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Leases/leasing contracts

August 21, 2012
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-Burlington Coat Factory leased 70,000 square feet at a former WalMart store at 2575 E. Main St., Plainfield. The tenant was represented by Brad Gershman of Gershman Brown Crowley. The landlord, Tabani Group, was represented by Tom English and Larry Davis of Sitehawk Retail Real Estate.

-ExactTarget leased an additional 22,064 square feet in the Century Building, 36 S. Pennsylvania St. The tenant was represented by Jenna Barnett of Newmark Knight Frank Halakar Real Estate. The landlord, Blue Real Estate, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.

-Respiratory Partners renewed its lease and expanded to 7,200 square feet of office/warehouse space in Directors Row, 2461-E Directors Row. The landlord, American National Insurance Co., was represented by Don Wahle of Harshman Property Services LLC. The tenant represented itself.

-Imani Community Church leased 6,309 square feet of retail space at Lafayette Place, 3754 Commercial Drive. The tenant was represented by Jacqueline Haynes of Cassidy Turley. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.

-AWS Holdings renewed its lease and expanded to 6,055 square feet of office space in Directors Row, 2431-A Directors Row. The landlord, American National Insurance Co., was represented by Don Wahle of Harshman Property Services LLC. The tenant represented itself.
 
-ARGI Financial Group leased 3,719 square feet at Castle Creek V, 5750 Castle Creek Parkway. The tenant was represented by Rob Bussell of The Bussell Group. The landlord, ORIX USA Capital Markets, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.

-Unified Investigations and Sciences Inc. leased 3,300 square feet of industrial space at 7738 Moller Road. The tenant was represented by Glenn Davis of Colliers International.  The landlord, Duke Realty LLC, was represented by Jay Archer of Duke Realty.

-Prime Way Institute LLC leased 2,117 square feet of office space in the Meridian Professional Building, 3266 N. Meridian St. The landlord, PBB III LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-Rocket Fizz leased 2,036 square feet at 55 Monument Circle. The tenant was represented by Aaron Boyle of Midland Atlantic.  The landlord, Winthrop Management LP, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group and Ryan Hurst of Urban Space Commercial Properties.

-BroadBand Interactive Inc. leased 1,895 square feet of warehouse space at Roosevelt Business Park, 2512 Roosevelt Ave. The landlord, Gilliatte Family Realty LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-Polizzi Real Estate leased 1,590 square feet of office space at Auburn Woods Plaza, 9640 Commerce Drive, No. 413, Carmel. The tenant was represented by John Levinsohn of Levi Realty Investments. The landlord, Sandor Development, was represented by George Crawford of NAI Meridian.

-Mucci’s Jewelry leased 1,406 square feet of retail space at Cherry Tree Plaza, 9725 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-VIP Beauty Salon leased 1,110 square feet of retail space at 7011 N. Michigan Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Prism Medical Products leased 1,050 square feet of office space in Directors Row, 2415-J Directors Row. The tenant was represented by Chris Black of CBRE. The landlord, American National Insurance Co., was represented by Don Wahle of Harshman Property Services LLC.

-C&C Midwest Firearms leased 991 square feet of retail space in Clermont Shoppes, 9235 Crawfordsville Road. The landlord, Clermont Shoppes LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

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