly six acres of prime land are redeveloped.
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Developers vie for property by Central LibraryRestricted Content

June 9, 2008
Chip Cutter
Two high-profile property developers are squaring off for the rights to transform a six-story apartment complex adjacent to the Central Library downtown. Van Rooy Properties and Buckingham Cos. both submitted proposals to redevelop the Ambassador apartments at 39 E. Ninth St., just north of the library.
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Boberschmidt appointed Premier trustee

June 2, 2008
Chip Cutter
Philip Boberschmidt of the downtown law firm of Boberschmidt and Powers has been appointed trustee to oversee liquidation of Premier Properties USA - a task that begins today.
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IU, Bloomington disagree over best sites for biz developmentRestricted Content

June 2, 2008
Jonathan Hiskes
Indiana University and the city of Bloomington are at odds over how best to commercialize the university's discoveries--or, more specifically, where to commercialize them.
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Zender trying to sell 18 apartment complexes for about $40 millionRestricted Content

June 2, 2008
Chip Cutter
A locally based property management firm is struggling to find a buyer for its downtown apartment complexes, even as the city's rental market continues to thrive. The privately owned Zender Family Limited Partnership, which was founded 38 years ago, placed its 18-property apartment portfolio up for sale in November.
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VIEWPOINT: A prayer for the housing marketRestricted Content

June 2, 2008
Jon Ford
Please, Chairman, forgive me, for I have sinned and I herewith repent. Please Chairman Bernanke, hear my prayers. Please give me only one more housing bubble and I will forever honor you with the restraint you desire. I have succumbed to the seven deadly sins of investing and I herewith vow never again to do so, so long as you let interest rates continue to fall. I have been weak in seven ways: Hubris. Yes, it is true. I believed...
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Premier Properties to be liquidated

May 30, 2008
Chip Cutter
A judge reclassified the bankruptcy status of Premier Properties USA today, clearing the way for a U.S. trustee to take hold of the company and begin selling its assets.
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Castalia planning green neighborhood: Carmel-based custom homebuilder lining up financing for Mooresville community with 144 eco-friendly homesRestricted Content

May 26, 2008
Scott Olson
In terms of eco-friendliness, few homes in central Indiana boast much more than a high-efficiency furnace or low-flush toilet. But a Carmel-based custom-home builder is so certain the region is ready to embrace the green movement that he is willing to risk investing in a residential community designed to achieve national environmental recognition. Frank Redavide, president of Castalia Homes LLC, is finalizing financing for the project and plans to start construction within 60 days. The 144-lot development, called Villages of...
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New Lafayette Square owner pitching major expansionRestricted Content

May 26, 2008
Cory Schouten
Lafayette Square Mall could look a lot like the revitalized Glendale Town Center in a few years if the mall's new owners get their way. A proposed site plan shows that New York-based Ashkenazy Acquisition Corp. doesn't intend to settle for filling the mall's ample vacant space.
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Construction behemoth Skanska sees potential in Indy: U.S. division of Swedish-based company sets sights on health care, education, pharmaceutical building sectorsRestricted Content

May 26, 2008
Scott Olson
New Jersey-based Skanska USA Building Inc., a division of the $23 billion Swedish construction powerhouse Skanska AB, arrived in Indianapolis in April. Named last year as the top green contractor in the nation by Engineering News-Record magazine, Skanska USA is recognized in particular for its projects in the health care, higher education and pharmaceutical sectors. Its largest project, however, is the $998 million Meadowlands football stadium under construction in New Jersey. Locally, Terry Parrott, 50, is in charge of operations....
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Veteran apartment pro starts development firm: Sebree teaming with Thompson Thrift on ventureRestricted Content

May 26, 2008
Cory Schouten
John Sebree is launching Watermark Residential as a partnership with the owners of Carmel-based Thompson Thrift, a development and construction firm best known for its retail strip center projects. Thompson Thrift was eager to diversify its business, and apartments are as attractive as ever: The subprime mortgage meltdown has reduced the volume of new single-family homes, and the condo market also is hurting. Meanwhile, apartment occupancy rates are sky high in many markets, including Indianapolis, and the prospects for rent...
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Builders relying on medical projects: Amid general slowdown, health care sector busyRestricted Content

May 26, 2008
Tracy Donhardt
There's no shortage of research pointing to the growth in the health care industry. For example, health care expenditures will account for nearly a quarter of the gross domestic product by 2020. Consumers are increasing the number of times they visit the doctor, and the increase is even greater for baby boomers. The number of medical procedures being performed on an outpatient basis rises yearly. And jobs in the industry will grow 20 percent by 2016. To meet those demands,...
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DeBartolo to buy Metropolis from Dominion CapitalRestricted Content

May 19, 2008
Cory Schouten
Tampa, Fla.-based DeBartolo Development has reached a preliminary agreement to buy Plainfield's Metropolis mall out of foreclosure and hopes to hook Macy's and Bass Pro Shops to anchor a second phase.
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Tax appeals to open flood of business: Lawyers, consultants getting readyRestricted Content

May 19, 2008
Scott Olson
Tax attorney Sandy Bickle looked forward this summer to taking her first two-week vacation since 1976. But the latest property reassessment and the tax bills to follow are expected to generate a slew of appeals, prompting Bickle to rethink her plans. "I'll probably take one, but it won't be two weeks," lamented Bickle, who serves in an of-counsel capacity at Ice Miller LLP. "I expect to be very busy." She's not alone. Tax lawyers, consultants and appraisers all likely will...
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Land banking: Banks grab top sites for branches, often years before they buildRestricted Content

May 19, 2008
Cory Schouten
Many of central Indiana's banks are filling their own safe-deposit boxes, but they're not stuffing them with jewelry, legal documents or blackmail material. They're banking parcels of land. The sites often are in fast-growing suburbs or redevelopment areas that hold potential for new brickand-mortar bank branches, sometimes several years down the road. Competition can be fierce for the prime sites, and other financial institutions aren't the only nemesis for banks: Walgreens and CVS also are fighting over the best ground,...
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Trustee to intervene in Premier bankruptcy

May 12, 2008
Cory Schouten
The U.S. Trustee's office plans to file a motion to intervene in a Chapter 11 bankruptcy case brought by Premier Properties USA Inc. because the development firm is insolvent.
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Simons poised to give estate to IURestricted Content

May 12, 2008
Cory Schouten
Billionaire philanthropists Mel and Bren Simon are laying the groundwork to donate Asherwood--their extravagant Carmel estate and golf course--to the Indiana University Foundation, potentially to house a new think tank. The couple plans to downsize into a home just outside the town square in the nearby Village of WestClay.
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Davis Homes faces lawsuits; DayMarc out of businessRestricted Content

May 5, 2008
Cory Schouten
A depression in the home-building market has claimed a Fishers builder and continues to hammer locally based Davis Homes LLC--a powerhouse for years that now is facing foreclosure on about 80 home sites.
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Car makers turn up pressure for bigger, but fewer, storesRestricted Content

May 5, 2008
Chris O'Malley
Domestic automakers were already scheming about new ways to chop dealers--cutting costs to service them--as their market share drained to Toyota and other foreign competitors. Now, an economy standing on the brakes could drive another round of dealer consolidations that might not be a good deal for family-owned peddlers of metal.
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Criminal charges possible in Premier blowup

April 28, 2008
Cory Schouten
Authorities are considering pursuing criminal charges against Christopher P. White and other executives at Premier Properties USA Inc. in connection with deepening troubles at the local development firm, sources familiar with the matter told IBJ.
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Renovated Central Library spawns neighborhood revivalRestricted Content

April 28, 2008
Cory Schouten
A local developer plans to spend up to $45 million building a "north village of downtown" on several parcels it has assembled near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.
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VOICES FROM THE INDUSTRY: Making green make sense in a competitive marketRestricted Content

April 28, 2008
Robert Stefanski
Day after day, the news seems filled with stories of disruptive credit markets, an economy teetering on recession, and increasing energy costs. As business professionals grapple with such issues daily, why would commercial real estate professionals consider the time and effort to "go green"? Historically, green initiatives suffered in part from stereotypical "tree-hugger" false perceptions. Such perceptions may lead people to believe that green investments simply aren't worth it. The truth? The real focus has always been the efficient use...
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BEHIND THE NEWS: Is it time for investors to bite on Steak n Shake?Restricted Content

April 28, 2008
Greg Andrews
It takes courage, but sometimes the best time to invest in a stock is when almost no one else is. That strategy paid off royally with Finish Line Inc., whose shares are up 180 percent this year. Now, is the time right to dive into The Steak n Shake Co.? To be sure, naysayers can find plenty of reasons to steer clear of Steak n Shake, which helps explain why shortsellers-investors who make their money when shares fall-have flocked to...
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Former Duke retail executive ready for first solo project: Schembre preparing to break ground on $15M Lawrence CommonsRestricted Content

April 28, 2008
Scott Olson
A former Duke Realty Corp. executive who hung up her own shingle last year is close to breaking ground on her first project. Cindy Schembre, 49, launched Via Retail Development LLC in January 2007 and is negotiating with tenants and closing on the purchase of 11 acres at 56th Street and Mitthoeffer Road. The $15 million project, known as Lawrence Commons, is an 80,000-square-foot neighborhood center that is slated to break ground in June. The development includes a 45,000-square-foot anchor...
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