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Metropolis mall purchased by Israel firms

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A joint venture of Israel-based firms has purchased the Metropolis shopping center in Plainfield for $52 million after the 68-acre outdoor mall fell into court-appointed receivership.

Aviv Arlon Global Ltd., a joint venture of Aviv & Co. and Arlon Global LLC, announced the acquisition in a press release that Israel business website Globes reported on Sunday.

Former Indianapolis-based development firm Premier Properties USA Inc. invested $160 million in the 600,000-square-foot center, which opened in October 2005.

Premier’s founder, Christopher P. White, however, was sentenced in November 2009 to one year of home detention and three years of probation in connection with a $500,000 bad check he wrote as he unsuccessfully tried to save his real estate development company.

Metropolis is 81-percent occupied with 65 percent of its leases considered long-term, according to the news release. Anchor stores include fashion chains Old Navy, Victoria’s Secret and JC Penney, as well as bookseller Barnes & Noble Inc., DSW and Rave Motion Pictures.

“We’re continuing to develop real estate activity in the U.S., including the purchase, redevelopment and leasing of income-producing real estate,” Aviv & Co. Chairman Doran Aviv said in a prepared statement. “This is our second purchase of a mall, and this mall is double the size of the first mall, in Bonita Springs in western Florida.”

The mall brings in $9 million in annual rent, according to the press release.
 

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  1. What became of this project? Anyone know?

  2. Scott, could you post an enlarged photo of the exterior of the building? This will be a great addition to Walnut Street. This area will only continue to develop with additions like this. Also, please give us more updates on the "Cultural Trail light" expansion. Also a great move for the city, as long as there is maintenance money set aside.

  3. Great story IBJ! Citizens don't have a real sense of the financial magnitude of supporting Indy's sports and tourism sector. The CIB was a brilliant idea for creating a highly integrated public-private partnership to support this sector from the economic activity it generates. Unfortunately, most folks think the benefits of that economic activity accrue directly to the City budget, and it doesn't. So though the CIB is facing lean times (covering its costs while maintaining minimally acceptable reserves), the City is operating with deficit - less tax revenue than expenses each year - with a very fragile reserve balance. That's why it's so challenging for the City to fund basic needs or new intitatives (e.g. pre-k education; new jail), and some credit rating agencies have downgraded Indy from it's past stellar AAA status. More reporting on City finances would be welcomed.

  4. Sure, I'll admit that it bugs me to see that the IBJ.COM censors it's blog posts almost as much as the D of I does when someone points out the falsehoods and fabrications. _____But I think it bothers me almost as much that Captain/Defender/Disciple get his yanked too. You see, those of us with a sense of integrity, humanity, compassion, and a need for fact based opinion WANT to see all of his screeds posted. It makes our point so much better than we can do it ourselves.

  5. We're conflating two very different topics. Voter fraud is a myth and excessive gun violence is all too real. I just hope rational gunowners decide to stop being shouted down by the, well, let's call them "less rational" ones.

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