Mass Ave building for sale

September 19, 2007
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Massala BuildingThe Massala Building on Massachusetts Avenue has been listed for sale. The 36,000-square-foot building is home to MacNivens Restaurant & Bar and is next door to the site of 3 Mass, a condo and retail project now under construction. The building has offices on the upper floors and is 95 percent leased. It hit the market this week. The property is being marketed by Halakar, the developers of 3 Mass, without an asking price. Do you think the addition of the new building will improve values of nearby buildings? Anyone know the history of the Massala Building?
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  • Absolutely. Does the parking lot next to it go with the building? As much as Mass Ave needs parking, I would love to see the surface lot holes filled in, which I know is part of the development plan. Hopefully, whoever buys it will build out into the parking area, and I would like to see another restaurant or maybe some more retail go in on the ground floor.
  • I'll lay 100k that Troy Gregory, owner of MacNivens buys it up this week. P.J. & Tom listing this publicly doesn't make a bit of sense.

    Oh yeah, the parking lot is where the condos are going, right?
  • Riley Area Development Corp has a photo gallery of when 345 Mass was Brother Junipers, late 70's I think. http://www.rileyarea.org/gallery.htm
  • The building listing says it comes with 18 parking spaces.
  • I'm pretty sure those 18 spaces are the lot immediately behind the building, which isn't part of 3Mass.
  • Upon further reflection and a couple margaritas, I'll agree those 18 spots likely belong to the law firm behind the building. Bro Jups was alive and well till maybe 2000? Awesome lunch spot. SOUP!!!!
  • This used to be called the Baker Building. It was built in about 1905 and included flats on the upper levels. Different businesses occupied its first floor storefronts throughout its history.
  • A 95% leased building in the heart of Mass Ave with 18 parking spaces (which might be the lot north not south of the building). Halakar will certainly get top value for this building even with the huge beast of a building going up next to it. I am really interested to see what the final sale price is for this awesome building.

    Hey Mobyhead, thanks for that Riley Area link, all those pictures are really cool.
  • What a great building. Wish I had the capital to fork over for this jewel.
  • I can't really say how I know this, but I know that Crown Liquors is at least considering moving in to a space near here. I'm not sure if it was this building or not, though.
  • NO Crown Liquors! O'Malia's is already expanding in that area. Plus at least close down Wheeler Mission first.
  • One would think that Wheeler Mission's directors or other fiduciaries would feel some pressure to sell and relocate where their dollars would pay for more beds and programs to meet their mission aims.
  • Sounds like a fishing expedition.
  • ^^^^ yup ^^^

    just fishin.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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