Real Estate & Retail

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,...
More

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.
More

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.
More

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.
More

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.
More

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.
More

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.
More

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...
More

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...
More

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...
More

Defaults also hit business property: Experts expecting bump in commercial loan woesRestricted Content

April 28, 2008
Scott Olson
In the few short months since Gordon Hendry began leading the Property Management Division for the local office of CB Richard Ellis, the firm has become involved in a growing number of commercial loan defaults. Locally, CB Richard Ellis is the courtappointed receiver for Plainfield Crossing, a 92,000-square-foot West Washington Street strip center anchored by Value City, and for Crooked Creek Center, a 52,000-square-foot center at 79th Street and Michigan Road. Hendry expects the local office will be assigned to...
More

Criminal charges possible in Premier blowup: Bankruptcy puts slew of creditors' lawsuits on holdRestricted Content

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 said. Possible charges include check fraud and criminal mischief stemming from a $500,000 bad check White deposited into an account with The National Bank of Indianapolis in January. Accusations also are flying over whether White and Premier paid payroll taxes and properly credited employee 401(k) and health...
More

Emergency hearing scheduled for Premier

April 25, 2008
Cory Schouten
A U.S. bankruptcy judge has scheduled an April 28 emergency hearing over Premier Properties USA Inc.'s refusal to turn over records concerning its retail properties including Metropolis mall in Plainfield.
More

Premier Properties retreats into bankruptcy

April 24, 2008
Cory Schouten
Premier Properties USA Inc. filed for bankruptcy protection yesterday, narrowly avoiding the appointment of a receiver to take control of the troubled Indianapolis company.
More

Commentary: Remember better days at ATARestricted Content

April 21, 2008
Chris Katterjohn
On ATA, you're on vacation. That catchy tag line from the past has taken on new meaning to the 600 or so Indianapolis employees who were abruptly and unceremoniously terminated April 3 when the airline shut down for good. The singsong melody that accompanied those words in ATA's marketing is now a dissonant tune for them and the thousands of ticketed passengers who were left stranded. The airline whose name and jingle once evoked images of fun in the sun,...
More

Market Tower owners put it up for bid despite tough marketRestricted Content

April 21, 2008
Cory Schouten
The owners of Market Tower--the city's fourth-tallest skyscraper--tried to sell the 31-story building this month but apparently were unable to generate bids that met expectations. The timing of the sale--at a point when financing large deals is difficult--suggests the owners may be eager to unload the asset.
More

BEHIND THE NEWS: Plans in beaten-down state test HHGregg's strategyRestricted Content

April 21, 2008
Greg Andrews
HHGregg Inc.'s audacious expansion strategy is about to get its biggest test. Since 1999, the Indianapolis-based electronics and appliance retailer has charged into eight new metro areas, adding 78 stores in such markets as Atlanta; Knoxville, Tenn.; Birmingham, Ala.; and Charlotte, N.C. The company doesn't tiptoe in. It starts with multiple stores to justify the cost of building distribution infrastructure and launching an advertising blitz. The strategy has allowed it to swiftly build major market shares everywhere it's gone. Now,...
More

Texas investor enlists former Steak n Shake exec in quest to revive chainRestricted Content

April 21, 2008
Cory Schouten
Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member the company once described as a "modern-day founder" of the restaurant chain, along with a former partner in Kelley & Partners Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.
More

Premier Properties auction attracts no bids

April 17, 2008
J.K. Wall
No bids were submitted today at an auction for control of 10 properties owned by Indianapolis-based Premier Properties USA Inc., the financially troubled development company run by Chris White.
More

Commentary: Jim Browning, a champion of the cityRestricted Content

April 14, 2008
Tom Harton
It was probably 15 years ago when Jim Browning called and invited me to lunch for the first time. I don't recall why he extended the invitation, but I remember from the lunch that he was interested in what I had to say. And that surprised me. I didn't know Jim then, but I knew of him through his architecture firm, Browning Day Mullins Dierdorf. I also associated him with the group of bold civic leaders who came up with...
More

Building opportunities: CREW Careers offers girls a glimpse into the diverse world of commercial real estateRestricted Content

April 14, 2008
Della Pacheco
While one college basketball team just completed its journey to a national championship, CREW Network's women hope they're on a similar winning path-a path to scoring parity in the male-dominated field of commercial real estate. The Commercial Real Estate Women Network is a national member organization dedicated to the advancement of women in commercial real estate. It has 66 chapters, including one in Indianapolis. In 2005, CREW Network completed the industry's first comprehensive study of the status of women in...
More

One Indiana Square owner sues insurer over storm-damage repairsRestricted Content

April 14, 2008
Cory Schouten
The owners of a downtown skyscraper badly damaged in a 2006 storm are suing their insurance company after it halted payments on a facade-replacement project. The suit, filed April 1, accuses the insurance company of a "bad faith" attempt to avoid paying for repairs to the 36-story One Indiana Square building at the northeast corner of Pennsylvania and Ohio streets.
More

St. V: ERs needed in suburbs: Traditionally unprofitable service could thrive in two growing areasRestricted Content

April 14, 2008
Scott Olson
Building these facilities i n proven "growth markets" such as Boone and Hamilton counties, however, should prove more prosperous, insists St. Vincent CEO Vincent Caponi. A more upscale demographic is the telling factor. Yet, the network of hospitals is not about to abandon its purpose of serving the needy. "That doesn't mean the poor and underserved aren't going to be coming to our front door," Caponi said. "That's always been part of our mission. We will continue [to], and gladly,...
More

BREAKING: Lender to sell Premier properties

April 9, 2008
Cory Schouten
An auction this month could strip locally based Premier Properties USA Inc. of most of its real estate holdings.
More

Premier lays off workers as lawsuits, debt pile up

April 7, 2008
Cory Schouten
Premier Properties USA Inc. has eliminated about half its headquarters staff—more than 40 employees—as banks seize several of its properties and CEO Christopher P. White faces a barrage of new lawsuits alleging unpaid bills, defaulted loans, illegally redirected rent payments and check fraud.
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