IBJNews

Lawrence Township finds buyers for surplus buildings

Back to TopCommentsE-mailPrintBookmark and Share

The Lawrence Township school district has sold one building, has three offers for another and is seeking tenants for 100,000 square feet in a third building as it follows through with a plan launched last fall to dispose of its surplus real estate.

The district closed two weeks ago on the sale of a 15,700-square-foot building at Fort Harrison. The buyer was The Hutson School, a K-12 school for students with language-based learning disabilities.

Tim Norton, a principal in Summit Realty Group, the firm hired by Lawrence Township to assess the district’s real estate holdings, said the building at 5626 Lawton Loop East Drive sold for the $1.4 million asking price. The sale included 11 acres of adjacent land.

A church that had been leasing the building has moved out, and the school has embarked on $170,000 in improvements, including a new roof and cosmetic upgrades, to prepare the building for 85 students and 30 faculty members later this summer, said school headmaster Janet George.

George said the school is being renamed Fortune Academy to recognize $500,000 in gifts from local philanthropist Richard H. Fortune and his family’s foundation that went toward the purchase of the building. This fall will mark the start of the private, not-for-profit school’s 11th year. It is relocating from space it rents from a Lutheran church at 75th Street and Shadeland Avenue. Fortune Academy was represented in the building purchase by Chriss Horton of One Source Commercial Realty.

The Lawrence Township school district also has decided to sell the 46,370-square-foot original Lawrence Central High School at 8301 E. 46th St.

Norton said three offers, all near the $650,000 asking price, are on the table. The school board is expected at its July 9 meeting to accept one of the offers, all of which are from developers of senior housing that propose retrofitting the building to house from 42 and 60 apartments. The building, which includes 2.4 acres of land, was built in 1923 as the township high school. Most recently the district used it for storage and to house its maintenance division.

Those functions and the district’s administrative offices are now housed at the former Craig Middle School, 6501 Sunnyside Road, which became the Lawrence Education and Community Center last year. Norton said the building has about 100,000 square feet of excess space that his firm is shopping to not-for-profit tenants. The asking rent is $15 a square foot, full service.

The consolidation of functions into that 246,000-square-foot building precipitated the district’s decision to hire Summit to evaluate its real estate assets, Robin Phelps, the district’s chief financial officer, told IBJ last October.

The district’s offices had been housed in a 20,800-square-foot administration building at 7601 E. 56th St. Based on Summit’s recommendation, the district has decided to raze that building, which is adjacent to Belzer Middle School. The land will be used for a softball field and additional parking for the school. Norton said leasing or selling the building wasn’t feasible considering the improvements it needs.

Lawrence Township is fortunate to have been able to resolve its surplus assets situation in a relatively short amount of time, especially given the lackluster real estate market, Norton said.

“These are difficult properties, even in good times,” he said.

Phelps, the CFO, said the district is happy with the outcome. "The district has been pleased at how quickly we've received offers on the properties," she said.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

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
  1. Angela IS the best RD

  2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

  3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

  4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

  5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

ADVERTISEMENT